- Glottis Ltd debuted at a 35% discount to its Rs 129 IPO price on the stock market
- The IPO was subscribed 2.05 times, led by non-institutional investors at 2.97 times
- The Rs 307 crore IPO included a fresh issue of Rs 160 crore and offer-for-sale of Rs 147 crore
Glottis Ltd. made an underwhelming debut on the stock market on Tuesday, listing at a discount of 35% to the IPO price. The scrip opened at Rs 84 on the NSE and Rs 88 on the BSE, conpared to the issue price of Rs 129.
The grey market price had indicated no listing gains for the stock.
The IPO was subscribed 2.05 times on the final day of subscription. Bids were led by non-institutional investors (2.97 times), institutional investors (1.87 times) and retail investors (1.42 times).
The Glottis IPO was a book-built issue of Rs 307 crore, comprising a fresh issue of 1.24 crore shares raising Rs 160 crore and an offer-for-sale of 1.14 crore shares amounting to Rs 147 crore.
The IPO was priced at a band of Rs 120 to Rs 129 per share.
The company plans to use the net proceeds of up to Rs 132.54 crore from its IPO primarily to fund capital expenditure, including the purchase of commercial vehicles and containers. The remaining funds will be allocated for general corporate purposes.
Glottis offers end-to-end services including freight forwarding, road transport, warehousing, 3PL and customs clearance. The company operates through eight branch offices across India, located in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru and Cochin. Its registered and corporate offices are in Chennai, near key transport hubs.
The company is strategically positioned in the logistics sector, benefitting from robust demand across multimodal and containerized freight, and has established itself as a growing player in integrated logistics and value-added services. On the other hand, high exposure to renewable energy sector and piling up receivables do raise a concern, according to Canara Bank Securities.
Glottis's revenue increased by 89% and net profit rose by 81% between the financial year ending with March 31, 2025 and March 31, 2024.
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