Glottis IPO: GMP, Strengths, Risks, Industry Outlook & All You Need to Know

Glottis Limited, a fast-growing logistics service provider with a focus on freight forwarding, has opened its IPO today (September 29) and will close on October 1, 2025, with a total issue size of ₹307 crore. The price band ranges from ₹120 to ₹129 per share, and the lot size is 114 shares. As of Day 1, the GMP is at ₹20, implying an estimated gain of about 15.5% over the issue price. Total subscription stands at just 0.42 times, with Qualified Institutional Buyers (QIBs) leading at 1.79 times, but lackluster interest from Non-Institutional Buyers (0.16x) and Retail Investors (0.23x). This subscription pattern signals that most investors are still in wait-and-watch mode.

Through this analysis, the blog breaks down Glottis’s business model, IPO objectives, competitive strengths and concerns, valuation details, sector trends, leadership, and strategies of selling shareholders. The goal is to make your decision-making super straightforward by presenting all facts and figures that matter, without jargon or hype.

IPO Overview

• IPO Date: September 29 to October 1, 2025
• Total Issue Size: ₹307 crore
• Price Band: ₹120 to ₹129 per share
• Lot Size: 114 Shares
• Tentative Allotment Date: October 3, 2025
• Listing Date: October 7, 2025 (Tentative)
• Subscription Status: 0.42x as of day 1
• GMP: The GMP for Glottis IPO is ₹20, reflecting a 15.5% gain over the issue price, according to Chittorgarh.com (as of September 30).
  Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

Highlight of Day 1 of the IPO

On Day 1, the Glottis IPO saw overall subscription at 0.42 times, led by QIBs with 1.79 times their quota, while Non-Institutional Buyers and Retail Investors lagged at just 0.16x and 0.23x respectively. The GMP rose to ₹20, suggesting market sentiment and a likely moderate listing gain of around 15.5%. Demand still appears focused among institutional investors, with broader participation yet to pick up.

Glottis Business Model

Glottis Limited is in the business of moving goods across the world. It is a logistics and freight forwarding company, helping businesses ship, store, and manage goods through air, ocean, and road transport. The ocean freight segment is its backbone, contributing nearly 95% of its revenue in FY25.

The company works with customers ranging from Indian exporters/importers to global clients across 125 countries. It handled 112,146 TEUs (shipping containers) in FY25. Almost half its revenue (47.5%) comes from serving the renewable energy industry, moving solar panels and related equipment globally.

The business is built on an asset-light model, meaning it doesn’t own most of the ships or trucks but partners with 124 shipping lines and 256 overseas agents to deliver goods. However, it is now moving towards owning more vehicles and containers to improve control and margins.

Objectives of the IPO

The IPO is a mix of Fresh Issue (₹160 crore) and Offer for Sale (₹147 crore). The fresh issue will mainly be used for:

• ₹132.5 crore for buying commercial vehicles and containers - to reduce dependence on rentals and leased assets.
• Strengthening warehousing, customs clearance, and other value-added services.
• Covering general corporate expenses like marketing, operations, and building the brand.

Strengths:

• High growth in revenue: Revenues jumped 89.3% YoY in FY25 to ₹941.2 crore.
• Strong profits: Net profit was ₹56.1 crore in FY25, growing over 80% from FY24.
• Strong repeat business: Nearly 82% of revenue came from repeat customers in FY25.
• Low debt: Debt-to-equity was just 0.22 in FY25, showing low dependence on borrowings.
• Industry recognition: Won the award for ‘Freight Forwarder of the Year’ for five consecutive years.
• Leading renewable energy logistics player: Derives almost half its business from this fast-growing sector.

Risks:

• High dependency on ocean freight: Almost 95% of revenue comes from one segment, making it vulnerable to disruptions.
• Client concentration risk: Top 10 customers bring in over 52% of total revenue. Losing even one major client can hurt results.
• Working capital stress: Receivable days increased from 5 in FY23 to 29 in FY25. Cash collection delays may affect liquidity.
• Fixed-rate contracts: No automatic pass-through of price hikes in costs like fuel or shipping rates - profitability can get squeezed.
• Partner dependency: The company relies on an external network of agents and shipping lines, mostly on a spot contract basis, which can lead to supply disruptions.

