Glottis IPO day 1 Live: Issue opens today. Here's GMP, subscription status, other key details - apply or not?

Logistics solution provider Glottis launched its initial public offering (IPO) today, Monday. The mainboard issue subscription status opened on September 29 and will close on October 1.

Before the launch, the company announced that it had already secured ₹55 crore from anchor investors, including LC Pharos Multi Strategy Fund VCC, Meru Investment Fund PCC-CELL 1, Abans Finance, Sunrise Investment Opportunities Fund, VPK Global Ventures Fund, and others.

Glottis IPO subscription status

By 12:01 pm, Glottis IPO was subscribed 0.08 times on the first day of the bidding process on Monday.

The retail category received 0.10 times subscription. Meanwhile, the Non-Institutional Investors (NIIs) part was subscribed 0.03 times. The Qualified Institutional Buyers (QIBs) category was subscribed 0.14 times.

Glottis IPO Review

Brokerage firm SBI Securities, while giving a ‘subscribe for long-term’ tag, said, “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. The company has shown strong growth over the FY23-25 period with Revenue/EBITDA/PAT CAGR of 40.3%/53.1%/58.2% respectively. Ocean volumes have grown at a CAGR of 37.4% during the same period at 1,12,146 TEU. Glottis looks well-placed to gain from the industry tailwinds in the global renewable energy industry. At the upper price band of ₹129, the company is valued at post issue capital FY25 PE of 21.2x. We recommend investors to SUBSCRIBE to the issue at the cut-off price for long term."

On the other hand, brokerage firm Canara Bank said, “The company has delivered strong financial performance with revenue growing from 478 Cr in FY23 to 941 Cr in FY25 with a CAGR of 40.28%. PAT has increased from 22 Cr in FY23 to 56 Cr in FY25 with a CAGR of 58.19%. At the upper price band, the issue is valued at 18 X PE and 10 X PB, compared to averages of 21 X PE and 3 X PB for listed peers. Glottis is strategically positioned in the logistics sector, benefitting from robust demand across multimodal and containerised 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. We recommend SUBSCRIBE to the issue for long-term investors with a high-risk appetite.”

Glottis IPO details

The company is looking to raise ₹307 crore through its IPO, via a combination of fresh issue of 1.24 crore shares worth ₹160 crore and an offer for sale of 1.14 crore shares worth ₹147 crore.

The price band has been set at ₹120– ₹129 per share, with a lot size of 114 shares, requiring a minimum investment of ₹14,706 for retail investors.

Proceeds from the IPO will be used to fund capital expenditure, including the purchase of commercial vehicles and containers, as well as for general corporate purposes.

In terms of allocation, up to 30 per cent of the shares are reserved for qualified institutional buyers (QIBs), at least 30 per cent for non-institutional investors (NIIs), and a minimum of 40 per cent for retail investors.

The basis of share allotment is expected to be finalised on Friday, October 3, with the IPO set to list on both the NSE and BSE on Tuesday, October 7. Pantomath Capital Advisors is acting as the merchant banker, while Kfin Technologies Ltd. is the registrar for the issue.

Glottis IPO GMP today

Glottis IPO GMP is currently trading at a premium of +12 in the grey market, according to investorgain.com. This means that the GMP of Glottis IPO is ₹12.

The estimated listing price of Glottis IPO is likely to be ₹141, which is 9.30 per cent higher than the IPO price of ₹129.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.