Glottis
Book Building issueMainboardNSE₹307 Cr issue
-31.78%
Listing gain over issue price
Issue size
₹307 Cr
1 lot at cut-off
₹14,706
Lot size
114shares
Open
29 Sep 2025
Close
01 Oct 2025
Allotment
03 Oct 2025
Listing
07 Oct 2025
Listing performance
Issue price
₹129
Listed at
₹88
Listing-day close
₹83.85
Latest price
₹52.81
Close on 23 Oct 2026
Listing gain
-31.78%
Return since issue
-59.06%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Sep 2025 – 01 Oct 2025
- Listing date
- 07 Oct 2025
- Face value
- ₹2 per share
- Issue price
- ₹129 per share
- Lot size
- 114 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹307 Cr
- Market cap at offer price
- ₹1,192 Cr
- Promoter holding
- 98.98% → 74.23% pre-issue → post-issue
- ISIN
- INE0TQE01026
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- New No.46, Old No.311, 1st Floor, Thambu Chetty Street, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 42,83,755 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 114 shares per lot, in multiples, at ₹129
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 114 | ₹14,706 |
| Retail (max) | 13 | 1,482 | ₹1,91,178 |
| S-HNI (min) | 14 | 1,596 | ₹2,05,884 |
| S-HNI (max) | 67 | 7,638 | ₹9,85,302 |
| B-HNI (min) | 68 | 7,752 | ₹10,00,008 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
42,83,755
Anchor portion
₹55.26 Cr
at ₹129 per share
Valuation and performance
Valuation at offer price
₹129 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.02 | 6.08 |
| P/E (×) | 18.38 | 21.22 |
| Price to book (×) | 10.47 | — |
| Market cap | — | ₹1,192 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 56.98%
- ROCE
- 72.58%
- Debt / equity
- 0.22
- PAT margin
- 5.97%
- EBITDA margin
- 8.34%
- NAV per share
- ₹12.32
- Price to book
- 10.47
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Glottis
Glottis Limited was originally formed as a partnership firm M/s Glottis on June 24, 2004, by Promoters Ramkumar Senthilvel and Kuttappan Manikandan. It was converted into a private limited company on April 18, 2022, and subsequently to a public limited company in May 2024. The company delivers end-to-end logistics solutions with multimodal capabilities across verticals, including ocean freight forwarding (import and export), air freight forwarding (import and export), road transportation, warehousing, storage, cargo handling, third-party logistics (3PL) services, and custom clearance. During Fiscal 2025, the company handled approximately 112,146 TEUs of imports through ocean freight, with ocean freight representing 94.70% of revenue from operations.
Company Analysis
from RHPGlottis Limited is a freight forwarding and logistics company providing end-to-end multimodal logistics solutions across ocean freight, air freight, road transportation, and ancillary services.
Glottis Limited was originally formed as a partnership firm M/s Glottis on June 24, 2004, by Promoters Ramkumar Senthilvel and Kuttappan Manikandan. It was converted into a private limited company on April 18, 2022, and subsequently to a public limited company in May 2024. The company delivers end-to-end logistics solutions with multimodal capabilities across verticals, including ocean freight forwarding (import and export), air freight forwarding (import and export), road transportation, warehousing, storage, cargo handling, third-party logistics (3PL) services, and custom clearance. During Fiscal 2025, the company handled approximately 112,146 TEUs of imports through ocean freight, with ocean freight representing 94.70% of revenue from operations.
