Glottis Set to Launch IPO, Targets ₹200 Crore Fresh Issue for Growth

25 Sep 2024 , 06:17 PM

Glottis, a logistics service provider specializing in energy supply chain solutions, is preparing to launch an IPO for fundraising. The company has submitted preliminary IPO documents to the Securities and Exchange Board of India (SEBI) as of September 23.

The IPO will include a fresh issue of equity shares valued at ₹200 Crore, alongside an offer-for-sale of 1.45 Crore equity shares by the promoters.

Promoters Ramkumar Senthilvel and Kuttappan Manikandan will each sell 72.85 lakh equity shares in the offer-for-sale, holding a 49.49% stake each in Glottis.

Headquartered in Tamil Nadu, Glottis operates eight branch offices in India, providing logistics services across various industries, focusing on energy infrastructure and renewable energy projects.

Over 42% of Glottis’ revenue originates from the renewable energy sector, while the remainder comes from other industries.

The company plans to allocate ₹53 Crore from the fresh issue for purchasing goods transportation vehicles and ₹38 Crore for debt repayment. Remaining funds will be directed toward potential acquisitions and general corporate needs.

For the fiscal year 2024, Glottis reported a net profit of ₹31.5 Crore, up from ₹22.57 Crore in the previous year. Revenue from operations for FY 2024 reached ₹497.4 Crore, showing a slight increase from ₹478.5 Crore in FY 2023. Pantomath Capital Advisors has been appointed as the book-running lead manager for the IPO.