Chennai-based multi-modal logistics solutions provider Glottis has filed its red herring prospectus with the Registrar of Companies on September 22, paving the way for its initial public offering (IPO) set to open on September 29.
The company will raise ₹160 crore through a fresh issue of shares, while promoters Ramkumar Senthilvel and Kuttappan Manikandan will offload 1.1 crore shares via an offer-for-sale (OFS). The price band will be announced on September 24.
The IPO’s anchor book for institutional investors will open on September 26, while the public subscription window will run from September 29 to October 1. Allotment of shares is expected to be finalized on October 3, with listing scheduled for October 7.
In terms of allocation, 30 percent of shares have been reserved for qualified institutional buyers (QIBs), 30 percent for non-institutional investors (NIIs), and the remaining 40 percent for retail investors.
Glottis plans to deploy ₹132.5 crore from the fresh issue proceeds toward the purchase of commercial vehicles and containers, while the balance will go toward general corporate purposes.
Financially, the company has reported robust growth. Its FY25 profit surged 81.4 percent to ₹56.1 crore, compared to ₹31 crore in FY24. Revenue also jumped 89.3 percent year-on-year to ₹941.2 crore, up from ₹497.2 crore in the previous fiscal.
Glottis competes with listed logistics players such as Allcargo Logistics and Transport Corporation of India. The company had filed its draft red herring prospectus with SEBI in February, receiving clearance in June. Pantomath Capital Advisors is the merchant banker for the IPO.
The Glottis IPO will be the second logistics company and the third mainboard offering to hit Dalal Street next week, alongside Om Freight Forwarders and Advance Agrolife.
