Glottis IPO subscribed 42% on Day 1 so far; check latest GMP

Glottis IPO subscribed 7% on Day 1 so far; check latest GMP

The initial public offer of Glottis Ltd got subscribed 42% on the first day of bidding on September 29.

The IPO received bids for 84,69,402 shares against 2,01,23,929 shares on offer, as per NSE data.

The portion reserved for Qualified Institutional Buyers (QIBs) saw 179% subscription and non-institutional investor portion got 16% subscription. Retail Individual Investors (RIIs) quota got subscribed 22%.

Logistics service provider Glottis said on September 26 that it has mobilised a little over Rs 55 crore from anchor investors.

The Rs 307-crore issue will conclude on October 1. The price band has been set at Rs 120 to Rs 129 per share for the IPO. 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.

Glottis GMP

According to InvestorGain, the Grey Market Potential (GMP) of Glottis Ltd stood at Rs 12 as of September 29, 5 pm. The estimated listing price is expected to be Rs 141 based on the upper price band of Rs 129. The expected percentage gain per share is 9.3%.