On to the latest D-Street entrant – Glottis has listed with a massive disappointment. It has made a debut at 35% discount on NSE at Rs 84 per share. The issue price for the IPO was fixed at Rs 129 per share.
Glottis IPO details
The Rs 307 crore book-built issue was a combination of 1.24 crore fresh issue and 1.14 crore offer for sale. The issue was open between September 29-October 1 and the allotment was finalised on October 3.
Glottis IPO subscription
The Glottis IPO was subscribed 2.12 times.The retail section saw 1.47 times subscription while QIBs werre subscribed 1.84 times and the public issue was subscribed 3.08 times in the NII category.
Glottis: Business fundamentals
Glottis offers multi-modal integrated logistics solutions, including end-to-end transportation services through ocean, air, and road logistics. It has multimodal capabilities, catering to diverse industries by optimising the movement of goods across geographies.
The company’s services include ocean freight forwarding (project cargo and full container load, both import and export), air freight forwarding (import and export), road transportation, along with ancillary solutions such as warehousing, storage, cargo handling, third-party logistics (3PL), and customs clearance.
Glottis: Expert view
The Glottis issue git a subscribe recommendation from many analysts .
According to SBO Securities, Glottis is one of the leading freight forwarding players operating in the renewable energy industry. It has a wide network of intermediaries with multimodal logistics operations. They highlighted that the “ company has shown strong growth over FY23-FY25. Ocean volumes have grown at a CAGR of 37.4% during the same period.”
SBI Securities added that the company is well placed to “to gain from the industry tailwinds in the global renewable energy industry.”
According to Canara Bank Securities, “Glottis is strategically positioned in the logistics sector, benefitting from robust demand across multimodal and containerized freight, and has established itself as a growing player in integrated logistics and value-added services. On the other hand, high exposure to renewable energy sector and piling up receivables do raise a concern.”