Two dull listings

Two new listings today – one was dull and the other was even more dull.

Fabtech Tech got listed at Rs.192 v/s IPO price of Rs.191 and is now trading at Rs.181.55.

The IPO had received a muted response with overall subscription at 2.03x, with HNIs at 1.97x, QIB at 2.02x and Retail at 2.08x.

Fabtech Technologies is a Mumbai-based turnkey engineering solution provider to pharmaceutical, biotech and healthcare companies. Only 15% of Rs. 327 crore revenue is generated from India, and balance 85% from emerging markets like Middle East, Africa and South Asia. Thus, company’s presence is concentrated in geographies facing weaking economic factors and geopolitical unrest leading to currency risk.

In our IPO Analysis, we had concluded - Fabtech Technologies financials is not fabulous and hence the IPO is an avoid.

The other listing was Glottis. As against the IPO price of Rs.129, it got listed a huge discount at Rs.88 and went down further to Rs.81 levels, it is currently trading at Rs.87 levels.

The IPO was dull with overall subscription at 2.05x, with QIB at 1.87x, HNIs at 2.97x and Retail at 1.42x.

Glottis Limited is a 21 year old Chennai-based logistics company, providing end-to-end services, with 83% of revenue generated from ocean freight imports. As of 31 Aug 25, it owned 17 commercial vehicles and partnered with 77 business partners. From current asset light model, it is moving towards ‘hybrid’ model for freight forwarding, by purchasing commercial vehicles and containers from IPO proceeds.

In our IPO Analysis, we had concluded - Glottis IPO can be skipped for company’s inconsistent financial track record and being fully-priced.