Glottis Ltd: Navigating a Successful IPO Launch

Glottis Ltd's IPO was subscribed 42% on its first day, receiving bids for 84,69,402 shares out of 2,01,23,929. The Rs 307-crore issue includes a fresh issue of Rs 160 crore and an OFS of Rs 147 crore. Funds will help purchase vehicles, pay debt, and support corporate purposes.

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.

(With inputs from agencies.)