The stock also opened at a discount of 35% on the NSE, listing at Rs 84, and debuted at Rs 88 on the BSE before further sliding.
The weak listing comes despite the company’s established presence in the logistics and freight management sector. Glottis, founded in 2004, has built a robust network across India with capabilities in transportation and supply chain management via air, land, and sea
It has positioned itself as a trusted provider of contract logistics and cargo solutions, operating with a dedicated operations team, secure warehousing, and a pan-India footprint.
The Rs 307-crore IPO, which was open for subscription from September 29 to October 1, received an overall subscription of 2.12 times. This was driven primarily by non-institutional investors (NIIs), who subscribed 3.08 times their allocated quota. Qualified institutional buyers (QIBs) subscribed 1.84 times, while the retail investor category was subscribed 1.47 times. The company also raised Rs 55.26 crore from anchor investors, representing 18% of the total issue size.
The IPO comprised a fresh issue of Rs 160 crore and an offer-for-sale (OFS) of Rs 147 crore by promoters and early shareholders.Also read: FII bears have never been this harsh on Nifty, but that may be the buy signal! Here’s whyAccording to the company, the proceeds from the fresh issue were intended to be used for purchasing commercial vehicles and containers, expanding logistics capacity, and meeting general corporate expenses.
Despite its long-standing operations and a wide range of logistics services that include 24/7 support, certified industry compliance, and transparent pricing, investor sentiment appeared subdued.
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