Glottis shares settle 36% lower on debut day on NSE

Glottis shares listed on the stock exchanges on October 7.

Glottis shares settled 36 percent lower from its IPO price on the debut day at Rs 82.73 per share on the NSE. The stock finished the trade 1.5 percent lower from its open price.

The stock had made a weak start on the Dalal Street to list at about 35 percent discount to its IPO price on October 7, following a 2 times subscription to the issue between September 29 - October 1 in the primary market.

Shares of Glottis were listed at Rs 84 per share on the NSE, a discount of 34.88 percent from its issue price. The company had fixed a price band of Rs 120-129 per share.

On the BSE, the shares were listed at Rs 88 per share, a discount of 31.78 percent. The company's market capitalization post listing of shares stood at Rs 813.15-crore.

Earlier, it mobilised a little over Rs 55 crore from anchor investors.

Check All IPO News

The proceeds of the Chennai-based company's IPO 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.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.