Logistics services provider Pristine Logistics and Infraprojects has filed preliminary papers with capital markets regulator Sebi to raise funds via an initial public offering (IPO).
The maiden public offer comprises a fresh issue of Rs 250 crore and an offer for sale (OFS) of more than 2 crore equity shares. Investor India Infrastructure Fund II will offload more than 1.77 crore equity shares and the remaining shares will be sold by promoters via OFS.
The company may consider raising Rs 50 crore through a pre-IPO placement issue. If the said pre-IPO placement is undertaken, then accordingly the fresh issue size will be reduced.
The fresh issue proceeds will be utilised for investment in subsidiaries for repaying debts, and general corporate purposes.
Pristine Logistics provides logistics infrastructure and services, pivoted around rail transportation networks. The company claimed that it is active on both, the western and eastern coasts of India, operating five logistics parks including a rail-linked logistics park and one dry port in India.
The company recorded a consolidated profit of Rs 4.83 crore in the year ended March 2021 against a loss of Rs 8.5 crore in the previous year, but revenue from operations at Rs 557 crore grew by nearly 19 percent compared to the previous fiscal.
The consolidated loss for nine months period ended December 2021 stood at Rs 16.5 crore on revenue of Rs 494.75 crore.
Promoters held a 40.48 percent equity stake in Pristine and the rest is held by investors including India Infrastructure Fund II which has a 57.5 percent shareholding in the company.