Glottis IPO Day 2 Subscription Status: Issue Booked 0.75 Times, GMP Flat; Analysts Recommend Subscribe

The Glottis IPO continued to see steady investor interest on Day 2 of bidding. By 2:59 PM on September 30, the overall issue was subscribed 0.75 times. Within categories, the retail portion was subscribed 0.54 times, the Qualified Institutional Buyers (QIB) segment saw stronger demand at 1.76 times, while the Non-Institutional Investor (NII) category stood at 0.64 times.

Glottis IPO Issue Details

The Glottis Ltd IPO is a book-built public issue worth Rs. 307 crore. The offer is a mix of fresh equity shares worth Rs. 160 crore and an offer for sale of 1.14 crore shares aggregating Rs. 147 crore. The IPO opened for bidding on September 29th and will close on October 1st. As per the company's schedule, the Glottis IPO allotment date is expected on October 3rd, while the tentative listing date on the NSE and BSE is fixed as October 7th.

Glottis IPO Price Band and GMP Today

The Glottis IPO price band has been set between Rs. 120 and Rs. 129 per share. In the unlisted market, the Glottis IPO GMP, or the grey market premium, was quoted at Rs. 10 as of September 30 around 2:31 PM. Based on the upper price band of Rs. 129, the IPO is expected to list at around Rs. 139 per share, indicating a potential listing gain of 7.75% for investors.

Analyst Views: Should You Subscribe?

Brokerages remain optimistic on the Glottis IPO review. In a note, BP Equities said, "The company's focus on developing strong internal intelligence and ensuring quality and timely execution has enabled it to maintain long-standing customer relationships while also acquiring new clients through referrals. Financially, Glottis has delivered a healthy performance, with revenue growing at a CAGR of 40.3%, EBITDA at 53.1%, and PAT at 58.2% over the FY2023-25 period. Backed by a strong business model, deep market understanding, and customer retention capabilities, along with favourable industry tailwinds, the company is well-positioned for long-term sustainable growth. At the upper price band, the company is valued at a P/E multiple of 18.4x based on FY25 earnings. We, thus, recommend a "SUBSCRIBE" rating for this issue."

About Glottis

Glottis Limited is a Chennai-based logistics and freight forwarding company founded in 2004. It offers integrated, multimodal logistics solutions covering air, sea, and land transportation, along with customs clearance, warehousing, and value-added services. The company specializes in providing tailored, cost-effective freight services optimized for timely and secure delivery across more than 120 countries, focusing on sectors like renewable energy, engineering goods, and consumer appliances

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