freight forwardingthird-party logistics (3PL)ocean freightair freightroad transportationwarehousing and storagecargo handlingcustom clearance
Objects of the Issue
- Funding capital expenditure requirements of our Company, towards purchase of commercial vehicles and containers ₹1,325.42 million p.29
- General corporate purposes p.29
- Funding capital expenditure requirements of the Company towards purchase of commercial vehicles and containers ₹1,325.42 million p.71
- General corporate purposes ₹274.58 million p.60
- Funding of capital expenditure requirements towards purchase of commercial vehicles and containers ₹1,325.42 million p.120
- General Corporate Purposes p.125
- Funding capital expenditure for purchase of commercial vehicles and containers to supplement freight forwarding services, enhance inland transportation capabilities, reduce dependency on third-party providers, and increase revenue share and margins. ₹1,325.42 million p.181
- Not specified in this section
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹2/- each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2/- each aggregating up to ₹ 1,600 million
- Offer for Sale
- Up to 11,395,640 Equity Shares of face value of ₹2/- each aggregating up to ₹ [●] million
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹2/- per Equity Share
Business Model
Glottis operates as a freight forwarding and logistics service provider, leveraging a business model where the majority of assets (containers, commercial vehicles, cargo ships) are provided on a lease or spot contract basis through a network of 256 overseas agents, 124 shipping lines and agencies, 77 transporters, 59 custom house agents, 16 airlines, and 32 consol agents, among others. The company earns revenue by providing integrated logistics services including ocean freight, air freight, road transportation, and ancillary services. It has adopted a limited owned asset model (17 commercial vehicles as of August 31, 2025) while maintaining extensive partnerships.
Business Segments
Import of goods via ocean freight
Export of goods via ocean freight
Import of goods via air freight
Export of goods via air freight
Road-based transportation of cargo
Ocean and air freight forwarding services including cargo space procurement and arrangement
Customs clearance and documentation services for import and export of goods
Land transportation and trucking services for cargo movement
Warehouse storage and handling services for renewable energy commodities and other goods
International ocean freight forwarding and shipping services
International air freight forwarding services
Customs house agent services, clearing and forwarding services
Commercial vehicle transportation and logistics services
Specialized logistics for renewable energy industry including solar panels, cells, glass panels, and manufacturing equipment
Full container load (FCL) and less than container load (LCL) ocean freight imports from international suppliers to India, including project cargo transportation of specialized equipment, utilizing shipping lines and international freight forwarding agents for end-to-end coordination including customs clearance, cargo handling, and inland delivery.
Full container load and project cargo exports from India to international destinations, involving cargo pickup, cargo space booking and management, documentation preparation, and destination customs clearance through international freight forwarding network.
Air cargo import services handling air freight from international sources to India, including cargo space booking with airlines, customs documentation preparation, and delivery services.
Air cargo export services for goods transported from India to international destinations via air, with cargo space booking and international delivery coordination.
Inland surface transportation services including standard road transport, specialized transport for heavy/fragile cargo, last-mile delivery, urban delivery with smaller vehicles, and rural/remote delivery using various vehicle types, supplementing ocean and air freight with door-to-door delivery.
Warehousing and distribution management services commenced in 2018, comprising general storage, cross-docking, 3PL warehouse management services, multi-user small parts storage, intra-city last-mile delivery, and bulk material handling. Currently operating one leased warehouse with ~80,000 sq ft capacity serving renewable energy and consumer durables industries.
Expert customs brokerage services including documentation preparation (import/export declarations, invoices, certificates of origin), duty and tax calculation, and regulatory compliance for international shipments. Company received customs broker license under Regulation 7 of Customs Brokers Licensing Regulations, 2018.
Supply chain consulting services including supply chain design for tailoring logistics networks to specific business needs (location analysis, transportation optimization, inventory strategies), process improvement, and technology integration for enhancing supply chain visibility and decision-making.
Provision of freight forwarding services for containerized and non-containerized cargo across air, sea and surface verticals
Provision of service, consultants, advisors, trainers, and facilitators in field of transport & logistics by all means & methods, warehousing, storage, consignment, supply chain management, distribution services, international freight forwarding, customs clearing.
