Glottis Ltd: Navigating a Successful IPO Launch

Glottis Ltd, a leading logistics service provider, saw its initial public offering (IPO) achieve a 42% subscription rate on the first day of bidding as of Monday. Investors bid for 84,69,402 shares against a total of 2,01,23,929 shares on offer, according to NSE statistics.

The Qualified Institutional Buyers (QIBs) segment reported 1.79 times subscription, while the Retail Individual Investors (RIIs) secured a 22% subscription rate. Non-institutional investors subscribed at 16%. The Chennai-based firm amassed slightly over Rs 55 crore from anchor investors ahead of the IPO.

The Rs 307-crore IPO concludes on October 1, with a price band of Rs 120-129 per share. Glenkotis is expected to debut on the stock market on October 7, using the funds to acquire commercial vehicles, pay off debt, and support general corporate purposes.