Glottis shares turn into wealth destroyer on market debut; shares list at 35% discount

Shares of Glottis made a disastrous stock market debut on Tuesday, October 07 as the logistics solutions provider kicked-off its maiden trading session at Rs 84 on NSE, a discount of 34.88 per cent against its issue price of Rs 129 apiece. Similarly, stock was settled at a discount of 31.78 per cent on the given issue price at 88 on BSE.

Listing of Glottis has been worse than expectations. Last heard, Glottis was commanding no grey market premium (GMP) in the unofficial market, suggesting a disappointing listing for the investors. Investors made a loss of Rs 5,130 on each lot of 114 equity shares worth Rs 14,706.

The IPO of Glottis ran for subscription between September 29 and October 01. It had offered its shares in the price band of Rs 120-129 per share with a lot size of 114 shares. The company raised a total of Rs 307 crore via IPO, which included a fresh share sale of 1,24,03,100 equity shares and offer-for-sale (OFS) of up to 1,13,95,640 equity shares worth Rs 147 crore.

The issue was overall subscribed only 2.05 times fetching nearly 1.06 lakh applications, fetching bids for over only Rs 500 crore. The allocation for the qualified institutional bidders (QIBs) was subscribed 1.87 times, while the portion for non-institutional investors' (NIIs) was subscribed 2.97 times. However, the retail investors' quota was booked 1.42 times.

Incorporated in June 2024, Chennai-based Glottis is a logistics solutions company that offers comprehensive transportation services through ocean, air, and road logistics. It provides end-to-end logistics solutions with multimodal capabilities across various sectors, optimizing the movement of goods across different regions.

Despite limited coverage, brokerage firms were mostly positive on the issue. Pantomath Capital Advisors was the sole book running lead manager for Glottis IPO and Kfin Technologies served as the registrar of the issue.