New Delhi, October 7 (Udaipur Kiran): Logistics solutions company Glottis, which provides transportation services via road, air, and sea, made a weak debut on the stock market today, disappointing its IPO investors. The company’s shares, issued at ₹129 under the IPO, listed at a steep 34% discount — opening at ₹88 on the BSE and ₹84 on the NSE.
Despite some recovery due to buying interest, the stock remained below its issue price. By 10:30 a.m., Glottis shares were trading at ₹89.35, still reflecting a 30.74% loss for IPO investors.
The ₹307 crore IPO of Glottis was open for subscription from September 29 to October 1 and received an average response with 2.12 times overall subscription. The Qualified Institutional Buyers (QIBs) portion was subscribed 1.84 times, Non-Institutional Investors (NIIs) 3.08 times, and the Retail Investors category 1.47 times.
The IPO included fresh equity shares worth ₹160 crore, along with an Offer for Sale (OFS) of 1,13,95,640 shares with a face value of ₹2 each. The proceeds from the fresh issue will be used for purchasing commercial vehicles and containers, meeting working capital requirements, and general corporate purposes.
According to the company’s prospectus, Glottis has shown consistent financial growth. Its net profit rose from ₹22.44 crore in FY 2022–23 to ₹30.96 crore in FY 2023–24, and further to ₹56.14 crore in FY 2024–25. Revenue grew at a compound annual growth rate (CAGR) of over 40%, reaching ₹942.55 crore.
The company’s debt fluctuated over the years — ₹30.61 crore in FY 2022–23, reduced to ₹8.08 crore in FY 2023–24, and later increased to ₹22.14 crore by FY 2024–25. Meanwhile, reserves and surplus rose from ₹10.52 crore in FY 2022–23 to ₹82.53 crore in FY 2024–25, reflecting improved financial strength.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
