Deltatech Gaming, Pristine Logistics get Sebi’s go-ahead to float IPO

Deltatech Gaming Ltd and Pristine Logistics & Infraprojects Ltd have received Sebi’s go-ahead to raise funds through an initial public offering (IPO). The two companies, which filed their preliminary IPO papers with Sebi during May and June, obtained its observation letter on September 30, an update with the markets watchdog showed on Monday. In Sebi’s parlance, its observation implies its nod to launch an IPO.

Going by the draft papers, Deltatech Gaming’s Rs 550-crore IPO comprises fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale (OFS) of Rs 250 crore by promoter Delta Corp Ltd. Proceeds worth Rs 150 crore from the fresh issuance will be utilised for organic growth through marketing and business promotion activities, to attract new gamers and retain the existing ones, Rs 50 crore will be used for strengthening the technology infrastructure to develop new capabilities, maintain and manage its existing platform and general corporate purposes.

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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 it continues to evolve. Pristine Logistics & Infraprojects’ initial share-sale comprises fresh issuance of equity shares worth Rs 250 crore and an OFS of 20,066,269 equity shares by promoters and existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

Proceeds from the fresh issuance will be used to repay debt and for general corporate purposes. Pristine provides logistics infrastructure and services, pivoted around rail transportation networks. It also offers synergetic logistics infrastructure and services across the spectrum, including non-container, container, rail transportation and road transportation services. It also helps in areas such as integrated logistics solutions by offering warehousing, storage and cargo handling, rail transportation, road transportation, and third-party logistics (3PL) services and identifies these services as the company’s key revenue streams.

Equity shares of both companies will be listed on BSE and NSE. Meanwhile, Mukka Protein, which filed its IPO papers with Sebi in March this year, withdrew its DRHP on September 27, an update with Sebi showed. The company is engaged in manufacturing of fish meal, fish oil and fish soluble paste which is widely used as a raw material in aqua feed, poultry feed, soap manufacture, leather tanneries and paint industries globally.