Glottis gets RS 55 CR from anchor investors prior to IPO

Logistics service provider Glottis said on Friday that it has mobilized a little more than RS 55 Crore from Anker investors, days before the first opening of the stock sales for the public subscription.

LC Pharos Multi Strategy Fund VCC, Meru Investment Fund PCC-Cell 1, ABANS Finance, Sunrise Investment Opportunities Fund and VPK Global Ventures Fund belong to the anchor investors, according to a circular uploaded on the BSE website.

Glottis has assigned 42.84 Lakh shares shares to seven funds on RS 129 each. This costs the total transaction size up to RS 55.26 Crore, the circular added.

The problem of the RS 307-Crore will be opened on September 29 for subscription and ends on October 1. The price band is set at RS 120 to RS 129 per share for the upcoming IPO. At the top, the company near RS 1,200 Crore is appreciated.

The IPO of the company established in Chennai is a combination of a new issue of shares with a value of RS 160 Crore and an offer for sale (OFS) of a maximum of 1.14 crore shares with a value of RS 147 crore at the top, by promoters.

The proceeds from the new issue will be used for the purchase of commercial vehicles, debt payment and general business purposes. Glottis is a leading multimodal, integrated logistics service provider with a specialized focus on solutions for energy supply chain. It serves customers in several industries, including renewable energy, engineering products, granite and minerals, logistics, household appliances, wood, agro, sustainable consumers, automobile, chemicals, plywood, textile, construction, medical and FMCG. The company operates Pan-India via a network of eight branches in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru and Cochin.

Glottis will make his stock market debut on October 7.