Glottis Makes Weak Debut with 32.02% Discount, Lists at ₹87.70 Against Moderate Subscription

Glottis Limited, the comprehensive multimodal logistics solutions provider offering ocean, air, and road freight forwarding services primarily for the renewable energy industry, made a disappointing debut on BSE and NSE on October 7, 2025. After closing its IPO bidding between September 29 and October 1, 2025, the company commenced trading with a 31.78% discount, opening at ₹88 but declining to ₹87.70 with losses of 32.02%.

Glottis Listing Details

Glottis Limited launched its IPO at ₹129 per share with a minimum investment of 114 shares costing ₹14,706. The IPO received a moderate response with a subscription of 2.12 times — retail investors at 1.47 times, NII at 3.08 times, and QIB at 1.84 times.

First-Day Trading Performance Outlook

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Listing Price: Glottis share price opened at ₹88, representing a discount of 31.78% from the issue price of ₹129, and declined further to ₹87.70, delivering losses of 32.02% for investor,s reflecting negative market sentiment towards the logistics sector.

Growth Drivers and Challenges

Growth Drivers:

• Leading Renewable Energy Logistics Player: One of the leading freight forwarding players in the renewable energy industry with comprehensive multimodal capabilities, handling approximately 95,000 TEUs of ocean imports in FY24, serving 1,662 customers across 100 countries.
• Extensive Network Infrastructure: Eight branch offices across major Indian transportation hubs, a network of 171 overseas agents, 98 shipping lines, 52 transporters, 43 customs house agents, 22 airlines, 20 consol agents, and 17 owned commercial vehicles as of January 2025.
• Exceptional Financial Performance: Outstanding PAT growth of 81% to ₹56.14 crore and revenue growth of 89% to ₹942.55 crore in FY25, exceptional ROE of 56.98%, and outstanding ROCE of 72.58%, demonstrating extraordinary earnings performance.

Challenges:

• Extremely High Valuation: Alarming price-to-book value of 10.47x and post-issue P/E of 21.23x appearing fully priced, discounting all near-term positives, with extraordinary FY25 earnings raising sustainability questions in the competitive logistics segment.
• Recent Incorporation Concerns: The Company was incorporated only in June 2024 with limited operating history as a current entity, operating in a highly competitive and fragmented logistics segment with thin margins requiring sustained execution.

Utilisation of IPO Proceeds

• Fleet Expansion: ₹132.54 crore for capital expenditure towards the purchase of commercial vehicles and containers, expanding the asset portfolio and enhancing multimodal logistics capabilities.
• General Corporate Purposes: Supporting business operations, working capital requirements, and strategic initiatives for sustained growth in the competitive logistics solutions segment.

Financial Performance of Glottis

• Revenue: ₹942.55 crore for FY25, showing exceptional growth of 89% from ₹499.39 crore in FY24, reflecting extraordinary business scaling in multimodal logistics solutions.
• Net Profit: ₹56.14 crore in FY25, representing a remarkable growth of 81% from ₹30.96 crore in FY24, indicating substantial operational leverage, though extraordinary earnings surprise raises sustainability concerns.
• Financial Metrics: Exceptional ROE of 56.98%, outstanding ROCE of 72.58%, low debt-to-equity ratio of 0.22, modest PAT margin of 5.97%, moderate EBITDA margin of 8.34%, and estimated market capitalisation of ₹810.11 crore.