Stock Debuts at Discount on Both NSE and BSE
Logistics service provider Glottis Ltd made a disappointing entry into the stock market on Tuesday, October 7, with its shares listing significantly below the IPO issue price. On the National Stock Exchange (NSE), the stock opened at ₹84 per share, registering a 34.88% discount to the IPO price of ₹129. Meanwhile, on the Bombay Stock Exchange (BSE), it debuted slightly higher at ₹88, still down 31.78% from its issue price.
Investment Losses: What IPO Allottees Faced
Each IPO lot comprised 114 shares. For investors who secured an allotment, the value of one lot fell to ₹9,576 on listing, reflecting an immediate capital erosion from the original investment value of ₹14,706 per lot (114 shares × ₹129).
IPO Structure and Fund Allocation
The IPO of Glottis Ltd raised a total of ₹307 crore, consisting of:
- A fresh issue of equity shares worth ₹160 crore, and
- An Offer for Sale (OFS) of up to 1.14 crore shares, amounting to ₹147 crore.
Proceeds from the fresh issue have been earmarked for:
- Acquisition of commercial vehicles
- Repayment of existing debt
- General corporate expenses
IPO Subscription Details
Despite the weak listing, the IPO had seen moderate investor interest, receiving 2.05 times overall subscription. According to data from the BSE:
- Non-Institutional Investors (NIIs) subscribed at 2.97 times
- Qualified Institutional Buyers (QIBs) at 1.87 times
- Retail Investors at 1.42 times
Anchor Investment Participation
Prior to the IPO launch, Glottis Ltd secured ₹55.26 crore from anchor investors, including notable names such as:
- LC Pharos Multi Strategy Fund VCC
- Abans Finance
- Sunrise Investment Opportunities Fund
- Meru Investment Fund PCC – CELL 1
- VPK Global Ventures Fund
Company Overview: A Logistics Powerhouse
Headquartered in Chennai, Glottis Ltd is a prominent multi-modal and integrated logistics service provider, with a strong emphasis on energy supply chain solutions. The company caters to a diverse range of sectors, including:
- Renewable energy
- Granite and minerals
- Engineering products
- FMCG and consumer durables
- Automobile, agro-products, plywood, and textiles
- Construction, chemicals, medical, and timber industries
Glottis operates across India through a robust network of eight branch offices, located in:
- New Delhi
- Mumbai
- Kolkata
- Bengaluru
- Coimbatore
- Cochin
- Tuticorin
- Gandhidham
