Glottis Ltd's IPO Nears Full Subscription on Second Day of Bidding

Glottis Ltd's IPO saw a 93% subscription by the second day, securing bids for over 188 million shares. The issue includes a fresh equity issue worth Rs 160 crore and an offer for sale by promoters. Proceeds will fund vehicle purchases, debt payment, and corporate purposes.

Glottis Ltd's initial public offering (IPO) garnered a 93% subscription rate by the end of the second day, as per data from the National Stock Exchange (NSE). The IPO involves a total of 2,01,23,929 shares, with bids placed for 1,88,15,244 shares.

The Qualified Institutional Buyers (QIBs) segment was oversubscribed at 1.79 times, with non-institutional investors at 1.08 times, while Retail Individual Investors (RIIs) saw a 58% subscription. Glottis mobilized over Rs 55 crore from anchor investors earlier in the week.

Valued at close to Rs 1,200 crore at the higher price band, the Rs 307 crore IPO comprises a Rs 160 crore fresh equity issue and a 1.14 crore equity offer for sale by promoters. The proceeds are intended for purchasing commercial vehicles, debt reduction, and general corporate purposes.

(With inputs from agencies.)