Glottis IPO is set to open for subscription on September 29, 2025, and close on October 1, 2025. Incorporated in 2022, Glottis Limited operates as a multimodal logistics provider, handling a diverse range of cargo movement across domestic and international markets.
Its services cover ocean freight forwarding, air freight imports and exports, road transportation, and essential allied functions such as warehousing, storage, and customs clearance. By building this integrated network, the company has strengthened its position in sectors like renewable energy, project cargo, and containerised freight.
So, let’s deep dive into the Glottis IPO details covering timelines, issue size, proceeds usage, financials, peer comparison, and risk factors.
Glottis IPO Date
Key dates for the Glottis IPO:
- Bidding Opening Date: September 29, 2025
- Bidding Closing Date: October 1, 2025
- Allotment Date: October 3, 2025
- Initiation of Refunds: October 6, 2025
- Shares Credited to Demat Account: October 6, 2025
- IPO Listing Date: October 7, 2025
- Listing on Exchange: BSE and NSE
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Glottis IPO Issue Size
Glottis IPO IPO valuation, as denoted by the market capitalisation, stood at ₹1,192 crores. Here are the essential details:
- Glottis IPO Price Band: ₹120 to ₹129 per share
- Lot Size: 114 Shares
- Total Issue Size and Amount: 2.37 crore shares (aggregating up to ₹307 crores)
- Fresh Issue and Amount: 1.24 crore shares (aggregating up to ₹160 crores)
- Offer for Sale and Amount: 1.13 crore shares of ₹2 (aggregating up to ₹147 crores)
Glottis IPO Proceeds Usage
Management has kept utilisation straightforward and linked to operations:
- Funding capital expenditure, mainly the purchase of commercial vehicles and containers, is estimated at ₹132.54 crores.
- General corporate purposes, to support expansion and everyday needs.
Glottis IPO Reservations
Glottis IPO reservations for different investor categories are:
- For Qualified Institutional Buyers (QIBs): Not more than 30% of the offer
- For Non-Institutional Investors (NIIs): Not less than 30% of the offer
- For Retail Investors: Not less than 40% of the offer
Glottis IPO Lot Size
The minimum market lot for the Glottis IPO is 114 shares, requiring an application amount of ₹14,706. Retail investors can apply for up to 13 lots, which equals 1,482 shares at a total value of ₹1,91,178. Here are the details of the minimum investment amount for different investors:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 114 | ₹14,706 |
| S-HNI (Min) | 14 | 1,596 | ₹2,05,884 |
| B-HNI (Min) | 68 | 7,752 | ₹10,00,008 |
Glottis IPO Details: Promoter Holding
Ramkumar Senthilvel and Kuttappan Manikandan are the promoters of Glottis Limited.
Glottis Limited: Company Overview
Established in 2004 by Ramkumar Senthilvel and Kuttappan Manikandan, Glottis Limited is a Chennai-based logistics company offering integrated multimodal freight forwarding solutions. The company primarily focuses on ocean freight but has expanded its services across air and road transport, along with warehousing, storage, customs clearance, and third-party logistics (3PL).
A key strength of Glottis lies in its specialised role in India’s renewable energy supply chain. As of March 2025, Glottis has played a key role in ocean freight, handling a cumulative 21.09 GW of solar capacity, which is 19.8% of the total installed capacity. In FY25 alone, it helped ship around 7.29 GW of solar panels, accounting for nearly 31% of the solar capacity installed in FY24.
Beyond renewable energy, Glottis serves industries such as engineering and consumer goods, offering tailored solutions that optimise cargo movement across domestic and international routes. In FY25, the company handled approximately 1,12,146 TEUs of ocean imports, highlighting its scale and operational capabilities.
With its integrated service model and sectoral expertise, Glottis Limited positions itself as a growing player in India’s logistics ecosystem, particularly in sectors aligned with the country’s long-term energy transition goals.
