Shares of Glottis Limited made a weak debut on the stock exchanges on Monday, listing at ₹84 on the NSE, a steep 34.88% discount to its issue price of ₹129 per share. On the BSE, the stock opened at ₹88, down 31.78%, disappointing investors despite a fully subscribed IPO.
At the listing price, investors incurred a loss of ₹5,130 per lot on the NSE and ₹4,674 per lot on the BSE, based on the retail lot size of 114 shares.
The Glottis IPO had seen moderate demand, being subscribed 2 times overall by the close of bidding on October 1, driven mainly by non-institutional investors (NIIs) and qualified institutional buyers (QIBs), followed by retail participation. The allotment was finalised on October 3, while shares were credited to investors’ demat accounts on October 6.
Despite steady investor interest during the subscription phase, the weak listing suggests muted market sentiment and profit-booking in SME IPOs after a string of volatile debuts.
Use of Proceeds
The company stated that the funds raised will be utilised for:
- Purchasing commercial vehicles and containers to support capital expenditure requirements.
- General corporate purposes, aimed at strengthening overall operations.
Glottis Limited’s disappointing market debut underscores the ongoing caution among investors in newly listed SME stocks, where even fully subscribed issues are witnessing sharp listing-day corrections.
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