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Glottis Ltd. made an underwhelming debut on the stock market on Tuesday, listing at a discount of 35% to the IPO price. The scrip opened at Rs 84 on the NSE and Rs 88 on the BSE, conpared to the issue price of Rs 129.

The grey market price had indicated no listing gains for the stock.

The IPO was subscribed 2.05 times on the final day of subscription. Bids were led by non-institutional investors (2.97 times), institutional investors (1.87 times) and retail investors (1.42 times).

The Glottis IPO was a book-built issue of Rs 307 crore, comprising a fresh issue of 1.24 crore shares raising Rs 160 crore and an offer-for-sale of 1.14 crore shares amounting to Rs 147 crore.

The IPO was priced a

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