Logistics solutions provider Glottis files RHP, to launch IPO on September 29 with fresh shares worth Rs 160 crore

Glottis IPO News

Chennai-based logistics solutions provider Glottis has filed red herring prospectus with the Registrar of Companies on September 22, launching initial public offering for fund raising next week on September 29.

The company, which will disclose price band details on September 24, will issue fresh shares worth Rs 160 crore, while both promoters Ramkumar Senthilvel, and Kuttappan Manikandan will be selling 1.1 crore shares via offer-for-sale route.

The one-day IPO anchor book will be opened for institutional investors on September 26, while the offer will remain open for public till October 1.

The IPO share allotment is scheduled for finalisation by October 3, while Glottis shares will be available for trading on the bourses effective October 7.

The company has reserved 30 percent IPO shares each for qualified institutional buyers, and non-institutional investors, while the remainder 40 percent shares are set aside for retail investors.

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.

This will be the second logistics company and the third mainboard IPO hitting Dalal Street next week along with Om Freight Forwarders, and Advance Agrolife.