Glottis IPO - Company Analysis
The Glottis IPO is a mainboard book-built issue worth Rs. 307 crore by Glottis Ltd., a diversified logistics player engaged in ocean freight, air freight, road haulage, warehousing, and customs clearance. The company has been a key part of India’s renewable energy supply chain, with ~21.09 GW of cumulative solar haulage by FY25, representing ~19.8% of India’s installed solar capacity. Its service portfolio includes full-truck load (FTL), less-than-truck load (LTL), express parcel, and third-party logistics (3PL), positioning Glottis as a strong integrated logistics solutions provider.
Glottis IPO Details
Issue Dates and Size
The Glottis IPO will open on September 29, 2025, and close on October 1, 2025. The allotment is expected on October 3, with refunds processed by October 6. The IPO listing date is tentatively October 7, 2025, on both NSE and BSE.
Price Band and Lot Size
The issue size is Rs. 307 crore, consisting of:
- Fresh issue worth Rs. 160 crore (1.24 crore shares)
- Offer-for-sale (OFS) worth Rs. 147 crore (1.14 crore shares)
The price band is Rs. 120–129 per share, with a retail investor lot size of 114 shares.
Industry Outlook
The Indian logistics industry is projected to grow at a CAGR of 9.6%, driven by rising demand for integrated supply chain solutions, renewable energy logistics, and government initiatives like PM Gati Shakti. Growing e-commerce and renewable energy projects are expected to boost demand for companies like Glottis.
Company Financial Performance
Key Financials (FY23–FY25)
- Total Income: Rs. 478.77 crore (FY23) → Rs. 942.55 crore (FY25)
- Profit After Tax (PAT): Rs. 22.44 crore (FY23) → Rs. 56.14 crore (FY25)
- EBITDA: Rs. 33.47 crore (FY23) → Rs. 78.45 crore (FY25)
- Net Worth: Rs. 11.52 crore (FY23) → Rs. 98.53 crore (FY25)
These numbers indicate strong revenue growth, robust profitability, and a strengthened balance sheet.
Listed Peers of Glottis Ltd.
Glottis competes with companies like:
- Allcargo Logistics Ltd.
- Transport Corporation of India (TCI)
While Glottis has lower EBITDA margins (8.34%) compared to Allcargo (16.95%), it has demonstrated rapid PAT growth and maintains a low debt-to-equity ratio of 0.22.
Valuation & P/E Ratio
At the upper price band of Rs. 129, Glottis IPO is valued at a P/E multiple of 18.37x based on FY25 EPS of Rs. 7.02. Compared to peers with P/E multiples of 18x–26x, the valuation appears moderate. Strong RoE (56.98%) and RoCE (72.58%) further support the company’s growth potential.
Glottis IPO GMP
As of September 26, 2025, the Glottis IPO GMP stands at Rs. 15. Based on the upper band price of Rs. 129, the estimated listing price could be around Rs. 144, reflecting investor optimism in grey market trends.
Glottis IPO Allotment Status
Investors can check the Glottis IPO allotment status via the BSE IPO portal or Kfin Technologies’ official website on or after October 3, 2025.
Summary
The Glottis IPO provides exposure to India’s growing logistics and renewable energy supply chain sector. With strong revenue growth, improved profitability, and reduced leverage, the company appears well-positioned. However, investors should consider freight market volatility and execution risks. Based on the current GMP, moderate listing gains may be expected, but long-term success depends on scalability and margin improvement.
FAQs
When will the Glottis IPO be listed?
The IPO is expected to list on October 7, 2025.
How to get the Glottis IPO refund?
Refunds will be initiated on October 6, 2025, directly to investors’ bank accounts.
How to apply for the Glottis IPO?
Investors can apply through ASBA, UPI, or via their stockbroker’s IPO application platform.
What is the Glottis IPO price band?
The IPO price band is fixed at Rs. 120–129 per share.
What is the Glottis IPO GMP?
The Glottis IPO GMP today is Rs. 15, indicating a possible listing price of around Rs. 144.
Disclaimer: This article is for educational purposes only and not investment advice. Please consult your financial advisor before applying to any IPO.
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