Glottis IPO: Price, Analysis, Allotment, And GMP

Glottis IPO - Company Analysis

Glottis IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 307 Cr by Glottis Ltd., which is a strong player in ocean haulage, air freight, and overland transport.

The company has been part of India’s renewable energy supply chain as well, with ~21.09 GW of cumulative solar haulage by FY25, which constitutes ~19.8% of India’s installed solar capacity.

The company’s diverse operational network includes full-truck load (FTL), less-than-truck load (LTL), and express parcel services.

• Ocean freight forwarding.

• Air freight forwarding.

• Road transportation.

• Warehousing, storage, cargo handling, third-party logistics (3PL), and customs clearance.
  
  

Glottis IPO Details

The Glottis Ltd IPO open date is from Sep 29 to Oct 01, with IPO allotment on Oct 03, refund initiation on Oct 06, 2025.

The Rs. 307 Cr mainline IPO comprises a combination of fresh issue of 1.24 crore shares (Rs. 160 Cr) and an offer for sale (OFS) of 1.14 crore shares (Rs. 147 Cr).

The Glottis IPO listing date might be on Tuesday, 07 October 2025, and it will be listed at the BSE and NSE. The Glottis IPO price band is Rs. 120 to Rs. 129 for each Share. 

Events	Date
IPO Opening Date	September 29, 2025
IPO Closing Date	October 01, 2025
IPO Allotment Date	October 03, 2025 (Tentative)
Refund Initiation	October 06, 2025 (Tentative)
Tentative IPO Listing Date	October 07 2025

 

Industry Outlook

The Indian logistics sector is projected to grow gradually at a CAGR of 9.6%.

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in lac)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	156.10	81.72	72.08
Total Income	942.55	499.39	478.77
Profit After Tax	56.14	30.96	22.44
EBITDA	78.45	40.36	33.47
Net Worth	98.53	42.35	11.52
Reserves & Surplus	82.53	41.35	10.52

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in lac)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	10.91	68.23	252.36
Net Cash Flow Investing Activities	(86.36)	87.75	(197.18)
Net Cash Flow Financing Activities	117.27	(227.44)	(225.40)

 

Revenue Bifurcation 

Industry-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Financing the company's capital expenditure needs for the acquisition of commercial vehicles and containers. ~ Rs. 132.54 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Glottis Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Allcargo Logistics Limited	2.00	1.75	17.95
Transport Corporation of India	2.00	53.43	25.60

 

Valuation

Metric	Value
ROE	56.98%
ROCE	72.58%
Debt/Equity	0.22
RoNW	56.98%
PAT Margin	5.97%
EBITDA	8.34%
PB Value	10.47

 

 

 

Evaluation of P/E Ratio

The company's IPO price of Rs. 129 corresponds to a P/E multiple of 18.37x based on FY25 EPS of Rs. 7.02.

Explore the BMW Ventures IPO.

IPO's Strengths

• Significant presence in renewable energy logistics (19.8% share in India’s solar capacity movement).

•  Diversified service model: ocean, air, and road freight.

•  Strong financial turnaround with PAT growth ~4x from FY23 to FY25.

•  Reduced leverage, showing balance sheet strengthening.

 

IPO Weaknesses

• The company is affected by global freight volatility (port congestion, tariffs, fuel prices).

• Dependence on renewable energy haulage and elastic government policies for solar and energy will remain a risk.

• EBITDA margins are lower than peers such as Allcargo Terminals (which is 16.95%).

• There are and will continue to be risks in executing plans to grow the express parcel and LTL segments.

 

Glottis IPO GMP 

Glottis IPO GMP today is Rs. 15 as of 26 Sep 2025, while writing this information. Hence, the Glottis IPO listing price (estimated) might be Rs. 144 (upper price + current GMP or grey market premium).

 

Glottis Limited IPO Summary

IPO Opening & Closing Date	Sep 29, 2025 to Oct 01, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 120 to Rs. 129
Lot Size	114 Shares
Issue Size	2,37,98,740 Shares (Rs. 307 Cr)
Offer for Sale	1,13,95,640 Shares (Rs. 147 Cr)
Fresh Issue	1,24,03,100 Shares (Rs. 160 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

 

 

Glottis IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (114 Shares) amounting to Rs. 14706 and 13 Lots (1482 Shares) amounting to Rs. 1,91,178, respectively, while for S-HNI investors, the minimum Lot is 14 (1596 Shares) amounting to Rs. 2,05,884.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

 

Glottis IPO Reservation

Institutional Share Portion	30%
Retail Investors' Share Portion	40%
Non-Institutional Shares Portion	30%

 

Glottis IPO Allotment Status

To check the Glottis IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Glottis Ltd.

• Ramkumar Senthilvel

• Kuttappan Manikandan.
  
  

Pre-Issue Promoter Shareholding	98.98%
Post-Issue Promoter Shareholding	-

 

Glottis IPO Lead Managers

• Pantomath Capital Advisors Pvt. Ltd.

 

Dividend Policy

The company has not paid a dividend in the past.

Conclusion

Glottis Limited IPO offers a chance to invest in a fast-moving logistics player involved in supply chains for renewable energy. The company has demonstrated strong financial growth, especially in FY25, and has improved and rationalised its financial position and achieved a great deal of deleveraging. Still, investors should consider volatility in freight rates and dependence on the sector as possible risks.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.