Bombay : Pristine Logistics & Infraprojects Ltd plans to raise ₹1,100 crore via an initial public offering (IPO), according to people familiar with the development.
The company will file its draft red herring prospectus with the Securities and Exchange Board of India next week. The offer includes a new issue of shares as well as an offer to sell by the shareholders.
Proceeds will be used to finance working capital and for general corporate purposes.
Incorporated in 2009, the Delhi-based logistics and infrastructure company has operations in cities including Ludhiana, Faridabad, Patna, Siliguri, Kolkata, Pipavav, Mundra and Nepal.
The company will now enter South India in the wake of its subsidiary Pristine Malwa Logistics Park Pvt. Ltd recently sought lender approval for the acquisition of Sical Logistics, formerly owned by Coffee day Enterprises Ltd, as part of a corporate insolvency resolution process.
The lenders approved Pristine Malwa’s plan with a majority of 77.5% of the vote.
Following the acquisition, the company will have a significant presence in the south with Sical’s container freight stations in Chennai, Thoothukudi and Vizag, giving it the capacity to service around 150,000 twenty-foot equivalent units per year. It will also have two plots of land in Chennai and Bengaluru which the company can use to install additional terminals.
Currently, the company creates and operates rail logistics parks and container terminals. It has a fleet of over 225 road vehicles and also operates warehouses for export, import and inland freight.
The logistics and infrastructure service provider also handles bulk and bulk cargo consolidation and distribution requirements. The company has storage and transportation facilities for edible crude oil.
This also includes railing solutions for import and export containers to and from all major western ports.
The company has peers such as Adani Logistics, Mahindra Logistics, Future Supply Chain Solutions and Gateway Distriparks.
The issue’s lead managers are ICICI Securities Ltd, HSBC Securities Ltd and JM Financial Ltd.
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