New Delhi: Logistics company Glottis has submitted initial documents to Sebi to raise approximately Rs 450-500 crore via an IPO. According to the Draft Red Herring Prospectus (DRHP), the IPO from the Chennai-based company consists of a new equity shares issuance of Rs 200 crore and an offer for sale (OFS) of up to 1.45 crore equity shares by promoters. Promoters Ramkumar Senthilvel and Kuttappan Manikandan will sell 72.85 lakh equity shares each through the OFS. At present, they both have an equal holding of 49.49 percent in the company.
Market sources anticipate that the company's IPO will fall within the range of Rs 450 to Rs 500 crore. The fresh issue will generate Rs 53 crore for buying commercial vehicles, Rs 38 crore for debt repayment, and the rest for general corporate expenses. According to the draft papers filed on Monday, the company's borrowing totaled Rs 9.3 crore as of March 2024.
In terms of finances, the company earned Rs 497.4 crore through its operations in the fiscal year 2024, leading to a net profit of Rs 31.5 crore. Glottis is a top provider of integrated logistics services, specializing in energy supply chain solutions. Pantomath Capital Advisors Pvt Ltd is the only book-running lead manager for the offering.
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