Glen Industries Limited IPO

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Glen Industries Limited was originally incorporated as “GLEN Stationery Private Limited” on October 5, 2007, in West Bengal under the Companies Act, 1956. Initially focused on manufacturing stationery and printing materials. In 2024, the company transitioned to a public limited entity, adopting the name Glen Industries Limited.

Business Activities

Glen Industries is a leading manufacturer of food packaging and service products, specifically catering to the Hotel, Restaurant, and Café (HoReCa) segment, QSRs, and the dairy and beverage industry. Their core product categories include:

a) Thin Wall Food Containers
b) Polylactic Acid (PLA) Straws
c) Paper Straws

With a strong focus on sustainability, the company uses eco-friendly materials like PLA and paper and adheres to global food safety standards.

Manufacturing Capacity & Infrastructure

The company commenced operations in 2019 with a capacity of 195 Metric Ton/month for thin wall containers. Over the years, this capacity has expanded to:

i) 665 MT/month for containers (currently at full capacity)
ii) 160 MT/month for PLA straws
iii) 95 MT/month for paper straws

Advanced machinery, including all-electric injection molding machines from Japan and China, is used to ensure precision, hygiene, and efficiency. The facility is ISO-certified and follows strict quality protocols.

Glen Industries offers a wide range of customization options—like digital printing, shrink sleeving, and pad/screen printing—enabling clients to tailor packaging to their branding and product needs.

Geographical Presence

  • Registered Office: New Alipore, Kolkata, West Bengal

  • Manufacturing Unit: Poly Park, Dhulagarh, Howrah, West Bengal

  • The company caters to both domestic and international markets, with regular exports to Europe, USA, Australia, Middle East, and Africa.

Competitive Strengths

i) Experienced Leadership: Led by Mr. Lalit Agrawal, a seasoned industry veteran with 40+ years of experience in plastics and manufacturing.

ii) Strong Client Relationships: Repeat orders from 25+ international customers
iii) Modern Infrastructure: High-end in-house facilities ensure cost competitiveness, flexibility, and scalability.
iv) Customization & Innovation: Ability to deliver tailored packaging solutions offers strong differentiation in the market.
v) Efficient Supply Chain: Seamless integration from sourcing to delivery ensures timely execution across geographies.

Objects of the Glen Industries Limited IPO:

The Proceeds from the Fresh Issue will be utilized towards the following objects: 1. For Setting up a new manufacturing facility at Purba Bardhaman,West Bengal (₹47.73 cr) 2. General Corporate Purpose

Glen Industries Limited IPO Details:

Open Date: Jul 08 2025
Close Date: Jul 10 2025
Total Shares: 64,96,800
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 63.02 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 92-97 Per Equity Share
Listing At: BSE SME

Promoters And Management:

1. Lalit Agrawal (Chairman, Promoter & Executive Director, Age 66), An engineering graduate from BITS Pilani and M.Tech from IIT Kharagpur, Lalit Agrawal brings over 40 years of experience across plastics, textiles, writing instruments, and project management. Associated with the company since 2017, he leads finance, technology, strategic investment, and overall management. He also holds key positions in industry bodies including Indian Plastics Federation and Plastindia Foundation. 2. Nikhil Agrawal (Managing Director & Promoter, Age 38), A graduate in Electronic Communication Systems from the University of Lancaster (UK) and an alumnus of IIM Calcutta, Nikhil Agrawal has over 12 years of experience across marketing, production, planning, and exports. He drives the company’s innovation-led and sustainable growth strategy. 3. Niyati Seksaria (Whole-Time Director & Promoter, Age 36), A commerce graduate from the University of Calcutta, Niyati brings 12 years of experience in branding, marketing, and sales promotion. Since joining the Board in 2020, she has played a vital role in strengthening the company’s brand presence and market outreach across sectors.

Financials of Glen Industries Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 170.66 144.5 118.85
EBITDA 40.43 24.86 13.89
EBITDA Margins 23.60% 17.12% 11.62%
PAT 18.26 8.57 1.48
PAT Margins 10.70% 5.94% 1.25%
ROCE 16.94% 13.59% 6.57%
Debt to Equity Ratio(In Times) 2.28 1.98 2.24
Operating Cash Flows 4.92 13.54 10.79

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins D/E Ratio MCap (in cr) P/E
Glen Industries Limited(FY25) 170.6 23.60% 10.70% 2.28 233.39 12.78
Rajshree Polypack Limited(FY25) 330 11% 2.41% 0.72 202 25.3

Recommendation on Glen Industries Limited IPO:

Lead Manager of Glen Industries Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of Glen Industries Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Glen Industries Limited IPO:

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