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Pristine Logistics IPO: Logistics Firm Plans To Raise Rs 1,200 Crore Through IPO

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Delhi-based Pristine Logistics & InfraProjects Private Limited (PLIPL) is seeking an initial public offering (IPO) to generate up to Rs 1,200 crore, said, bankers.

 

The IPO would comprise a fresh issue and an offer for sale (OFS) from the existing investors.

Pristine Logistics IPO: Logistics Firm Plans To Raise Rs 1,200 Crore Through IPO

ICICI Securities, JM Financial, HSBC Securities, and HSBC Securities have been appointed by the company as lead managers, said, bankers.

Sical Logistics, which was previously owned by the Cafe Coffee Day Group, was recently acquired by Pristine, which is backed by New York-based Global Infrastructure Partners. According to a stock exchange filing on March 18, Pristine Malwa Logistics, a 100% subsidiary of Pristine Logistics, received 77.5 percent support for its resolution plan.

Under bankruptcy regulations, the NCLT authorized an insolvency resolution action against Chennai-based Sical Logistics in March 2021.

With container freight facilities in Chennai, Tuticorin, and Visakhapatnam capable of servicing almost 1.5 lakh TEUs (Twenty-foot Equivalent Units) per year, Sical's purchase would help Pristine increase its foothold in South India. It would also acquire two land parcels in Chennai and Bengaluru, which it will be able to utilize to build new terminals. It now operates five terminals with around 35 rakes and 2,800 containers at Ludhiana, Kanpur, Birganj, Patna, and Siliguri.

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