Ocean and air freight forwarding services for export operations
Ocean, air and road freight forwarding services for domestic operations
Customs clearance and forwarding services
Ocean and air freight forwarding services
Road transportation and related services
Income from export freight forwarding services
Income from domestic freight forwarding services
Revenue from freight services
Revenue from clearing and forwarding services
Revenue from transport services
SWOT Analysis
Strengths
- • End-to-end multimodal logistics capabilities across multiple freight types(p.28)
- • Significant ocean freight handling volume and market position(p.28)
- • Strong financial growth with revenue more than doubling(p.43)
- • Extensive intermediary network enabling asset-light model(p.44)
- • Diversified customer base across industries(p.45)
- • High repeat customer base indicating strong relationships(p.48)
- • Established multi-modal logistics network with extensive international presence(p.64)
- • Strong revenue growth trajectory demonstrating market traction(p.69)
- • Significant volume growth in core ocean freight business(p.69)
- • Integrated multimodal logistics with widespread intermediary network(p.129)
- • Specialized expertise in renewable energy sector logistics(p.129)
- • Extensive network of business partners and agents(p.129)
- • Two decades of operational experience with strong repeat customer base(p.129)
- • Global presence across six continents(p.129)
- • High profitability and return metrics(p.133)
- • Leading player in renewable energy sector logistics with 2+ decades experience(p.180)
- • Handled 19.77% of India's total installed solar capacity (21.09 GW)(p.171)
- • Extensive network of 638+ intermediaries and strategic partnerships(p.180)
- • Strong financial performance with revenue growth of 89.2% in FY25(p.179)
- • Rapid ocean freight volume growth of 88.74% from FY23 to FY25(p.181)
- • Multi-modal logistics capabilities across ocean, air, and road(p.181)
- • Asset-light model reducing capex and operational risks(p.170)
- • Industry recognition with 'Freight Forwarder of the Year' award for 4 consecutive years(p.170)
- • Established logistics business with 18+ years industry experience(p.229)
- • Track record of handling large containerized cargo volumes and specialized shipments(p.223)
- • Recognized industry awards for freight forwarding excellence(p.224)
- • Geographic diversification across multiple trade lanes and regions(p.229)
- • Diversified service portfolio across multiple industries(p.223)
- • Principal as freight forwarder with control over service delivery(p.273)
- • Discretion in pricing and inventory risk management(p.274)
- • Two decades of operational experience(p.310)
- • Extensive network of intermediaries and shipping partners(p.310)
- • Top supporter status with major shipping lines(p.310)
- • Principal business model as freight forwarding operator(p.322)
- • Revenue recognition as principal with full risk assumption(p.322)
- • Strong historical revenue growth trajectory(p.338)
- • Significant volume growth in FY2025(p.335)
- • Demonstrated cost efficiency gains from scale(p.341)
Weaknesses
- • Concentration of revenue among top customers creates dependency risk(p.47)
- • Heavy dependence on single largest customer and intermediary(p.48)
- • Significant concentration on ocean freight segment(p.26)
- • High trade receivables and increasing working capital needs(p.26)
- • Significant GST litigation exposure despite partial resolution(p.51)
- • Dependence on third-party intermediaries with limited contractual protection(p.44)
- • Heavy dependence on leased premises with related-party lease agreements(p.56)
- • Geographic concentration of operations in Chennai increases vulnerability to local disruptions(p.57)
- • Poor credit rating history due to lack of cooperation with rating agencies(p.57)
- • Limited operating history in warehousing segment with concentration in single state(p.62)
- • Significant delays in statutory payments indicate compliance weaknesses(p.73)
- • Limited owned assets creating vulnerability in liquidation scenarios(p.65)
- • High dependence on intermediaries with no formal long-term agreements(p.73)
- • Unable to verify historical capital contributions from partnership era(p.111)
- • Delayed regulatory filings with RoC(p.111)
- • Limited owned fleet asset base relative to intermediary dependence(p.122)
- • High working capital requirements(p.133)
- • High customer concentration with top 20 customers representing 61.53% of revenue(p.177)
