Meanwhile, the grey market premium (GMP) for Glottis shares has continued to decline, now standing at a modest 3.88% above the issue price—down from a 5.4% premium seen on Day 2.
It includes a fresh issue worth Rs 160 crore and an offer for sale (OFS) of Rs 147 crore.
Glottis IPO Grey Market Premium (GMP) Update
Glottis shares are trading at a grey market premium of Rs 5 above the upper price band of Rs 129, suggesting a possible listing price of around Rs 134. This implies an expected listing gain of approximately 3.88%, a decline from the 5.4% premium recorded on Day 2. The dip points to a shift in market sentiment, though overall investor outlook remains cautiously optimistic.
GMP Note: The grey market premium is an unofficial and unregulated indicator of expected listing performance. Investors should interpret it with caution and avoid relying solely on GMP for investment decisions.
Glottis IPO Subscription Status
According to BSE data, the Glottis IPO reached 94% subscription by the end of Day 2.Retail Individual Investors (RIIs): Subscribed to 58% of the 98.91 lakh shares allocated to them.
Non-Institutional Investors (NIIs): Subscriptions stood at 1.08 times the 74.18 lakh shares available in this category.
Qualified Institutional Buyers (QIBs): The institutional portion was oversubscribed 1.79 times, with 28.13 lakh shares reserved for this group.
Glottis IPO: Key Insights on Promoter Sell-Off, Anchor Investor Interest & Fund Allocation
The Glottis IPO, priced in the range of Rs 120 to Rs 129 per share, is open for subscription until October 1.
Promoters Ramkumar Senthilvel and Kuttappan Manikandan are partially divesting their stakes through the Offer for Sale (OFS) component. At the upper end of the price band (Rs 129), the minimum lot size for retail investors is 1,000 shares, requiring an investment of Rs 1.29 lakh.
Prior to the public issue, Glottis secured Rs 92 crore from anchor investors, drawing participation from several prominent domestic institutions.
The proceeds from the fresh issue will be directed toward the purchase of commercial vehicles and containers, infrastructure upgrades, and to cover general corporate expenses.
Glottis IPO Timeline
The Glottis IPO opens for subscription on September 29, 2025, giving investors a three-day window to place their bids. The issue will close on October 1, 2025. The basis of allotment is expected to be finalized by Friday, October 3, 2025, with the stock likely to be listed on the NSE and BSE by Tuesday, October 7, 2025, subject to regulatory approvals.
Company Overview
Founded in 2009, Glottis is a full-service, multimodal logistics provider offering a wide range of services including ocean, air, and road transportation, warehousing, third-party logistics (3PL), and customs clearance.
One of the company’s standout strengths is its specialization in renewable energy logistics, particularly in transporting solar glass, wafers, and cells—a niche well-aligned with India’s ongoing push toward clean energy solutions.
Financial Snapshot
Glottis has delivered a strong financial performance in recent years. In FY25, the company reported revenue of Rs 941 crore, nearly double the Rs 478 crore posted in FY23—reflecting robust growth and expanding operations.
Net profit also saw a significant jump, rising from Rs 22 crore in FY23 to Rs 56 crore in FY25, indicating improved margins and enhanced operational efficiency.
The company continues to see steady growth in both its order book and client base, supporting its long-term business momentum.
Key Risks and Considerations
Despite the strong financials, analysts have flagged concerns around rising working capital requirements and a noticeable increase in receivables. These issues could pressure the company’s cash flows, suggesting a need for tighter financial discipline and improved capital efficiency going forward.
Should You bid?
Canara Bank Securities has expressed a cautiously optimistic stance on the Glottis IPO. In their research note, they highlight that “Glottis is strategically positioned in the logistics sector, benefiting from the growing demand for multimodal and containerized freight. Its expanding footprint in integrated logistics and value-added services enhances its investment appeal.”
However, the firm also flags concerns around the company’s heavy reliance on the renewable energy segment and rising receivables, which could pose potential risks.
As a result, they recommend the IPO for long-term investors who have a higher risk tolerance.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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