For detailed information, visit Glottis’ IPO page.

Peer Comparison

The company competes with Allcargo Logistics and Transport Corporation of India.

• Transport Corporation of India (TCI): Larger diversified logistics business, trades at around P/E of 22x.
• Allcargo Logistics: Global freight player, trading near P/E of 21x, but with lower profitability metrics.
• Glottis Limited: Smaller in size but growing faster, showing P/E at 21.22x on FY25 earnings.

In terms of growth, Glottis is scaling faster than traditional peers but depends heavily on ocean freight compared to diversified logistics players.

Source: RHP, internal calculation

IPO Valuation

At the upper price band of ₹129, Glottis will have a post-IPO market cap of ~₹1,192 crore. The P/E works out to 21.2x, nearly in line with peers like TCI and Allcargo.

But what stands out is profitability. In FY25, it had:

• ROE of 56.9% - meaning for every ₹100 invested by shareholders, the company made nearly ₹57 as profit.
• ROCE of 72.5% - showing exceptional capital efficiency, far higher than larger listed peers.

This shows the IPO is fairly priced against peers, given high growth and strong returns. But sustaining these returns will be critical.

Disclaimer: The P/E ratio here is calculated using the company’s post-IPO equity and its most recent FY25 net profits at the upper end of the price band.

The People Behind Glottis

Glottis started in 2004 as a partnership firm by two promoters - Ramkumar Senthilvel and Kuttappan Manikandan. Both have over 18 years of rich experience in international logistics. Ramkumar heads import operations, while Kuttappan leads exports. They have grown the company steadily into a global freight name serving customers across 125 countries.

The leadership team also includes:

• Rajasree (CFO): Two decades of finance experience with the company since 2016.
• Muthukrishnakanth Rajagopal (COO): Joined 2024, manages air freight, previously with Agility Logistics.
• Nibedita Panda (CS): Compliance officer, with three years’ experience.

The promoters’ family members are also associated in operational roles, pointing to a tightly held, family-driven setup. The committee also includes seasoned independent directors like Vijaya Kumar Partha Sarathy, bringing finance and taxation expertise.

Who’s Making Money from the IPO?

In the Offer for Sale, both promoters are selling ₹73.5 crore worth of shares each. Since they were the founding partners, their acquisition cost is just ₹0.13 per share, meaning an astronomical return of 992x on investment.

This is essentially the promoters' unlocking part of their wealth after building the business over two decades. While this doesn’t bring fresh money into the company, it doesn’t raise big concerns either, considering both promoters will continue to hold a large stake even after the IPO.

Industry Outlook

The Indian freight forwarding industry was valued at $10.1 billion (~₹88,880 crore) in FY24, and is projected to grow to $17 billion by FY29 at a 10.9% CAGR. Within it, ocean freight alone is growing at a nearly 12% CAGR, supported by rising exports/imports and renewable energy expansion.

That said, the industry is competitive, fragmented, and highly volatile to global freight rates, geopolitical shocks, and infrastructure bottlenecks. Companies that can specialize in sectors like renewable energy and invest in efficiency have an edge.

Analyst View

Glottis Limited continues to benefit from India’s expanding logistics and trade sector, supported by its solid growth in revenue and profits, and an efficient use of capital. The IPO appears reasonably priced, with the price-to-earnings (P/E) multiple slightly below its peer group. Subscription trends on Day 1 reveal strong institutional interest, but relatively weak demand from retail and non-institutional segments, leading to a moderate overall response of 0.42 times. For investors, this means the IPO is attracting notice among larger players, while smaller investors are cautious. The offer presents a chance to participate in a promising logistics company, but there are risks to consider, especially the dependence on ocean freight and potential cash flow pressures. Weighing potential sector growth against these risks is key to deciding whether the Glottis IPO suits one’s portfolio.

How to Apply for an IPO on INDmoney?

1. Download the INDmoney app and complete your KYC.
2. Go to INDstocks → IPO, or just search “IPO”.
3. Tap on an IPO from the list of live IPOs.
4. View key details like price band, lot size, and dates.
5. Tap Apply Now and choose the number of lots.
6. Use INDpay UPI for instant mandate tracking.
7. Your funds will be blocked until the share allotment is finalized.

For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: Glottis' RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.