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Logistics services provider Glottis Ltd made its debut on the stock markets on October 7, but the listing turned out to be disappointing for investors.

The stock opened well below its issue price, slipping into the red from the start, and trading at around Rs 88 per share, down nearly 31.78% against the IPO price band of Rs 120–129.

Glottis’ Rs 307-crore IPO had received healthy demand during its subscription phase. It was subscribed 2.05 times overall, with bids for 4.12 crore shares against 2.01 crore on offer.

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The non-institutional investor (NII) segment saw the highest interest at 2.97 times subscription, while Qualified Institutional Buyers (QIBs) subscribed 1.87 times and Retail Individual Investors (RIIs) 1.42 times.

The company also raised more than Rs 55 crore from anchor investors, a sign of institutional support ahead of the issue. These figures had raised hopes for at least moderate listing gains, but the reality was far different.: Tata Capital IPO Day 2: Should you apply for listing gains or hold for long haul? Anil Singhvi explains

The IPO consisted of a fresh issue of shares worth Rs 160 crore and an Offer for Sale (OFS) of up to 1.14 crore shares valued at Rs 147 crore by promoters.

At the upper end of the price band, Glottis was valued at around Rs 1,200 crore.

Proceeds from the fresh issue were earmarked for the purchase of commercial vehicles, debt repayment, and general corporate purposes.

Based in Chennai, Glottis is a multi-modal, integrated logistics service provider, specialising in energy supply chain solutions.

It serves clients across renewable energy, engineering products, consumer durables, automobiles, chemicals, textiles, FMCG, and more.

The company operates across India through eight branch offices in key hubs, including New Delhi, Mumbai, Kolkata, Bengaluru, and Cochin.

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Anubhav Maurya

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