Glottis IPO Update: SEBI Filing and Key Financial Details
Glottis IPO Overview
Logistics service provider Glottis, known for energy supply chain solutions, is moving forward with its IPO plans by filing draft papers with SEBI. The offering aims to raise Rs 200 crore through a fresh issue of equity and an offer-for-sale of shares by promoters.
Details of the Glottis IPO
The IPO structure includes a fresh issuance of shares worth Rs 200 crore, alongside an offer-for-sale of 1.45 crore equity shares from promoters Ramkumar Senthilvel and Kuttappan Manikandan. Each holds a significant 49.49% stake in the company, planning to sell 72.85 lakh shares each.
- Funds Usage:
- Rs 53 crore for purchasing goods transportation vehicles.
- Rs 38 crore for repaying existing debt.
- Remaining funds for acquisitions and general corporate purposes.
Financial Performance
In the fiscal year 2024, Glottis reported a net profit of Rs 31.5 crore, up from Rs 22.57 crore in 2023. The revenue from operations reached Rs 497.4 crore, slightly increasing from Rs 478.5 crore.
Market Position
Glottis competes with established players such as Allcargo Logistics and Transport Corporation of India, positioning itself strongly in the energy logistics sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.