Glottis IPO Subscribed 42% on Day 1

New Delhi, Sep 29 (PTI) The initial public offering (IPO) of logistics service provider Glottis Ltd got subscribed 42 per cent on the first day of bidding on Monday.

The three-day IPO received bids for 84,69,402 shares against 2,01,23,929 shares on offer, according to NSE data.

Qualified Institutional Buyers' (QIBs) portion attracted 1.79 times subscription while the quota for Retail Individual Investors (RIIs) received 22 per cent subscription. The category for non-institutional investors got subscribed 16 per cent.

Glottis on Friday said 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 fixed at Rs 120-129 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.