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₹129 - 129
Glottis Ltd
LogisticsIPO
₹129 - 129
Our Company delivers end-to-end logistics solutions with multimodal capabilities across verticals to optimize the movement of goods across geographies including (i) ocean freight forwarding; (ii) air freight forwarding; (iii) road transportation; along with other ancillary services, including warehousing, storage, cargo handling, thirdparty logistics ("3PL") services and custom clearance, among others. We have handled ~112,146 TEUs of imports through ocean during the Fiscal 2025. For further details, and break up of our segment wise Revenue from Operations during Fiscal 2025, 2024 and 2023 along with a percentage of Revenue from Operations.
Lot114Min Invest₹14,706Face Value₹2Issue Size₹307 CrFresh Issue₹160 CrOffer for Sale₹147 CrListing Price₹88CMP₹53
Timeline
29 Sept
Bidding opens
1 Oct
Bidding closes
3 Oct
Allotment
6 Oct
Refund & demat credit
7 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹307 Cr2.38 Cr shares
Fresh Issue₹160 Cr
Offer for Sale₹147 Cr
Face Value₹2
Lot Size114 shares
ReservationQIB 30% · NII 30% · RETAIL 40%
Application Sizes
Retail₹14,7061-13 lots
sNII₹2,05,884from 14 lots
bNII₹10,00,008from 68 lots
Managers & Registrar
Lead ManagerPantomath Capital Advisors Pvt Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrRamkumar SenthilvelPRMTR56,97,82073.50Kuttappan ManikandanPRMTR56,97,82073.50Total1,13,95,640147.00
Shareholding
CategoryPre IPOPost IPOPromoter Group98.98%73.36%Public1.02%26.64%
Objects of the Issue
- Funding capital expenditure requirements of the company towards purchase of commercial vehicles and containers
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 479 | 497 | 941 | 723 | 789 |
| Operating ProfitCr | 33 | 40 | 78 | 50 | 49 |
| OPM% | 7.0 | 8.1 | 8.3 | 6.9 | 6.2 |
| PBTCr | 33 | 42 | 76 | 51 | 49 |
| PATCr | 23 | 31 | 56 | 38 | 36 |
| EPS | 66 | 4 | 7 | 4 | 4 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 1 | 1 | 16 | 18 | - |
| ReservesCr | 9 | 41 | 82 | 263 | - |
| BorrowingsCr | 32 | 8 | 26 | 53 | - |
| Fixed AssetsCr | - | - | 16 | 24 | - |
| Total AssetsCr | 72 | 82 | 155 | 367 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 25 | 7 | 5 | -69 | - |
| Investing Cash FlowCr | 0 | 9 | -9 | -99 | - |
| Financing Cash FlowCr | -22 | -23 | 8 | 173 | - |
| Net Cash FlowCr | 3 | -7 | 4 | 5 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Glottis delivers end-to-end logistics solutions with multimodal capabilities across verticals to optimize the movement of goods across geographies.
- One of the leading freight forwarding player operating in the Renewable Energy Industry.
- Wide network of Intermediaries coupled with optimum utilisation of our asset portfolio.
- Scaled multimodal logistics operations with capabilities of handling diverse projects.
- Longstanding relationship with diverse set of customers across industries.
- Widespread international presence.
Strategies · as stated in the DRHP
- Increase our market and revenue share by foraying into new revenue streams and expanding our asset portfolio.
- Selectively expand to provide end-to-end solutions to customers by becoming a "total logistics provider"
- Increase our global footprint and augments growth in current geographies.
- Capitalise on governmental reforms in the renewable energy industry and the other industries in which we operate to expand and increase our business operations.
Risks · as stated in the DRHP
- While we have adopted a business model wherein majority of assets necessary for offering our services to our customers are provided on rent by a wide network of our business partners, we intend to reduce our dependence on hired assets by acquiring and owning more of such assets. We plan to utilise the entire Net Proceeds towards purchase of commercial vehicles and containers, we may not be able to maintain and operate such owned assets efficiently in our business.
- We derive majority of our revenue from ocean freight (import and export) segment, constituting 94.70%, 95.32% and 97.24% of our revenue from operations during the Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Our financial condition would be materially and adversely affected if we fail to obtain new contracts, renew our contracts with existing customers or if our current contracts are terminated, in the said segment.
- We extend credit to our customers, with post-billing credit terms, and we may experience delays in payments by our customers even beyond the credit period afforded to them. The holding level of our trade receivables increased from 27 days as of March 31, 2023 to 41 days as of March 31, 2025 primarily due to increase in credit period advanced to customers. Further, bad debts of our Company pursuant to default in payment by our customers were Rs. 0.04 million, Rs. 1.90 million and Rs. 2.50 million for Fiscals 2025, 2024 and 2023 respectively. We may not be able to collect receivables due from our customers, in a timely manner, or at all, which may adversely affect our business, financial condition, results of operations and cash flows.
- We require third parties to execute a portion of our orders, which presents numerous risks. We depend on our network partners, intermediaries and vendors/suppliers in certain aspects of our operations. Occurrence of instances of unsatisfactory services provided by them or failure to maintain relationships with them could disrupt our operations.
- During the Fiscal 2025, Fiscal 2024 and Fiscal 2023, 47.54%, 42.42% and 13.01% of our revenue from operations, respectively, was attributed to the renewable energy industry, and therefore our business operations are dependent upon the said industry. Any downturn in the renewable energy industry and the other industries in which our customers operate, would create an adverse impact on our revenue from operations, cash flows and financial conditions.
- Our customers or customer groups do not commit to long-term contracts and may cancel or modify their orders or postpone or default in their payments. Any cancellation, modification, postponement of our orders could materially harm our cash flow position, revenues and earnings.