Glottis IPO to open on Sep 29; set price band at Rs 120-129/share

New Delhi, Sep 24 (PTI) Logistics service provider Glottis on Wednesday fixed a price band of Rs 120 to Rs 129 per share for its upcoming Rs 307-crore initial public offering (IPO).

At the upper end, the company is valued close to Rs 1,200 crore.

In its statement, the company said its maiden public offering will open for subscription on September 29 and conclude on October 1. The bidding for anchor investors will open for a day on September 26.

The Chennai-based company's IPO is a combination of a fresh issue of equity shares worth Rs 160 crore and an offer for sale (OFS) of up to 1.14 crore equity shares valued at Rs 147 crore at the upper end, by promoters.

Proceeds from the fresh issue will be used for the purchase of commercial vehicles, debt payment and general corporate purposes.

Glottis is a leading multi-modal, integrated logistics service provider with a specialised focus on energy supply chain solutions. It serves customers across multiple industries, including renewable energy, engineering products, granite & minerals, logistics, home appliances, timber, agro, consumer durables, automobile, chemicals, plywood, textiles, construction, medical and FMCG.

The company operates pan-India through a network of eight branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin, Coimbatore, Bengaluru and Cochin.

Pantomath Capital Advisors is the sole book-running lead manager to the issue. Glottis will make its stock market debut on October 7. PTI SP SP SHW