Glottis Disappoint Investors On Market Debut, Shares Lists At 35% Discount To IPO Price On NSE, BSE

• Glottis shares listed at Rs 84 on NSE and at Rs 88 on BSE, down nearly 35% from the issue price of Rs 129.

• Ahead of Listing, Glottis IPO GMP stood at Rs 0, indicating weak demand.

• Glottis plans to use the net proceeds to buy commercial vehicles and containers.

Glottis shares made a weak debut on the Dalal Street on October 7, as its shares listed at a discount of 35 per cent to the issue price.

On the NSE, Glottis stock opened at Rs 84 per share, down Rs 45, or 34.88 per cent, and on the BSE, it opened at Rs 88 per share, down Rs 31.78, or 31.78 per cent from the issue price.

Glottis IPO shares were offered with a price band of Rs 120-129 per share, and after its three-day bidding window, shares were issued at a final price of Rs 129.

Ahead of the listing, Glottis IPO's grey market premium (GMP) was at Rs 0 per share, indicating weak demand for the stock.

Glottis IPO Subscription Details

Glottis IPO saw an overall lukewarm demand, with the issue being subscribed 2.05 times the shares on offer by the end of the final day of subscription.

The qualified institutional buyer (QIB) quota was booked 1.87 times, the non-institutional investor category saw 2.97 times subscription, and retail investors' portion was booked 1.42 times.

Glottis IPO Details

Glottis IPO was available for subscription from September 29 to October 1. Shares were allotted to applicants on October 3, and the non-allottees were refunded the amount by October 6.

Through the IPO, Glottis raised Rs 307 crore, by issuing 12.40 million fresh equities worth Rs 160 crore, and providing an offer-for-sale (OFS) component of 11.39 million shares worth Rs 147 crore.

Pantomath Capital Advisors was the book-running lead manager of Glottis IPO, and KFin Technologies was the registrar to the issue.

Glottis plans to use the net proceeds to fund capital expenditure for buying commercial vehicles and containers. The remaining amount will be set aside for general corporate purposes.

Glottis IPO Anchor Investor List

Ahead of the IPO, Glottis raised Rs 55.26 crore from seven institutional investors through the anchor book. Among the marquee investors were Meru Investment Fund PCC–Cell 1, LC Pharos Multi Strategy Fund, and VPK Global Ventures Fund – Scheme 1. Meru Investment Fund received the largest allocation, around 27.14 per cent of the anchor portion, followed by LC Pharos and VPK Global Ventures, which were allotted 18.10 per cent each.

For the Glottis IPO, anchor investors will be subject to a lock-in period of 30 days for 50 per cent of their allotted shares. The remaining 50 per cent will be locked in for 90 days from the allotment date.

Glottis Company Profile

Glottis Ltd is a full-service logistics company which provides integrated transportation solutions across ocean freight, air freight, and road transportation. The company also offers freight forwarding, warehousing, cargo handling, third-party logistics (3PL) services, and customs clearance, serving industries such as renewable energy, engineering products, home appliances, minerals, and agricultural products.

In fiscal year 2025, Glottis handled around 112,146 twenty-foot equivalent units (TEUs) of ocean imports and served over 1,900 customers across 125 countries. It operates across India with eight branch offices and has an international presence through subsidiaries and partnerships in Singapore, United Arab Emirates, and Vietnam.