Glottis Unveils Rs 160-Crore IPO with Price Band of Rs 120-129
Chennai-based Glottis, a multi-modal logistics provider, is launching its IPO from September 29 to October 1. The offering includes a fresh issue of Rs 160 crore and an offer for sale of 1.13 crore shares by promoters. With a price band of Rs 120-129 per share, the company aims for a market cap of about Rs 1,192 crore. Glottis plans to use Rs 132.50 crore for purchasing vehicles and containers. The company's revenue grew 89.3% to Rs 941 crore in FY25, with ocean freight volumes nearly doubling to 112,146 TEUs.
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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:
| Fiscal Year | Revenue (in crore) | YoY Growth | Ocean Freight Volume (TEUs) |
|---|---|---|---|
| FY23 | 941.00 | 89.3% | 112,146 |
| FY22 | 497.00 | - | - |
| FY21 | - | - | 59,417 |
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.
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