Glottis had launched a three-day IPO, which was worth ₹307 crore, and comprised of a fresh issue of equity shares worth $160 crore and an offer for sale (OFS) worth 147 crore. The IPO was priced between ₹120 to ₹129 per share.
The three-day IPO managed to see full subscription, with overall subscription at 2.05x. Demand remained subdued across categories, with the portion reserved for Qualified Institutional Bidders receiving 1.87 times subscription, in comparison to the total shares on offer.Non-Institutional Investors had the highest subscription among the categories, with their portion reserved seeing 2.97 times subscription. The portion reserved for retail investors was subscribed 1.42 times.
Glottis provides end-to-end multimodal transportation services, including warehousing, customs clearance, and third-party logistics services.
The company intends to use the ₹160 crore that it has raised through the fresh issue of shares to acquire 150 commercial vehicles and 1,000 containers. This is being done with an intention to reduce the company’s reliance on leased and rented assets, giving it more operational control and cost efficiency.
