Glottis IPO: Day 2 Subscription Status, GMP, and Other Key Details
Glottis Ltd.’s initial public offering (IPO) has garnered significant attention from investors, with its second day of bidding witnessing a subscription of 94% on Tuesday. This follows a modest start on the first day, where the IPO was subscribed 0.42 times on Monday. The company, which specializes in logistics solutions across ocean, air, and road transport, aims to raise Rs 307 crore through its book-built issue.
IPO Details: Size, Price Band, and Application Lot Size
The Glottis IPO comprises a fresh issue of 1.24 crore shares, raising Rs 160 crore, and an offer-for-sale of 1.14 crore shares amounting to Rs 147 crore. The price band for the IPO has been set at Rs 120 to Rs 129 per share. For retail investors, the application lot size is 114 shares, requiring a minimum investment of Rs 14,706 at the upper end of the price band. For SNIIs (Sophisticated Non-Institutional Investors), the lot size is 14 lots (1,596 shares), amounting to Rs 2,05,884, while BNIIs (Bidding Non-Institutional Investors) can apply for 68 lots (7,752 shares), needing an investment of Rs 10,00,008.
Tentative Schedule and Issue Managers
The Glottis IPO is set to close on October 1, with the tentative allotment expected on October 3. Refunds and credit of shares to investors’ demat accounts are likely to happen on October 6. The tentative listing date for the Glottis IPO on the BSE and NSE is scheduled for Tuesday, October 7. Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the IPO, while KFin Technologies Ltd. has been appointed as the issue’s registrar.
Company Profile and Business Operations
Glottis Ltd., founded in June 2024, offers a comprehensive range of end-to-end services including freight forwarding, road transport, warehousing, 3PL (Third-Party Logistics), and customs clearance. The company’s focus on integrated logistics solutions positions it well in the Indian market, where the demand for efficient and reliable logistics services is on the rise.
Use of IPO Proceeds
The company plans to utilize the net proceeds from its IPO primarily to fund capital expenditure, including the purchase of commercial vehicles and containers. The remaining funds will be allocated for general corporate purposes, aimed at enhancing its operational capabilities and expanding its service offerings.
Subscription Status and Investor Interest
As of the second day, the Glottis IPO was subscribed 0.94 times or 94%. The breakdown of the subscription status reveals that institutional investors have shown significant interest, with their portion subscribed 1.79 times. Non-Institutional investors (NII) have subscribed 1.08 times, while retail investors have subscribed 0.58 times, indicating a moderate response from this category.
Grey Market Premium (GMP) and Estimated Listing Price
The latest grey market premium (GMP) of Glottis is Rs 4 as of 8:30 p.m., according to Investorgain.com. This suggests a positive sentiment among investors in the grey market. The stock’s estimated listing price is Rs 133, implying a gain of 3.10% over the IPO price. However, it is essential to note that GMP does not represent official data and is based on speculation.
Conclusion and Outlook
The Glottis IPO has shown promising signs of investor interest, particularly from institutional investors. As the logistics sector continues to grow, driven by the increasing demand for efficient supply chain management, companies like Glottis are well-positioned to benefit. However, investors must conduct thorough research and consider their financial goals and risk tolerance before making any investment decisions.
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