Glottis Limited is set to launch an initial public offering to raise funds for recovering the expenses of investment and general corporate purposes. The IPO will consist of a fresh issue of 1.24 crore shares valued at Rs.160 crore, along with an offer for sale of 1.14 crore shares worth Rs.147 crore. In total, the issue size will amount to Rs.307 crores.
The IPO of Glottis Limited will open on 29th September 2025 and close on 1st October 2025. The company’s shares are likely to be listed on both NSE and BSE on 7th October 2025. Below is a complete overview of the IPO:
Glottis Limited IPO is priced between Rs.120 and Rs.129 per share with each lot size of 114 shares. For retail investors, the minimum investment is Rs.14,706 (at the upper price for one lot). For S-HNI investors, the minimum is 14 lots (1,596 shares), totaling Rs. 2,05,884, while B-HNI investors need to invest at least 68 lots (7,752 shares), amounting to Rs. 10,00,008.
GMP of Glottis Limited IPO
As of 29th September, 2025, Glottis Limited’s shares were trading in the grey market at a 9.30 percent premium. The grey market price is Rs.141 per share, which is Rs. 12 higher than the issue price of Rs.129.
Overview of Glottis Limited
Glottis Limited was founded in June 2004 and is a logistics company offering ocean, air, and road transportation along with warehousing, cargo handling, 3PL, and customs clearance services. It has eight branches and corporate offices in Chennai. It serves global markets across Europe, the Americas, Africa, the Middle East, and Asia.
By Fiscal Year 2024, the company handled around 95,000 TEUs of ocean imports and served over 1,600 customers in more than 100 countries. With a network of 171 overseas agents, 98 shipping lines, and 17 commercial vehicles, Glottis is well-positioned to manage growing demand and expand its operations efficiently.
Promoters of Glottis Limited
The promoters of Glottis Limited are Ramkumar Senthilvel and Kuttapan Manikadan.
Glottis Limited Selling Shareholders
The IPO of Glottis Limited comprises an offer for sale, where each of them is offloading 56,97,820 shares.
Lead Managers of Glottis Limited
Pantomath Capital Advisors Private Limited is handling the IPO as the book-running lead manager, while KFin Technologies Limited is acting as the registrar for the entire offer process.
Objectives of the IPO Offer
Glottis Limited plans to use the money from the initial public offering for two main purposes. First Rs. 132.54 crore will be spent on capital expenditures, mainly for buying new commercial vehicles and containers. The remaining amount will be used for general corporate purposes.
Financial analysis of Glottis Limited
Glottis Limited saw its revenue from operations rise to Rs.941 crores in FY25, compared to Rs.497 crores in FY24, which had grown from Rs.478 crores in FY23. The company’s net profit increased to Rs.56 crores in FY25 from Rs.31 crores in FY24, up from Rs.22 crores in FY23.
Earnings per share also improved to Rs.7.02 in FY25.Return on capital employed is a high 72.58 percent, and the Debt-to-Equity ratio is low at just 0.22x. Furthermore, a Return on Net Worth of 56.98 percent.
Glottis Limited vs Peers
Glottis Limited has an earnings per share of Rs.7.02, much higher than Rs.1.75 for Allcargo Logistics Limited, indicating that Glottis Limited earns more profit for each share. Its RoNW is very strong at 56.98 percent, meaning it is very efficient at generating profits from shareholders’ equity, while Allcargo Logistics Limited has a lower RoNW of 2.03 percent. However, Glottis’ net asset value per share is Rs.12.32, which is lower than Rs.24.65 of Allcargo Logistics Limited.
Strengths of Glottis Limited
- The company is a leader in freight forwarding for the renewable energy industry.
- It has a broad network of partners and makes effective use of its assets.
- The company has scaled up its logistics operations to handle different types of projects.
- The company has long-standing relationships with a wide range of customers across many industries.
- The business has a widespread international presence.
- The management team is skilled and experienced in the industry.
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Weakness of Glottis Limited
- The company is buying assets that may create operational inefficiency.
- The company’s revenue depends heavily on the ocean freight business.
- The company’s delayed payments risk harming its cash flow.
- The company is relying on partners, which can lead to operational disruption.
Conclusion
Glottis Limited is a well-established player in the renewable energy freight forwarding market, backed by an experienced management team, a diverse customer base, a strong partner network, and an international presence.
However, it faces risks due to its heavy reliance on ocean freight and the renewable energy sector, operational challenges while shifting from a rental to an owned asset model, dependence on third-party partners, and potential delays in customer payments.
Written by Jhanavi Sivakumar
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