Glottis launches ₹307 crore IPO amidst Dalal Street rush — Should investors bid?

Integrated logistics solutions provider Glottis Ltd.'s ₹307 crore IPO has opened for subscription today. The company has fixed the price band for the three-day issue between ₹120 - ₹129 per share.

The issue comprises of a fresh issue of shares worth ₹160 crore and an OFS component worth ₹147 crore. The company's shares carry a face value of ₹2 per share.

At the upper end of the price band, the implied market capitalisation of the issue is ₹3,073 crore.

Investors can bid for one lot of 114 shares, and in multiples of 114 thereafter. The minimum investment to buy one lot of shares is worth ₹14,706.

The three-day IPO will close for subscription on Wednesday, October 1.

About The Company

Glottis Ltd. is an integrated logistics solutions provider with capabilities ranging from ocean, air to road transport.

The company also offers warehousing, storage, customs clearance, cargo handling and third-party logistics services.

It operates on an asset-light model but is now shifting to a hybrid approach by purchasing vehicles and containers to increase and improve operational control.

Glottis has operations across 125 countries, with over 1,12,146 Twenty-Foot Equivalent (TEUs) imports via ocean freight in financial year 2025. It also catered to nearly 2,000 customers across various countries.

Financial Performance

In financial year 2025, Glottis reported revenue of ₹941 crore, which is higher than the ₹497 crore it had reported in financial year 2024.

The company's Earnings Before Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased to ₹78.5 crore from ₹40.4 crore in financial year 2024.

EBITDA margin saw an expansion to 8.3% from 8.1% in financial year 2024.

At the upper end of the price band, the IPO values the company at 18 times price-to-earnings, while peers like Allcargo Logistics and Transport Corporation of India are valued between 19 times to 22 times.

Key Risks

The company's trade receivables increased from 27 days in financial year 2023 to 41 days in financial year 2025.

It also has high dependency on third parties, relies on external agents, shipping lines, transporters etc. for its execution. As of August 2025, it owned only 17 commercial vehicles.

Glottis has increased exposure to the renewable energy industry with 47.5% of the company's topline in financial year 2025 from that sector, compared to 42% in financial year 2024 and 13% in financial year 2023. Any downturn in the sector could impact the company materially.

Should You Subscribe?

SBI Securities recommends investors to subscribe to this issue for a long-term standpoint as it believes the company is well placed to gain from industry tailwinds in the global renewable energy industry.

BP Equities also has a "subscribe" rating to the IPO as it believes that a strong business model, deep market understanding and customer retention capabilities, and favourable industry tailwinds position the company well for long-term, sustainable growth.

SMIFS has a "subscribe" recommendation to the issue as well as it believes that the company is well positioned to capitalise on the accelerating growth of India's renewable energy sector. It cited Glottis' sectoral specialisation, scalable operations, asset ownership expansion, end-to-end logistical capabilities, and favourable government reforms as the key reasons behind the recommendation.