Chennai-based logistics service provider Glottis is set to launch its Initial Public Offering (IPO) after successfully raising Rs 55.26 crore from anchor investors. The company, which specializes in energy supply chain solutions, is poised to enter the public market with a Rs 307 crore IPO opening from September 29 to October 1.

Anchor Investment Details

Glottis has allotted 42.84 lakh equity shares to seven funds at Rs 129 per share, which marks the upper end of the IPO price band. The anchor investors include:

• LC Pharos Multi Strategy Fund VCC
• Meru Investment Fund PCC-CELL 1
• Abans Finance
• Sunrise Investment Opportunities Fund
• VPK Global Ventures Fund

IPO Structure and Valuation

The IPO is structured as follows:

At the upper price band, Glottis is valued at approximately Rs 1,200.00 crore.

Use of Proceeds

The company plans to utilize the funds raised from the fresh issue for:

1. Purchasing commercial vehicles
2. Debt repayment
3. General corporate purposes

Company Profile

Glottis operates as a multi-modal integrated logistics provider, offering specialized energy supply chain solutions across various industries. The company has a pan-India presence with eight branch offices strategically located across the country.

IPO Timeline

• Subscription Period: September 29 to October 1
• Expected Listing Date: October 7

Investors and market watchers will be keeping a close eye on this IPO, as it represents an opportunity to invest in India's growing logistics sector. The success of the anchor book is often seen as a positive indicator for the public issue, potentially generating interest among retail and institutional investors alike.

As always, potential investors are advised to carefully review the company's prospectus and consider their financial goals before making any investment decisions.

Chennai-based logistics company Glottis is set to enter the public market with its Initial Public Offering (IPO) of Rs 160.00 crore. The company has announced a price band of Rs 120-129 per share for its upcoming issue.

IPO Details

• Issue Opens: September 29
• Issue Closes: October 1
• Price Band: Rs 120-129 per share
• Fresh Issue: Rs 160.00 crore
• Offer for Sale: 1.13 crore shares by promoters

The IPO comprises a fresh issue of shares worth Rs 160.00 crore and an offer for sale of 1.13 crore shares by the company's promoters, Ramkumar Senthilvel and Kuttapan Manikandan. At the upper end of the price band, Glottis is poised to achieve a market capitalization of approximately Rs 1,192.00 crore.

Use of Proceeds

Glottis plans to utilize Rs 132.50 crore from the IPO proceeds to purchase commercial vehicles and containers, bolstering its operational capabilities.

Company Overview

Founded in 2004, Glottis has established itself as a multi-modal logistics provider with a pan-India presence. The company operates through eight branches across the country and caters to a global clientele.

Financial Performance

Glottis has demonstrated strong financial growth in recent years:

The company's revenue surged by 89.3% in FY23 compared to the previous fiscal year. Notably, Glottis nearly doubled its ocean freight volumes from 59,417 TEUs (Twenty-foot Equivalent Units) in FY21 to 112,146 TEUs in FY23, indicating significant expansion in its logistics operations.

As Glottis prepares to list on the stock exchanges, investors will be closely watching this logistics player's market debut in the dynamic Indian logistics sector.