Glottis Limited IPO: Most Awaited IPO

Glottis Limited submits DRHP with SEBI and will be coming up with its public issue in the upcoming time; the public issue will be offering a 100% book-built offer. This upcoming IPO is offering a fresh issue worth up to Rs 200 crore of equity shares and an offer for sale of up to 1.46 crore equity shares. The total aggregate size of a public issue in rupees and the number of equity shares have not yet been disclosed by the company. The face value mentioned by the company is Rs 2 per each. This new IPO issue is being made through the book-building process with a reservation of less than 75% of the new offer reserved for Qualified Institutional Investors, not more than 15% reserved for NII and not more than 10% reserved for Retail Individuals. The opening and closing dates of this IPO have not yet been disclosed, and the company will announce the price band soon.

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About Glottis Limited

Glottis Limited is a leading integrated logistics service provider specializing in energy supply chain solutions. By March 2024, India’s installed solar capacity reached 82 GW, with Glottis facilitating the ocean freight movement of 13.8 GW, or 16.83% of the total. The company offers end-to-end logistics, including ocean and air freight, road transport, warehousing, 3PL, and customs clearance, handling ~95,000 TEUs of imports in FY24. With offices across India and partnerships in regions like Europe, Africa, and the Middle East, Glottis serves industries like renewable energy, engineering, and manufacturing. It supports global customers, including major solar power companies, contributing to India’s renewable energy growth and expansion toward 280 GW solar capacity by 2030.

Glottis Limited IPO Objectives

The company plans to utilize the net proceeds from the IPO fresh issue towards funding capital expenditure requirements of our Company, towards purchase of commercial vehicles, repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company and for general corporate purposes.

Financials of the Company

For the period ending March 31, 2024, the company demonstrated positive financial growth across multiple metrics. Assets increased by 18.4%, rising from Rs 71.98 crore to Rs 85.17 crore. Revenue saw a modest growth of 3.9%, from Rs 478.57 crore to Rs 497.41 crore. Profit after tax surged by 39.7%, increasing from Rs 22.57 crore to Rs 31.53 crore. On the other hand, total borrowing significantly dropped by 71.3%, falling from Rs 32.33 crore to Rs 9.29 crore. Overall, the company improved its profitability while successfully reducing its debt burden.

Lead manager(s), Registrar of IPO & Promoter(s) of the Company

The IPO is managed by Pantomath Capital Advisors Private Limited which is the book-running lead managers of this public issue. The company has appointed KFin Technologies Limited as the registrar for this public issue. Ramkumar Senthilvel and Kuttappan Manikandan are the identifiable promoter(s) of the company (As per DRHP, filed by the company to the SEBI).

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