Glottis Shares Plunge 35% on Debut

New Delhi, Oct 7 (PTI) Shares of logistics service provider Glottis Ltd on Tuesday listed with a discount of nearly 35 per cent over the issue price of Rs 129.

The stock started trading at Rs 88, lower by 31.78 per cent from the issue price on the BSE.

At the NSE, the stock made its debut at Rs 84, a discount of 34.88 per cent.

The company's market valuation stood at Rs 810.37 crore.

The initial public offer of Glottis Ltd garnered 2.05 times subscription on the final day of bidding on Wednesday last week.

The Rs 307-crore share sale had a price band of Rs 120-129 per share.

The Chennai-based company's IPO was 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.