- • Extreme dependence on renewable energy sector (47.54% of FY25 revenue)(p.176)
- • Low PAT margin of 5.97% in FY25, declining from 6.23% in FY24(p.179)
- • Limited owned fleet of only 17 commercial vehicles as of August 2025(p.178)
- • Heavy reliance on third-party intermediaries for core operations(p.180)
- • Small warehousing presence with only 1 warehouse of 80,000 sq ft capacity(p.196)
- • High dependence on few major customers for revenue generation
- • Promoters have not given any guarantees on offered shares, indicating limited personal commitment(p.225)
- • Increasing financial leverage and borrowing requirements(p.265)
- • Significant growth in trade receivables outpacing cash generation(p.265)
- • Limited operational diversification beyond freight forwarding services(p.270)
- • Significant dependence on renewable energy industry(p.312)
- • Heavy concentration in two largest customers(p.311)
- • Significant exposure to ocean freight rate volatility(p.313)
- • Limited owned fleet and reliance on outsourced assets(p.310)
- • Pending income tax dispute and GST litigation(p.293)
- • High dependence on few suppliers (intermediaries)(p.346)
- • Significant customer concentration risk(p.347)
- • Reliance on single major supplier—Zhejiang Allspace(p.347)
- • Significant increase in finance costs(p.336)
- • Pending GST litigation with material contingent liability exposure(p.343)
Opportunities
- • Rapid growth in Indian freight forwarding market with strong CAGR(p.28)
- • Strong growth in renewable energy sector driving demand(p.46)
- • Plan to increase owned asset base and reduce reliance on leased assets(p.26)
- • Strategy to expand into complementary logistics services(p.42)
- • Expanding container procurement as new revenue stream(p.82)
- • Strategic fleet expansion through IPO proceeds(p.82)
- • Growth potential from India's logistics cost reduction initiatives(p.72)
- • Significant market potential from shift to organized logistics(p.72)
- • Expansion into new geographies and customer segments(p.80)
- • Cross-selling opportunities for value-added logistics services(p.67)
- • India's logistics industry projected to reach INR 37T by FY30 at 9.6% CAGR(p.149)
- • Indian freight forwarding market to grow to US$ 17.0B by FY29 at 10.9% CAGR(p.155)
- • Merchandise exports projected to grow at 13.4% CAGR, imports at 12.8% CAGR during FY25-30(p.148)
- • Strategy to expand asset portfolio and increase owned fleet(p.122)
- • Container throughput growth opportunity - India outpacing global growth(p.154)
- • Government initiatives supporting logistics sector expansion(p.149)
- • India's solar sector growing at 23.8% CAGR (FY25-30) with target of 280 GW by 2030(p.171)
- • Indian ocean freight market projected to reach US$13.9B by FY29 (11.9% CAGR)(p.177)
- • Value-added services market in logistics growing at 15% CAGR to INR 2,228B by FY30(p.169)
- • LTL segment projected to grow at 12.1% CAGR (FY25-30), faster than FTL at 8.3%(p.163)
- • Government initiatives supporting infrastructure including PM Gati Shakti and Sagarmala(p.189)
- • E-commerce market growing at 19.6% CAGR to reach US$234.4B by FY30(p.163)
- • Diversification into warehousing and 3PL services with growing demand(p.187)
- • Timber sector projected to grow at 7.7% CAGR (FY25-29)(p.171)
- • Growth in renewable energy and sustainable industries requiring specialized logistics(p.223)
- • Expansion of inland waterways transportation services(p.223)
- • Capability to handle specialized and fragile products at scale(p.223)
- • International expansion through existing group company network(p.258)
- • Growing demand for integrated logistics solutions across India(p.222)
- • Rapid growth in Indian ocean freight market(p.311)
- • Strong growth in installed solar capacity(p.313)
- • Expansion into new geographic markets(p.310)
- • Scaling operations through established agent network(p.310)
- • Expansion of freight and transport services revenue(p.335)
- • Growing export services market(p.335)
- • Domestic service market expansion(p.335)
- • Recovery from COVID-disrupted freight rates normalization(p.339)
Threats
- • Cyclicality and downturn risk in renewable energy industry(p.26)
- • Risk of customer contract termination without long-term commitments(p.46)
- • Exposure to freight rate and input cost volatility(p.47)
- • Risk of regulatory and policy changes in renewable energy sector(p.46)
- • Competition and pricing pressures from competitors(p.42)
