Glottis IPO receives over two times subscription on final day of bidding

Glottis on Friday said it has mobilised a little over ₹55 crore from anchor investors

The initial public offer of logistics service provider Glottis Ltd garnered 2.05 times subscription on the final day of bidding on Wednesday.

The Rs 307-crore share sale received bids for 4,12,93,878 shares against 2,01,23,929 shares on offer, according to details available with the NSE.

The component meant for non-institutional investors attracted 2.97 times subscription, while the category for Qualified Institutional Buyers (QIBs) received 1.87 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 1.42 times.

Glottis on Friday said it has mobilised a little over Rs 55 crore from anchor investors.

The price band for the offer is Rs 120-129 per share. At the upper end, the company is valued close to Rs 1,200 crore.

The Chennai-based company's IPO is a combination of a fresh issue of equity shares worth Rs 160 crore and an offer for sale (OFS) of up to 1.14 crore equity shares valued at Rs 147 crore at the upper end, by promoters.

Proceeds from the fresh issue will be used for the purchase of commercial vehicles, debt payment and general corporate purposes.

Glottis is a leading multi-modal, integrated logistics service provider with a specialised focus on energy supply chain solutions. It serves customers across multiple industries, including renewable energy, engineering products, granite & minerals, logistics, home appliances, timber, agro, consumer durables, automobile, chemicals, plywood, textiles, construction, medical, and FMCG.

The company operates pan-India through a network of eight branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru, and Cochin.

Glottis will make its stock market debut on October 7.