Glottis Limited: Financial Performance
Glottis Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Total Income | 942.55 | 499.39 | 89% |
| Profit After Tax | 56.14 | 30.96 | 81% |
| EBITDA | 78.45 | 40.36 | 94% |
| Net Worth | 98.53 | 42.35 | 133% |
| Assets | 156.10 | 81.72 | 91% |
| Total Borrowing | 22.14 | 8.08 | 174% |
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- Revenue Growth: Total income surged by 89%, rising from ₹499.39 crore in FY24 to ₹942.55 crore in FY25, reflecting rapid business expansion.
- Profitability: Profit after tax grew by 81%, from ₹30.96 crore in FY24 to ₹56.14 crore in FY25, showing stronger operational efficiency.
- EBITDA Performance: EBITDA nearly doubled, increasing by 94%, from ₹40.36 crore in FY24 to ₹78.45 crore in FY25, highlighting improved margins.
- Net Worth: Net worth rose sharply to ₹98.53 crore in FY25 compared to ₹42.35 crore in FY24, driven by retained earnings and growth in reserves.
- Asset Base: Total assets nearly doubled, reaching ₹156.10 crore in FY25 versus ₹81.72 crore in FY24, indicating expansion in capacity and infrastructure.
- Debt Position: Borrowings increased from ₹8.08 crore in FY24 to ₹22.14 crore in FY25, showing a higher reliance on external funding to support growth.
Glottis IPO: Peer Comparison
Here is the peer comparison table for Glottis Limited with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Glottis | 7.02 | 18.38 | 56.98 |
| Allcargo Logistics | 1.75 | 17.95 | 2.03 |
| Transport Corporation of India | 53.43 | 25.60 | 19.42 |
- EPS: Glottis earns ₹7.02 per share, much higher than Allcargo’s ₹1.75, though below TCI’s ₹53.43.
- P/E ratio: Glottis valuation is reasonable at 18.38, slightly above Allcargo but cheaper than TCI.
- Return on Net Worth: Glottis shines with 56.98%, far outperforming both Allcargo (2.03%) and TCI (19.42%).
Glottis IPO Risk Factors
Glottis IPO GMP is ₹15 as of September 26, 2025 (at 11:02). It is expected to list at a 11.63% gain at a price of ₹144. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Glottis IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Sector Dependence: A large portion of Glottis’ revenue is tied to the renewable energy sector. Any slowdown in solar or related industries could directly affect business volumes and earnings stability.
- Ocean Freight Concentration: The company’s heavy reliance on ocean freight operations exposes it to fluctuations in global shipping rates and freight demand. Prolonged volatility in the freight market could put pressure on margins.
- Third-Party Reliance: Glottis depends on intermediary networks for some of its logistics operations. Operational disruptions or inefficiencies among these partners could negatively impact service quality and customer satisfaction.
- Limited Warehousing Footprint: The company’s warehousing infrastructure is mainly concentrated in Tamil Nadu. This limited geographic spread may restrict its ability to efficiently cater to clients across other regions.
- Customer Concentration: A significant portion of revenue is derived from a few large, repeat customers. Losing such clients or facing reduced repeat orders could impact overall revenue and profitability.
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Frequently Asked Questions – FAQs
1. What is the Glottis IPO opening and closing date?
Glottis IPO will open for subscription on September 29, 2025, and close on October 1, 2025.
2. What is the total issue size of the Glottis IPO?
The IPO aims to raise ₹307 crores, which includes a fresh issue of ₹160 crores and an offer for sale of ₹147 crores.
3. What is the minimum investment required for retail investors in the Glottis IPO?
Retail investors must apply for at least 1 lot of 114 shares, amounting to ₹14,706 at the upper price band.
4. What are the major risk factors of investing in the Glottis IPO?
Key risks include heavy dependence on the renewable energy sector, reliance on ocean freight, limited warehousing footprint, and concentration of revenue from a few large customers.
References:
https://pantomath-web.s3.ap-south-1.amazonaws.com/1758629490248-GlottisLimited-RHP.pdf
https://www.investorgain.com/gmp/glottis-ipo-gmp/1475/
Author: All Content is verified by SMC Global Securities.
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