- • General economic and global factors affecting logistics demand(p.26)
- • Significant volatility in ocean freight rates impacting profitability(p.52)
- • Infrastructure deficiencies in Indian logistics sector(p.52)
- • Inability to pass cost increases to customers in competitive market(p.53)
- • Geopolitical risks impacting shipping routes and freight rates(p.53)
- • Disruption risks from Red Sea shipping attacks affecting rates(p.70)
- • Global trade volume fluctuations affecting business(p.70)
- • Highly fragmented and competitive logistics industry(p.62)
- • Customer concentration risk in renewable energy sector(p.80)
- • Vulnerability to fuel price volatility(p.70)
- • Regulatory and compliance risks from evolving labor laws(p.88)
- • Highly fragmented freight forwarding market with intense competition(p.158)
- • No assurance that capital expenditure objects will be achieved within anticipated timeline or deliver expected returns(p.125)
- • Capex deployment flexibility may lead to deviation from stated objects(p.125)
- • Lack of independent appraisal for capital expenditure projects(p.121)
- • Unfavorable global or domestic economic conditions could impact utilization of proceeds(p.121)
- • Global supply chain disruptions from geopolitical events and natural disasters(p.174)
- • Port congestion causing significant delays and financial losses(p.174)
- • High freight rate volatility dependent on fuel prices and geopolitical issues(p.174)
- • Import/export fluctuations creating direct impact on shipping volumes and pricing(p.174)
- • Highly competitive and fragmented logistics industry with low entry barriers(p.171)
- • Environmental and regulatory compliance costs increasing(p.174)
- • Rapid technological change requiring costly upgrades and cyber security risks(p.174)
- • Competition from established freight forwarding and logistics companies(p.252)
- • Regulatory changes affecting freight forwarding and customs clearance operations(p.219)
- • Foreign exchange fluctuation risk from international operations(p.267)
- • Dependence on shipping lines and international freight forwarding agencies(p.224)
- • Cyclicality and volatility in logistics and shipping industry
- • Government policy changes affecting renewable energy sector(p.313)
- • Global supply chain disruptions and geopolitical instability(p.316)
- • Port congestion and operational delays(p.316)
- • Foreign exchange rate fluctuations(p.315)
- • Volatility in ocean freight rates(p.314)
- • Inability to pass through cost increases to customers(p.314)
- • Significant freight rate volatility and cyclicality(p.344)
- • Foreign exchange rate fluctuation exposure(p.344)
- • Risk from customer payment defaults and credit risk(p.344)
- • International operations and geopolitical risks(p.344)
- • Regulatory and compliance risks affecting licenses and approvals(p.361)
- • Debt covenant restrictions limiting flexibility(p.354)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramkumar Senthilvel | Promoter/Promoter Selling Shareholder | 49.49% | — |
| Kuttappan Manikandan | Promoter/Promoter Selling Shareholder | 49.49% | — |
| Ramkumar Senthilvel | Promoter | — | — |
| Kuttappan Manikandan | Promoter | — | — |
| Ramkumar Senthilvel | Promoter/Promoter Group | 49.49% | — |
| Kuttappan Manikandan | Promoter/Promoter Group | 49.49% | — |
| M Anupama | Promoter Group | 0.50% | — |
| Parkavi Sekar | Promoter Group | 0.50% | — |
| Ramkumar Senthilvel | Promoter and Managing Director | — | — |
| Kuttappan Manikandan | Promoter and Managing Director | — | — |
| Ramkumar Senthilvel | Promoter | 49.49% | — |
| Kuttappan Manikandan | Promoter | 49.49% | — |
| Ramkumar Senthilvel | Promoter & Director | 49.49% | — |
| Kuttappan Manikandan | Promoter & Director | 49.49% | — |
| Ramkumar Senthilvel | Promoter | — | — |
| Kuttappan Manikandan | Promoter | — | — |
| Ramkumar Senthilvel | Promoter Selling Shareholder | — | — |
| Kuttappan Manikandan | Promoter Selling Shareholder | — | — |
Leadership
Ramkumar Senthilvel · Managing Director
Kuttappan Manikandan · Managing Director
Nibedita Panda · Company Secretary and Compliance Officer
Rajasree · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Glottis IPO FAQs
What is the lot size of Glottis IPO?
The minimum lot size of Glottis IPO is 114 shares. One lot costs ₹14,706 at the cut-off price.
When does Glottis IPO open and close?
Glottis IPO opened for subscription on 29 Sep 2025 and closed on 01 Oct 2025.
What is the listing date of Glottis IPO?
Glottis IPO listed on 07 Oct 2025.