Glottis Files IPO Papers With SEBI To Raise Rs 450-500 Crore

Logistics service provider Glottis has filed preliminary papers with capital markets regulator Securities And Exchange Board Of India to raise an estimated Rs 450-500 crore through an initial public offering.

The Chennai-based company's IPO is a combination of a fresh issue of equity shares worth Rs 200 crore and an offer for sale of up to 1.45 crore equity shares by promoters, according to the Draft Red Herring Prospectus.

Under the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan will offload 72.85 lakh equity shares each. Both hold a 49.49 per cent stake each in the company at present.

According to market sources, the company's IPO size is expected to be Rs 450 to Rs 500 crore.

Proceeds from the fresh issue to the tune of Rs 53 crore will be used for the purchase of commercial vehicles, Rs 38 crore for debt payment and the remaining funds for general corporate purposes.

The company had a total borrowing of Rs 9.3 crore as of March 2024, the draft papers filed on Monday showed.

On the financial front, the company's revenue from operations was Rs 497.4 crore, with a net profit of Rs 31.5 crore for the fiscal 2024.

Glottis is a leading multi-modal, integrated logistics service provider, with a specialised focus on energy supply chain solutions.

Pantomath Capital Advisors Pvt Ltd is the sole book-running lead manager to the issue.