Logistics Giant's IPO Hits Overdrive: Glottis Ltd's Remarkable Public Debut

On Wednesday, the initial public offering (IPO) of logistics service provider Glottis Ltd concluded with an impressive 2.05 times subscription. The Rs 307-crore share sale received bids for 4,12,93,878 shares, surpassing the 2,01,23,929 shares on offer, according to the National Stock Exchange (NSE).

The segment allocated for non-institutional investors was oversubscribed by 2.97 times, while subscriptions by Qualified Institutional Buyers (QIBs) reached 1.87 times. Retail Individual Investors (RIIs) showed a subscription rate of 1.42 times. Glottis had already secured more than Rs 55 crore from anchor investors.

The Chennai-based company's IPO is priced between Rs 120-129 per share, valuing the company at nearly Rs 1,200 crore at the higher end. The funds raised will be allocated for purchasing commercial vehicles, reducing debt, and other corporate needs. Glottis, known for its energy supply chain solutions, will officially list on the market on October 7.

(With inputs from agencies.)