Logistics solutions company Glottis has raised Rs 55.26 crore from seven institutional investors through anchor book on September 26. This fund raising is a part of Rs 307 crore IPO which is set to open for public subscription on September 29 and close on October 1.
The price band for the offer is Rs 120-129 per share.
The company that offers multi-modal logistics solutions through ocean, air and road logistics services has allocated 42,83,755 equity shares to anchor investors at the upper price band.
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.
Tamil Nadu-based Glottis aims to raise Rs 160 crore via fresh shares, while promoters will be selling 1.1 crore shares via offer-for-sale.
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The company will spend Rs 132.5 crore of fresh issue proceeds for purchase of commercial vehicles and containers, and the remainder funds for general corporate purposes.
Pantomath Capital Advisors is acting as the sole merchant banker for the Glottis IPO.
Glottis will be among three companies launching initial public offering (IPO) next week on September 29. Others are Om Freight Forwarders, and Fabtech Technologies.
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