As the allotment of Glottis IPO concluded, investors’ attention shifted towards the potential listing gains of the stock, which is set to debut on the Indian stock market tomorrow, October 07.
The expected listing gains, gauged through the grey market, suggest that the stock might make a muted debut. According to market sources, the grey market premium (GMP) for the Glottis IPO stands at ₹0 per share as of today. This indicates that Glottis IPO shares are likely to list at the same level as the issue price or possibly at a discount.
The grey market premium reflects the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, analysts caution that GMP is only an early indicator and should not be the sole factor in making investment decisions.
Glottis IPO details
The IPO, during its bidding period between September 29 and October 01, received bids for 4.12 crore shares against an offer of 1.95 crore shares, resulting in a subscription of 2.12 times. The non-institutional investors’ portion was subscribed 3.08 times, while the retail portion was booked 1.47 times. The Qualified Institutional Buyers (QIB) segment, however, was subscribed 1.84 times.
The ₹307 crore IPO is a combination of a fresh issue of 1.24 crore shares aggregating to ₹160 crore and an offer for sale of 1.14 crore shares aggregating to ₹147 crore. The company proposes to use the proceeds from the issue towards capital expenditure requirements and general corporate purposes.
Pantomath Capital Advisors is serving as the merchant banker for the Glottis IPO, and Kfin Technologies Ltd. functions as the issue’s registrar.
About Glottis
The company specializes in logistics solutions, providing an array of transportation services through ocean, air, and road logistics. The firm delivers complete logistics solutions with multimodal capabilities across various industries, enhancing the efficiency of goods movement across different regions.
In the fiscal year 2024, Glottis Limited managed around 95,000 TEUs of imports through ocean freight.