Monitoring Agency report for the quarter ended December 31-12-2025
GLOTTIS · price
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Glottis Limited, a Chennai-based logistics solution provider, has submitted the Monitoring Agency Report from Crisil Ratings for the quarter ended December 31, 2025, covering use of its IPO proceeds. The IPO (held September 29 – October 1, 2025) raised Rs 1,599.99 million in gross proceeds, with net proceeds of Rs 1,452.01 million after Rs 147.98 million in issue expenses. During Q3FY26, the company utilized Rs 354.36 million in total — Rs 87.74 million toward capital expenditure for purchase of commercial vehicles and containers, Rs 123.01 million for general corporate purposes (mainly Rs 98.90 million to repay a Kotak Bank working capital loan and Rs 24.11 million for GST), and Rs 143.61 million for issue expenses. An unutilized amount of Rs 1,245.63 million has been parked in fixed deposits across Kotak Bank, SBI, and DBS Bank. The report confirms there is no deviation from the objects stated in the IPO prospectus.
Positive for shareholder confidence as funds are being used as disclosed with no deviations. However, only about 6.6% of the capital expenditure allocation (Rs 87.74 million out of Rs 1,325.42 million) has been deployed so far, indicating fleet expansion is in early stages, while most of the general corporate purpose funds went toward debt repayment rather than the growth-focused capex investors may have expected.