Glottis files IPO papers with SEBI; eyes ₹200 crore via fresh issue

Logistics service provider Glottis has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering.

The Chennai-based company's IPO is a combination of a fresh issue of equity shares worth ₹200 crore and an offer for sale (OFS) of up to 1.45 crore equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP).

Under the OFS, promoters Ramkumar Senthilvel and Kuttappan Manikandan will offload 72.85 lakh equity shares each. Both hold a 49.49 percent stake each in the company at present.

Proceeds from the fresh issue to the tune of ₹53 crore will be used for the purchase of commercial vehicles, ₹38 crore for debt payment and the remaining funds for general corporate purposes.

The company had a total borrowing of ₹9.3 crore as of March 2024, the draft papers filed on Monday showed.

Glottis is a leading multi-modal, integrated logistics service provider with a specialised focus on energy supply chain solutions.

Pantomath Capital Advisors Pvt Ltd is the sole book-running lead manager to the issue.