Pristine Logistics & InfraProjects is planning to raise ₹1,100 crore through an initial public offering (IPO), Mint reported quoting people aware of the development.
The company which provides logistic services will file its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) next week. The offer comprises fresh issuance of shares along with an offer for sale by shareholders, the report added.
The book running lead managers to the issue are ICICI Securities Ltd, HSBC Securities Ltd and JM Financial Ltd, as per Mint.
Pristine Logistics is a Delhi-based logistics and infrastructure firm incorporated in 2009. It is present in cities such as Ludhiana, Faridabad, Patna, Siliguri, Kolkata, Pipavav, Mundra, and in Nepal.
Pristine creates and operates rail-linked logistics parks and container terminals. It owns a fleet of more than 225 road vehicles and also runs warehouses for export, import, and domestic cargo. The logistics and infrastructure service provider also look at managing consolidation and distribution requirements of bulk and break-bulk commodities. The company owns crude-edible oil storage and transportation facilities, the report further added.
The primary market has been witnessing a strong inflow of IPOs for the last two years. Despite multiple headwinds in the last 2 years especially the start of the pandemic and in impact on growth as well as equity markets, a total of 84 initial public offerings (IPOs) were listed in India between FY20-22.
As per a recent report from the global accounting firm, KPMG, of these 84 IPOs, 81 of them cumulatively raised ₹1.52 lakh crore between FY20 and FY22 till date.