Day 2: Glottis IPO receives 93 pc subscription

New Delhi, Sep 30 (PTI) The initial share sale of logistics service provider Glottis Ltd received 93 per cent subscription on the second day of bidding on Tuesday.

The three-day initial public offer (IPO) received bids for 1,88,15,244 shares against 2,01,23,929 shares on offer, as per NSE data.

The Qualified Institutional Buyers (QIBs) category got subscribed 1.79 times, non-institutional investors 1.08 times and Retail Individual Investors (RIIs) 58 per cent.

Glottis on Friday said it has mobilised a little over Rs 55 crore from anchor investors.

The Rs 307-crore issue will conclude on Wednesday. The price band has been fixed at Rs 120-129 per share for the IPO. At the upper end, the company is valued close to Rs 1,200 crore.

The Chennai-based company’s

IPO is a combination of a fresh issue of equity shares worth Rs 160 crore and an offer for sale (OFS) of up to 1.14 crore equity shares valued at Rs 147 crore at the upper end, by promoters.

Proceeds from the fresh issue will be used for the purchase of commercial vehicles, debt payment and general corporate purposes.

Glottis is a leading multi-modal, integrated logistics service provider with a specialised focus on energy supply chain solutions. It serves customers across multiple industries, including renewable energy, engineering products, granite & minerals, logistics, home appliances, timber, agro, consumer durables, automobile, chemicals, plywood, textiles, construction, medical, and FMCG.

The company operates pan-India through a network of eight branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru, and Cochin.

Glottis will make its stock market debut on October 7. PTI SUM SHW