Glottis shares tumble over 35 pc in debut trade

New Delhi, Oct 7 (PTI) Shares of logistics service provider Glottis Ltd ended over 35 per cent lower against the issue price of Rs 129 on Tuesday, the first day of trading.

The stock started trading at Rs 88, a drop of 31.78 per cent from the issue price on the BSE. During the day, it tanked 37.13 per cent to Rs 81.10. The stock finally ended at Rs 83.85 apiece, a sharp fall of 35 per cent.

On the NSE, the stock made its debut at Rs 84, registering a discount of 34.88 per cent. Shares of the company ended at Rs 83.70 each, a decline of 35.11 per cent.

The company's market valuation stood at Rs 774.80 crore.

The initial public offer of Glottis Ltd garnered 2.05 times subscription on the final day of bidding on Wednesday last week.

The Rs 307-crore share sale had a price band of Rs 120-129 per share.

The Chennai-based company's IPO was 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. PTI SUM SUM SHW