Glottis IPO opens today: Check latest GMP, key details

Glottis IPO opens

The initial public offering of logistics solutions company Glottis is set to open for public bidding today, September 29. The company aims to raise Rs 307 crore from its IPO.

The maiden public issue of the company that offers multi-modal logistics solutions through ocean, air and road logistics services will close on October 1.

Glottis IPO GMP:

Ahead of listing, the shares of the Chennai-based company were trading with nearly 9 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.

According to IPO Watch, the unlisted shares of the company were trading with nearly 12 percent GMP over the issue price.

Glottis IPO: Key things to know

The logistics company aims to raise Rs 307 crore through a fresh issue of shares worth Rs 160 crore, and an offer for sale of 1.1 crore shares by promoters. The price band for the IPO has been set at Rs 120-129 per share.

Investors can bid for a minimum of 114 shares, requiring an investment of Rs 14,706 at the upper price band, and in multiples thereafter. The allotments will likely be finalized by October 3, and the shares are scheduled to be listed on stock exchanges on October 7.

The multi-modal logistics solutions provider that competes with listed peers like Allcargo Logistics, and Transport Corporation of India plans to spend Rs 132.5 crore of fresh issue proceeds for purchase of commercial vehicles and containers, and the remaining amount for general corporate purposes.

Glottis has recorded a massive 81.4 percent growth in profit, growing to Rs 56.1 crore in FY25 compared to Rs 31 crore in previous fiscal. Revenue surged 89.3 percent to Rs 941.2 crore, up from Rs 497.2 crore in the same period.

The company filed draft papers with the SEBI in February this year, while the market regulator cleared those preliminary papers in June.

Pantomath Capital Advisors is acting as the merchant banker for the Glottis IPO.

Glottis anchor book:

Before the IPO opened for public bidding, Glottis raised Rs 55.26 crore from seven institutional investors through anchor book on September 26. Meru Investment Fund was the largest investor amongst them, acquiring 11.6 lakh shares for Rs 15 crore, followed by LC Pharos Multi Strategy Fund, and VPK Global Ventures Fund which bought 7.75 lakh shares each for Rs 10 crore.

Abans Finance, M7 Global Fund, The Asio Fund, and Sunrise Investment Opportunities Fund were other investors in the anchor book.

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