Glottis raises Rs 55 cr from anchor investors

New Delhi, Sep 26 (PTI) Logistics service provider Glottis on Friday said it has mobilised a little over Rs 55 crore from anchor investors, days before its initial share-sale opening for 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 are among the anchor investors, according to a circular uploaded on the BSE website.

Glottis has allotted 42.84 lakh equity shares to seven funds at Rs 129 apiece. This takes the total transaction size to Rs 55.26 crore, the circular added.

The Rs 307-crore issue will open for subscription on September 29 and conclude on October 1. The price band has been set at Rs 120 to Rs 129 per share for its upcoming IPO. At the upper end, the company is valued close to Rs 1,200 crore.

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.

Glottis will make its stock market debut on October 7. PTI SP MR MR