New Delhi, October 7(HS): In contrast, logistics solutions provider Glotis Limited delivered a weak performance on its market debut, disappointing investors with a steep discount listing. The stock opened at ₹88 on the BSE and ₹84 on the NSE—down about 34% from the issue price of ₹129 per share.

Despite mild recovery later, the shares were trading at ₹89.35 by 10:30 a.m., still translating into a loss of around 30.74% for IPO investors.The ₹307-crore IPO of Glotis was open for subscription from September 29 to October 1 and saw a moderate response, getting subscribed 2.12 times overall.

Subscription details show QIBs taking up 1.84 times their allocated share, NIIs 3.08 times, and retail investors 1.47 times.The IPO included a fresh issue worth ₹160 crore and an offer for sale (OFS) of 1,13,95,640 shares with a face value of ₹2 each.

Funds from the fresh issue are earmarked for purchasing commercial vehicles and containers, meeting working capital needs, and addressing general corporate purposes.

Financially, the company’s performance has strengthened over the years. Its net profit increased from ₹22.44 crore in FY 2022–23 to ₹30.96 crore in FY 2023–24 and further to ₹56.14 crore in FY 2024–25. Revenue grew at a robust 40% annual CAGR to ₹942.55 crore during the same period.

Meanwhile, Glotis’ debt fell from ₹30.61 crore in FY 2022–23 to ₹8.08 crore in FY 2023–24 before rising again to ₹22.14 crore in FY 2024–25. The company’s reserves and surplus witnessed substantial growth—from ₹10.52 crore in FY 2022–23 to ₹41.35 crore in FY 2023–24 and ₹82.53 crore in FY 2024–25.

Hindusthan Samachar / Jun Sarkar