Glottis Launches Rs 307-Crore IPO with 9% Grey Market Premium
Glottis, a logistics company focused on renewable energy transport, has opened its IPO for subscription. The Rs 307-crore IPO is priced between Rs 120-129 per share. It includes a fresh issue of Rs 160 crore and an OFS of Rs 147 crore. The company has already secured Rs 92 crore from anchor investors. Founded in 2009, Glottis provides multimodal logistics services. Its financial performance shows significant growth, with revenue increasing from Rs 478 crore in FY23 to Rs 941 crore in FY25. The grey market premium indicates a potential 9% listing gain. Canara Bank Securities recommends the IPO for long-term investors with high-risk appetite.
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Glottis, a logistics company specializing in renewable energy transport, has opened its Initial Public Offering (IPO) for subscription. The Rs 307-crore IPO is priced in the band of Rs 120-129 per share, offering potential investors an opportunity to participate in the company's growth story.
IPO Details
- Issue Size: Rs 307.00 crore
- Price Band: Rs 120-129 per share
- Subscription Period: Open now, closes on October 1
- Listing Date: Scheduled for October 7 on NSE and BSE
The IPO comprises a fresh issue of shares worth Rs 160.00 crore and an offer for sale (OFS) of Rs 147.00 crore by promoters Ramkumar Senthilvel and Kuttappan Manikandan. In a positive development, the company has already secured Rs 92.00 crore from anchor investors, indicating strong institutional interest.
Company Overview
Founded in 2009, Glottis has established itself as a provider of multimodal logistics services, including ocean, air, and road freight. The company has carved out a niche for itself by specializing in logistics for the renewable energy sector.
Financial Performance
Glottis has demonstrated strong financial growth in recent years:
| Fiscal Year | Revenue (in Rs crore) | Profit (in Rs crore) |
|---|---|---|
| FY23 | 478.00 | 22.00 |
| FY25 | 941.00 | 56.00 |
The company has nearly doubled its revenue and more than doubled its profit over the two-year period, showcasing robust growth.
Grey Market Premium
The grey market is showing enthusiasm for the Glottis IPO, with a premium of Rs 12.00 over the upper price band. This indicates a potential 9% listing gain for investors, although it's important to note that grey market premiums are unofficial and subject to change.
Analyst Recommendations
Canara Bank Securities has weighed in on the IPO, recommending it for long-term investors with a high-risk appetite. The brokerage cites Glottis's strategic positioning as a positive factor. However, they also flag potential concerns, including the company's exposure to the renewable energy sector and rising receivables.
Investors considering participation in the Glottis IPO are advised to carefully review the company's prospectus and consider their own risk tolerance before making an investment decision. As with all IPOs, potential returns should be weighed against the inherent risks of investing in newly public companies.
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