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CJ Darcl Logistics gears up for IPO, plans to raise ₹340 crore

EditorAmbhini Aishwarya
Published 09/29/2023, 03:46 AM
© Reuters.

CJ Darcl Logistics Ltd is preparing for its Initial Public Offering (IPO), according to documents filed with the Securities and Exchange Board of India (Sebi). The IPO is set to include fresh equity shares worth ₹340 crore, coupled with an Offer for Sale (OFS) of promoter shares.

In addition to the IPO, the company has outlined plans for a pre-IPO funding round. This round aims to generate approximately ₹68 crore, which will be directed towards capital expenses, including the purchase of electric vehicles (EVs).

The logistics firm's IPO is being managed by ICICI Securities, Axis Capital (NYSE:AXS), and Mirae Asset Capital Markets. These financial institutions are overseeing the process and ensuring all regulatory requirements are met.

CJ Darcl Logistics boasts a robust customer base that includes prominent companies such as TATA Steel, Reliance Industries, and ArcelorMittal (NYSE:MT) Nippon Steel India. Given this strong customer portfolio, industry observers believe that the IPO holds significant potential.

The company's move towards an IPO comes amid a broader trend of logistics firms seeking public funding to expand their operations and invest in new technologies. However, it remains to be seen how investors will respond to CJ Darcl Logistics' offering in light of market conditions and the firm's financial performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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