By Avinash Nair

Copyright thehindubusinessline

Chennai-based logistics company, Glottis Ltd which will be purchasing 1,000 containers and 150 commercial vehicles from a portion of its upcoming ₹307 crore initial public offering (IPO). The company is expected to deploy these containers for transporting cargo between Indian ports and China, Vietnam, Malaysia, Indonesia and Thailand, that account for nearly 80 per cent of the containers handled during the financial year 2025.

The company handled 1,12,146 Twenty-foot Equivalent Unit (TEUs) of imports in 2025 which is. About 40 per cent of these containers carried exim cargo from China, while the remaining 40 per cent was for cargo from Vietnam, Thailand, Indonesia and Malaysia. “We will be deploying the containers in inter Asia, which is the strongest area where we currently operate,” Ramkumar Senthilvel, managing director of Glottis Ltd told the businessline during his visit to Ahmedabad on Thursday. Ocean freight contributed 95 per cent of the revenue from operations for FY25.

Glottis IPO

The company’s IPO will open on September 29 and close on October 1, 2025. The IPO consists of a fresh issue of equity shares of ₹160 crore and an offer for sale of ₹147 crore, where promoters Ramkumar Senthilvel and Kuttappan Manikandan will be divesting their stake. “We are diluting 25-26 percent in the stake,” he said, adding the promoters will continue to hold 74-75 percent post-IPO. The company plans to use ₹132 crore of the net proceeds towards funding capital expenditure for expanding their existing operations by purchasing containers and commercial vehicles.

The company currently does not own any containers and lease as per voyage and the red herring prospectus show that it had used 71,779 containers of which all of them were leased. The purchase of containers will help the company reduce operational costs and increase the PAT margins, officials said. “Our future success depends in part on our ability to optimise our dependence on ocean freight services by further investing in our other segments viz air freight, road transport, warehousing etc. Additionally we also intend to expand our revenue sharing in other business ancillary services including warehousing and custom clearing services,” the company stated in the prospectus.

“The ocean freight vertical being a larger market than industrial warehousing and other cargo solutions will continue to be the volume driver with other business verticals enabling us in improving margins, “ it added. Senthilvel said while renewables occupied the biggest chunk of ocean freight for the company, it was also one of the fastest growing segments. “The CAGR of the renewable sector is 23 percent. We have a very big potential in the next 5-10 years. All the key raw materials (needed for the renewable industry in India) like glass, wafer and cell, connectors, EVA sheets, aluminium frames are all being imported,” Senthilvel added. In India, most of the business for the company happens through Mundra Port in Gujarat and Chennai in Tamil Nadu.

Published on September 26, 2025