Glottis IPO - Listing Performance & Details

Glottis Limited traces its origins to a partnership firm established under the name 'Glottis' in 2006, which was converted into a private limited company on April 18, 2022, and subsequently into a public limited company on May 14, 2024. It is headquartered in Chennai, Tamil Nadu, and works in the multimodal logistics sector.

The company provides end-to-end logistics solutions spanning ocean, air and road freight forwarding, along with ancillary services such as warehousing, cargo handling, third-party logistics (3PL) and customs clearance. Its offerings include project cargo and full container load (FCL) and less than container load (LCL) shipments for both imports and exports. It serves customers across sectors including renewable energy, engineering products, granite and minerals, home appliances, timber, agriculture, automobiles, chemicals, plywood, textiles, construction and FMCG, with operations spanning over 119 countries. The company operates through eight branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru and Cochin, alongside its registered and corporate offices in Chennai. It is promoted by Ramkumar Senthilvel and Kuttappan Manikandan, who each held a 49% stake before the issue.

Revenue rose 89% and profit after tax rose 81% between FY24 and FY25, as per the DRHP. This was a mainboard IPO, listed on the NSE and BSE, comprising a fresh issue of equity shares aggregating to about Rs 160 crore, along with an offer for sale of about 1.14 crore equity shares by the promoters, each selling up to 72.85 lakh shares, at an issue price of Rs 129 per share, taking the total issue size to about Rs 307 crore. Net proceeds from the fresh issue were proposed to be used for expanding the company's fleet of commercial vehicles and containers, and for general corporate purposes.