Glottis Ltd's Disappointing Market Debut: Shares Plunge Amid IPO

Glottis Ltd shares listed at a 35% discount on Tuesday, starting at Rs 88 on BSE and Rs 84 on NSE compared to an issue price of Rs 129. The company's IPO saw a 2.05 times subscription, intended to fund vehicle purchases, debt repayment, and general purposes.

Shares of logistics service provider Glottis Ltd debuted with a substantial decline of nearly 35% from their issue price of Rs 129. The shares began trading at Rs 88 on the BSE, marking a 31.78% decrease.

On the NSE, the opening price was Rs 84, reflecting a 34.88% discount. Glottis Ltd's market valuation at the time of listing was Rs 810.37 crore.

The Chennai-based company's IPO, which aimed for Rs 307 crore through a mix of fresh equity issuance and an offer for sale by promoters, was oversubscribed 2.05 times. The raised funds will be allocated towards purchasing commercial vehicles, settling debts, and other business necessities.

(With inputs from agencies.)