Avana Logistek Ltd, a Mumbai-based logistics company, has filed a draft prospectus with the Securities and Exchange Board of India for an initial public offering.
The IPO will comprise a fresh issue of shares for up to Rs 300 crore ($44 million) and an offer for sale of 4.3 million shares by promoter group firm Transworld Holdings Ltd, according to a stock-exchange filing.
The filing, by Avana’s associate Shreyas Shipping & Logistics Ltd, didn’t give any other details. Transworld owned a 56.25% stake in Shreyas Shipping at the end of March and a 70.8% stake in Avana.
A person close to the development said that Transworld could be looking to garner Rs 300 crore by selling shares. A second person said Avana could aim for a valuation of Rs 7,000-8,000 crore in the IPO.
The company is working with Axis Capital, ICICI Securities, the investment banking arm of JM Financial and one more investment bank, the two people and a third person said. All three didn’t wish to be named.
Separate queries sent to the banks and company didn't elicit any response immediately.
Avana was established as a result of a merger between Shreyas Relay Systems Ltd, which was a subsidiary of Shreyas Shipping, and Balaji Shipping Lines in March last year, according to its website. The merged entity was later renamed Avana. After the merger, Shreyas Shipping’s stake in Avana fell to 29.22%.
Dubai-based Balaji Shipping Lines specialises in shipping refrigerated and dry cargo between the Indian subcontinent and the Middle East. It has a presence in Dubai, Saudi Arabia, Oman and the UK.
Avana provides coastal container services and road and rail transportation services in India. Its overseas offerings include refrigerated and dry cargo movements between the Indian sub-continent, the Middle East, Southeast Asia and the Far East, along with freight forwarding and liner agency services.
