Glottis makes weak debut; shares list at 32% discount on BSE, 35% on NSE

Glottis share price: Glottis shares listed at ₹88 per share on the BSE, reflecting a discount of ₹41 per share or 31.78 per cent over the issue price of ₹129 per share

Glottis IPO listing: Shares of multi-modal integrated logistics solutions provider Glottis made a disappointing debut on Dalal Street on October 7, following the completion of its initial public offering, through which it collected ₹307 crore from the markets.

 

Glottis shares listed at ₹88 per share on the BSE, reflecting a discount of ₹41 per share or 31.78 per cent over the issue price of ₹129 per share.

 

On the National Stock Exchange, Glottis shares began trading at a discount of ₹45 per share or 34.88 per cent at ₹84 per share.

 

Glottis IPO listing fell short of grey market estimates. Ahead of their debut on the exchanges, the unlisted shares of Pace Digitek were changing hands at around ₹129 per share, the same as the upper end of the issue price, according to sources tracking unofficial market activities.  ALSO READ | Brokerages upbeat on LG Electronics IPO: GMP up 28%; should you subscribe?

Glottis IPO details

The maiden offering of Glottis, which comprised a fresh issue of 12.4 million equity shares worth ₹160 crore, and an offer for sale of 11.4 million equity shares worth ₹147 crore, was available at a price band of ₹120–₹129 per share with a lot size of 68 shares from September 29 till October 1.

 

The public offering received decent demand and was oversubscribed by 2.05 times. The basis of allotment for Pace Digitek IPO shares was finalized on October 3, with the issue price set at ₹128 per share.

 

The company will not receive any proceeds from the OFS, and it will be given to promoters participating in the share sale. Glottis, however, will utilizs the proceeds from the fresh issue for funding capital expenditure requirements towards the purchase of commercial vehicles and containers as well as for general corporate purposes.

 

KFin Technologies served as the registrar of the issue, while Pantomath Capital Advisors was the sole book-running lead manager.  ALSO READ | Canara HSBC Life ₹2,517-cr IPO: Price band set at ₹100-106; key details

About Glottis

Glottis Ltd. is a multi-modal integrated logistics solutions provider, which includes end-to-end transportation solutions through ocean, air, and road logistics services. The company integrates services of its intermediaries and in-house infrastructure to offer an end-to-end logistical solution to customers. Glottis serves customers across multiple industries with particular emphasis on energy infrastructure and renewable energy projects. The company operates across India through a network of 8 branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru, and Cochin. Glottis has also expanded its reach in international markets like Europe, Africa, Central & South America, Canada, the Mediterranean, the Middle East, and Australia.