Logistics solutions stock-Glottis Ltd, is listed at a 37% discount from its issue price of Rs 129 per share

The initial public offering (IPO) of Glottis Ltd, a multi-modal integrated Logistics solutions provider, saw a disappointing listing on Dalal Street on October 7th. The IPO, which was open from September 29th to October 1st with a price band of Rs 120–Rs 129 per share, successfully raised Rs 307 crore. Despite being oversubscribed by 2.05 times, indicating decent demand in the primary market, the listing fell severely short of expectations, including estimates from the grey market where shares were reportedly trading at the issue price.

Glottis shares debuted at a significant discount on both major exchanges. On the BSE, the stock listed at Rs 81.10 per share, reflecting a discount of Rs 47.19 per share, or 37.13 per cent, over the final issue price of Rs 129. The debut was even weaker on the National Stock Exchange (NSE), where shares began trading at Rs 81.10 per share, translating to a deeper discount of Rs 47.19 per share, or 37.13 per cent.

The maiden offering comprised a fresh issue worth Rs 160 crore and an Offer For Sale (OFS) of Rs 147 crore. While the OFS proceeds went to the participating promoters, Glottis intended to utilise the funds from the fresh issue for important capital expenditure. Specifically, the company planned to use the proceeds for the purchase of commercial vehicles and containers, as well as for general corporate purposes.

Glottis is a multi-modal integrated logistics solutions provider, offering end-to-end transportation via ocean, air, and road. The company specialises in serving customers across multiple industries, with a particular focus on energy infrastructure and renewable energy projects. Operating across India through a network of eight branch offices, the company has also established an international presence in markets spanning Europe, Africa, the Middle East and Australia

Disclaimer: The article is for informational purposes only and not investment advice.