Glottis to launch IPO on September 29; Price Band set at Rs 120-129
The three-day public issue will conclude on October 1.
Logistics company Glottis is set to launch its Initial Public Offering (IPO) on September 29, with the public subscription window closing on October 1. The company has set a price band of Rs 120-129 per equity share, each with a face value of Rs 2. Following the offering, Glottis shares are expected to debut on the stock exchanges on October 7.
The IPO is a mix of a fresh issue of ₹160 crore (Rs 1,600 million) and an Offer for Sale (OFS) of up to 1.13 crore (11.3 million) equity shares.
The company plans to use Rs 132.5 crore (Rs 1,325 million) of the net proceeds from the fresh issue to purchase new commercial vehicles and containers. This strategic investment will help strengthen its asset base. The remaining funds will be used for general corporate purposes to support the company's growth initiatives.
Retail investors have been reserved a portion of 40%, while Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) have each been allocated 30%. The IPO received approval from the Securities and Exchange Board of India (SEBI) in June.
Financial performance and business growth
Glottis has demonstrated strong financial performance, especially in the last fiscal year. For the fiscal year 2025, the company reported an 81.4% surge in net profit to Rs 56.1 crore (Rs 561 million). Its revenue from operations also saw a substantial jump, increasing by 89.3% to Rs 941.2 crore (Rs 9,412 million).
The company's revenue from operations has shown steady growth over recent years, increasing from Rs 2,780.28 crore (Rs 27,802.8 million) in Fiscal 2021 to Rs 4,971.77 crore (Rs 49,717.7 million) in Fiscal 2024.
While a temporary spike in freight rates due to the Covid-19 pandemic significantly boosted revenue in Fiscal 2022 to Rs 8,758.29 (Rs 87,582.9 million), the company has since maintained a consistent upward trajectory. A key driver of this growth has been a massive increase in income from domestic services, which rose from Rs 4,275.00 crore (Rs 42,750 million) in Fiscal 2023 to Rs 4,599.14 crore (Rs 45,991.4 million) in Fiscal 2024.
Operational highlights
Glottis's business expansion is also reflected in its volume growth. The company's throughput of Twenty-foot Equivalent Units (TEUs) nearly doubled, growing from 46,165 TEUs in Fiscal 2021 to 95,072 TEUs in Fiscal 2024. This increase in volume occurred despite a 15.32% decrease in freight income, which the company attributes to a drop in global freight charges.
The company's income from clearing and forwarding and transport services has shown growth, increasing by 57.98% and 91.62% respectively, from Fiscal 2023 to Fiscal 2024.
The company's journey to the public market began in February when it filed its draft red herring prospectus (DRHP) with SEBI, leading to the market regulator's approval in June.
The company is spearheaded by its primary shareholders, Ramkumar Senthilvel and Kuttappan Manikandan, who each hold 49.49% of the pre-offer equity share capital.
