Delhi-based Pristine Logistics & Infraprojects Limited, focusing on rail transportation networks for infrastructure and services, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The initial share-sale comprises fresh issuance of equity shares worth Rs 250 crore and an offer for sale of 20,066,269 equity shares by promoters and existing shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.
The company may consider a pre-IPO placement of equity shares aggregating up to Rs 50 crore. If such placement is undertaken, the size of the fresh issue will be reduced.
Proceeds from fresh issuance will be used to repay debt and for general corporate purposes.
Pristine provides logistics infrastructure and services, pivoted around rail transportation networks. It also offers synergetic logistics infrastructure and services across the spectrum, including non-container, container, rail transportation and road transportation services.
It also helps in areas like integrated logistics solutions by offering, warehousing, storage and cargo handling, rail transportation, road transportation, and third-party logistics (3PL) services and identify these services as the company’s key revenue streams.
Pristine Logistics’ revenue from operations increased 18.68 percent from Rs 469.27 crore in Fiscal 2020 to Rs 556.93 crore in Fiscal 2021, attributed to commencement of the Birgunj and Siliguri terminals, resulting in a surge in handling and transportation services. Revenue for the nine-month period ended December 2021 stood at Rs 494.75 crore.
ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited and JM Financial Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer.
The equity shares are proposed to be listed on BSE and NSE.