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Glottis, a Chennai-based integrated logistics service provider, has set a price band of INR 120-129 per share for its INR 307-crore initial public offering. The issue includes a fresh equity sale of INR 160 crore and an offer for sale of up to 1.14 crore shares worth INR 147 crore by promoters. The IPO will open for public subscription towards the end of this month, with anchor investor bidding scheduled shortly before. Proceeds will be directed towards acquiring commercial vehicles, reducing debt, and corporate needs. At the upper price band, the company's valuation stands close to INR 1,200 crore.
Glottis has announced the price range for its upcoming initial public offering, setting it between INR 120 and INR 129 per share. Based on the upper price band, the company's market value is estimated at nearly INR 1,200 crore. Advertisement
The IPO is structured to raise INR 307 crore. It includes a fresh equity issue of INR 160 crore and an offer for sale of 1.14 crore shares, valued at around INR 147 crore at the higher end, by the promoters.
Public subscription for the issue will open towards the end of this month and will remain open for a short period. A separate bidding window for anchor investors will take place a few days earlier. Once the issue closes, allotments and refunds will be processed, followed by crediting of shares to investors' demat accounts. Glottis shares are expected to debut on the stock exchanges in the coming weeks.
The funds raised through the fresh issue will be used to purchase commercial vehicles and containers, repay certain borrowings, and for general corporate purposes. This allocation highlights the company's plan to expand its operational capacity and strengthen its financial position.
Glottis is known as a multimodal and integrated logistics services company, with a strong focus on energy supply chain solutions. Its customer base spans several industries, including renewable energy, engineering products, granite and minerals, home appliances, timber, agro, consumer durables, automobiles, chemicals, plywood, textiles, construction, medical products, and FMCG.
The company runs operations across the country through a network of branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru and Cochin. Pantomath Capital Advisors has been appointed as the sole book-running lead manager for the issue.
Source PTI
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