Delhi-based Pristine Logistics & Infraprojects is making plans in full swing to launch an initial public offering to raise to ₹1,200 crores, said, bankers.
The IPO will have a fresh issue and an offer for sale from the existing investors. ICICI Securities, HSBC Securities, JM Financial, and HSBC Securities have been appointed by the company as lead managers, said, bankers.
Backed by New York-based Global Infrastructure Partners, Pristine recently secured approval from the lenders to acquire Sical Logistics, which was previously owned by the Cafe Coffee Day Group. According to a stock exchange filing on March 18, the resolution plan submitted by Pristine Malwa Logistics, a 100% subsidiary of Pristine Logistics saw 77.5% votes in its favor.
The Chennai-based Sical Logistics in March 2021 received an insolvency resolution process ordered by NCLT under the bankruptcy laws.
With this acquisition, Pristine will enjoy a strong presence in the south of India with container freight stations in Chennai, Tuticorin, and Visakhapatnam capable of servicing nearly 1.5 lakh TEUs (Twenty-foot Equivalent Units) per year.
Furthermore, after acquiring Sical Logistics, Pristine which currently operates five terminals in Ludhiana, Kanpur, Patna, Birganj, and Siliguri with approximately 35 rakes, and around 2,800 containers will also get an opportunity to set up additional terminals as the deal brings two land parcels in Chennai and Bengaluru.
In 2011, UTI Capital invested ₹60 crores in Pristine Logistics. Later in 2014, CDC Group bought a minority stake in the company for ₹200 crores. Both entities are no longer shareholders of the company.