Pristine Logistics & Infraprojects and Deltatech Gaming gets Sebi’s nod to float IPOs

Deltatech Gaming Limited

MUMBAI, OCTOBER 3rd, 2022 (GPN): Delhi-based Pristine Logistics & Infraprojects Limited and Deltatech Gaming Limited, a digitally native, technology-led gaming platform have received capital markets regulator Sebi’s approval to raise funds through initial public offerings (IPOs).

Pristine Logistics & Infraprojects and Deltatech Gaming, which had filed preliminary IPO papers with the Securities Exchange Board of India (Sebi) in May and June respectively, obtained observation letters from the regulator during September 30, an update with the markets watchdog showed on Monday.

Going by the draft papers, Pristine Logistics & Infraprojects’ IPO comprises of a fresh issue of Rs 250 crore and Offer-for-sale of up to 20,066,269 equity shares by promoters and existing shareholders.

As a part of OFS, India Infrastructure Fund II will offer up to 17,779,067 equity shares and up to 600,000 equity shares by Amit Kumar, up to 652,175 equity shares by Sanjay Marwar, up to 652,175 equity shares by Rajnish Kumar, up to 96,500 equity shares by Durgesh Govil, up to 52,175 equity shares by Jyoti Kumar, up to 136,500 equity shares by Renu Govil, up to 69,177 equity shares by Ankur Govil, up to 25,000 equity shares by Anju Singh and up to 3,500 equity shares by Mohammad Athar Shams.

The proceeds from its fresh issuance worth Rs. 175 crore will be utilised for the repayment or prepayment of borrowings, in full or part of all or certain borrowings availed by its subsidiaries and general corporate purposes.

The Delhi-based company is one of the leading Indian multi-modal integrated logistics players. It offers logistics infrastructure and services, pivoted around rail transportation networks including non-container, container, rail transportation and road transportation services. It is an integrated logistics solution provider with operations on both the western and eastern coastlines of India, offering warehousing, storage, and cargo handling, rail transportation, road transportation, and third-party logistics (“3PL”) services.

The initial share-sale of Deltatech Gaming Limited is a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale (OFS) of Rs 250 crore by Delta Corp Limited, according to the draft papers.

The proceeds from its fresh issuance worth Rs. 150 crore will be utilised for Organic growth, through marketing and business promotion activities, to attract new gamers and retain existing gamers, Rs 50 crore for strengthen its technology infrastructure to develop new capabilities, maintain and manage its existing platform and general corporate purposes.

The Gurugram-based company is a digitally native, technology led gaming platform, delivering a gamer-centric gaming experience across its various offerings. It is one of the earliest companies in the real money gaming segment in India. According to the RedSeer report quoted in its DRHP, Adda52 is India’s first online poker platform, with a variety of poker games to choose from. It has been dubbed a “category pioneer” in India, with a significant gamer base and a market share of more than 34.5 percent for the past seven years, up until Fiscal 2021.Ends

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