Glottis has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company’s IPO is a combination of a fresh issue of equity shares worth Rs 200 crore and an offer for sale (OFS) of up to 1.45 crore equity shares by promoters.
Proceeds from the fresh issue to the tune of Rs 53 crore will be used for purchase of commercial vehicles, Rs 38 crore for debt payment and the remaining funds for general corporate purposes. Pantomath Capital Advisors is the sole book-running lead manager to the issue.
Glottis is a leading multi-modal, integrated logistics service provider with a specialised focus on energy supply chain solutions.
