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Home BUSINESS Deltatech Gaming and Pristine Logistics get the go-ahead from Sebi to launch...

Deltatech Gaming and Pristine Logistics get the go-ahead from Sebi to launch an IPO

Deltatech Gaming Ltd and Pristine Logistics & Infraprojects Ltd have received the go-ahead from Sebi to raise funds through an initial public offering (IPO).

The two companies, which filed their preliminary IPO documents with Sebi during May and June, obtained their observation letter on September 30, an update from the markets regulator showed on Monday.

In Sebi parlance, your observation implies your approval to launch an IPO.

According to draft documents, Deltatech Gaming’s Rs 550 crore IPO comprises a new issue of equity shares worth up to Rs 300 crore and a Rs 250 crore Offer for Sale (OFS) by promoter Delta. Corp Ltd.

Rs 150 crore revenue from the new issue will be used for organic growth through marketing and business promotion activities, to attract new players and retain existing ones, Rs 50 crore will be used to strengthen the technology infrastructure to develop new capabilities, maintain and manage your existing platform, and general corporate purposes.

The Gurugram-based company is one of the earliest companies in the real money gaming segment in India. Over the years, the digital gaming company has developed its own platforms, which continue to evolve.

The initial share sale of Pristine Logistics & Infraprojects comprises a new issue of equity shares worth Rs 250 crore and an OFS of 20,066,269 equity shares by the promoters and existing shareholders, according to Draft Red Herring. Prospectus (DRHP).

Proceeds from the new issue will be used to pay down debt and for general corporate purposes.

Pristine provides infrastructure and logistics services, revolving around rail transport networks. It also offers synergistic infrastructure and logistics services across the spectrum, including containerless, container, rail and trucking services.

It also assists in areas such as integrated logistics solutions by offering warehousing, warehousing and cargo handling, rail freight, trucking, and third-party logistics (3PL) services and identifies these services as the company’s main sources of revenue.

The capital shares of both companies will be listed on the BSE and NSE.

Meanwhile, Mukka Protein, which filed its IPO documents with Sebi in March this year, withdrew its DRHP on September 27, an update with Sebi showed.

The company is engaged in the manufacture of fishmeal, fish oil and soluble fish paste which is widely used as raw material in aquafeed, poultry feed, soap making, leather tanneries and paint industries globally.

(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated source.)


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