Glottis Ltd files DRHP with SEBI to raise ₹200 crore via fresh issue; Check IPO details | Stock Market News
Source: Live Mint
Logistics service provider Glottis has filed preliminary papers with capital markets regulator Sebi to raise an estimated ₹450-500 crore through an initial public offering (IPO).
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 per cent 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.
On the financial front, the company’s revenue from operations was ₹497.4 crore, with a net profit of ₹31.5 crore for the fiscal 2024.
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.
