Logistics services provider Glottis files IPO papers with SEBI, to raise Rs 200 crore via fresh issue

Glottis IPO

Logistics service provider Glottis, which focuses on energy supply chain solutions, is planning to launch an IPO for fund raising. The company has already filed preliminary papers with capital markets regulator SEBI.

The IPO is a combination of fresh issue of equity shares worth Rs 200 crore, and an offer-for-sale of 1.45 crore equity shares by promoters, as per the draft red herring prospectus filed on September 23.

Promoters Ramkumar Senthilvel and Kuttappan Manikandan will be selling 72.85 lakh equity shares each in the offer-for-sale. They hold 49.49 percent stake each in the company.

With eight branch offices in India, Tamil Nadu-based Glottis offers logistics services to customers across multiple industries, with particular emphasis on energy infrastructure and renewable energy projects. More than 42 percent of its total revenue comes from the renewable energy industry and the remaining from other industries.

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The company will utilise Rs 53 crore out of the net fresh issue proceeds to purchase goods transportation vehicles, and Rs 38 crore for repaying debt. The remaining IPO funds will be used for inorganic growth through unidentified acquisitions and general corporate purposes.

Glottis,w hich competes with listed peers like Allcargo Logistics and Transport Corporation of India, has recorded net profit at Rs 31.5 crore for the fiscal year 2024, increasing from Rs 22.57 crore in the previous year. Revenue from operations for the financial year ended March 2024 stood at Rs 497.4 crore, rising marginally from Rs 478.5 crore in the previous fiscal.

Pantomath Capital Advisors has been appointed the book running lead manager to the issue.