Glottis Logistics Files for IPO to Raise Rs 500 Crore
Glottis, a Chennai-based logistics service provider, plans to raise Rs 450-500 crore through an IPO. The offering includes a fresh issue of equity shares worth Rs 200 crore and an offer for sale by promoters. Proceeds will be used for vehicle purchases, debt repayment, and corporate purposes.
- Country:
- India
Chennai-based logistics service provider Glottis has submitted preliminary papers to the capital markets regulator Sebi, aiming to raise Rs 450-500 crore through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer for sale (OFS) of up to 1.45 crore equity shares by the company's promoters, as detailed in the Draft Red Herring Prospectus (DRHP).
Promoters Ramkumar Senthilvel and Kuttappan Manikandan will each offload 72.85 lakh equity shares under the OFS, reducing their current 49.49% stakes. Market sources peg the IPO size at Rs 450-500 crore.
Proceeds from the fresh issue include Rs 53 crore for purchasing commercial vehicles, Rs 38 crore for debt repayment, and remaining funds for general corporate purposes. The company had a total borrowing of Rs 9.3 crore as of March 2024.
For the fiscal year 2024, Glottis recorded a revenue of Rs 497.4 crore and a net profit of Rs 31.5 crore. As a leading multi-modal, integrated logistics service provider, Glottis specializes in energy supply chain solutions.
Pantomath Capital Advisors Pvt Ltd will act as the sole book-running lead manager for the issue.
(With inputs from agencies.)
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