Glottis Sets Share Price for Rs 307-Crore IPO

Chennai-based logistics firm Glottis has announced a price band of Rs 120 to Rs 129 per share for its forthcoming Rs 307-crore initial public offering (IPO). At the upper valuation, the company is estimated to be worth nearly Rs 1,200 crore.

The IPO will be available for subscription from September 29 to October 1, with anchor investors allowed to bid on September 26. The offering consists of a Rs 160 crore fresh issue of equity shares combined with an offer for sale (OFS) of up to 1.14 crore equity shares, valued at Rs 147 crore at the top end, by promoters.

Funds raised will facilitate the purchase of commercial vehicles, debt repayment, and other corporate expenses. Glottis, known for its multi-modal, integrated logistics services, emphasizes energy supply chain solutions and operates across India. The company's stock is set to debut on the market on October 7.

(With inputs from agencies.)