Glottis Ltd files DRHP with SEBI to raise ₹200 crore via fresh issue; Check IPO details

Glottis Ltd on Wednesday, September 25, filed preliminary draft papers with the capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an upcoming initial public offering (IPO). Glottis Ltd delivers end-to-end logistics solutions with multimodal capabilities across verticals to optimize the movement of goods across geographies. 

The Chennai-based company is said to be a leading multi-modal, integrated logistics service provider specialising in energy supply chain solutions. Its solutions include ocean freight forwarding, air freight forwarding, and road transportation, as well as ancillary services such as warehousing, storage, cargo handling, third-party logistics (3PL) services, and customs clearance. 

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Glottis IPO Details

The logistics service provider's IPO will combine a fresh issue of equity shares worth ₹200 crore and an offer for sale (OFS) of up to 1.45 crore equity shares of face value of ₹2 jointly offered by the promoters Ramkumar Senthilvel and Kuttappan Manikandan.

According to the draft red herring prospectus (DRHP), Ramkumar Senthilvel and Kuttappan Manikandan will offload 72.85 lakh equity shares each as part of the OFS. Both hold a 49.49 per cent stake in the company as of now.

Proceeds from the fresh issue, totalling ₹53 crore, will be used to purchase commercial vehicles, ₹38 crore will be used for debt payment, and the remaining funds will be used for general corporate purposes. Pantomath Capital Advisors Pvt Ltd is the sole book-running lead manager for the issue.

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Glottis Company Details

On the financial front, the company's revenue from operations was ₹497.4 crore, with a net profit of ₹31.5 crore for the fiscal year 2024. Glottis is a leading multi-modal, integrated logistics service provider with a specialised focus on energy supply chain solutions. As of March 2024, the company had a total borrowing of ₹9.3 crore. 

Glottis was the top supporter of SAFMARINE for four consecutive years (FY13 to FY16) and the third top supporter of MAERSK for two consecutive years (FY15 & FY16). Glottis serves customers across multiple industries, including the renewable energy industry, engineering products, home appliances, building materials, agro, automobile chemicals, textiles, and machinery, among others, with particular emphasis on energy infrastructure and renewable energy projects.

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