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Dailymirror.news,27 September, 2024: Glottis Limited, a prominent energy supply chain logistics company, has submitted its Draft Red Herring Prospectus to the Securities and Exchange Board of India (SEBI). The prospectus outlines a fresh issue of up to ₹2,000 million (₹200 crore) alongside an offer for sale of up to 14,571,000 equity shares, each with a face value of ₹2, being jointly offered by promoters Ramkumar Senthilvel and Kuttappan Manikandan.
As a leading multi-modal integrated logistics service provider, Glottis specializes in energy supply chain solutions, delivering comprehensive logistics services with multimodal capabilities. The company optimizes the movement of goods across various geographies, offering ocean and air freight forwarding, road transportation, warehousing, storage, cargo handling, third-party logistics (3PL) services, and customs clearance. In the fiscal year 2024, Glottis handled an impressive 95,000 TEUs.
The net proceeds from the fresh issue will be allocated towards capital expenditures, including the purchase of commercial vehicles worth ₹530 million. Additionally, the company plans to use ₹380 million for the repayment or pre-payment of certain borrowings and to fund inorganic growth through potential acquisitions, along with general corporate purposes.
With a global presence and expertise in managing complex supply chains, Glottis serves a diverse range of industries, including renewable energy, engineering products, home appliances, building materials, agriculture, automotive, chemicals, textiles, and machinery, with a particular focus on energy infrastructure and renewable energy projects.
In fiscal year 2024, Glottis reported a revenue of ₹4,974.09 million (₹497.4 crore). Pantomath Capital Advisors Private Limited is acting as the sole book-running lead manager for the IPO, with the company’s equity shares set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
