Deltatech Gaming Ltd and Pristine Logistics & Infraprojects Ltd have been given the green light by Sebi to raise funds through an initial public offering (IPO).
The two companies, which submitted their preliminary IPO papers to Sebi in May and June, received their observation letter on Sept. 30, an update with the market watchdog showed on Monday.
In Sebi’s parlance, his observation implies his nod to launch an IPO.
Judging by the draft documents, Deltatech Gaming’s IPO of Rs 550 crore includes a new share issue worth up to Rs 300 crore and an offer for sale (OFS) of Rs 250 crore by promoter Delta Corp Ltd.
The proceeds of Rs 150 crore from the new issue will be used 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 technological infrastructure to develop new capabilities, maintain and manage its existing platform and general business purposes.
The Gurugram-based company is one of the first 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 includes a new share issue worth Rs 250 crore and an OFS of 20,066,269 shares by promoters and existing shareholders, according to the Draft Red Herring Prospectus (DRHP).
Proceeds from the new issue will be used to pay off debt and for general corporate purposes.
Pristine provides logistics infrastructure and services based on rail transport networks. It also provides synergistic logistics infrastructure and services across the spectrum, including non-container, container, rail and road transport.
It also assists in areas such as integrated logistics solutions by providing warehousing, warehousing and freight handling, rail, road, and third-party logistics (3PL) and identifies these services as the company’s main revenue streams.
The shares of both companies are listed on BSE and NSE.
Meanwhile, Mukka Protein, which filed its IPO papers with Sebi in March this year, withdrew its DRHP on Sept. 27, an update with Sebi revealed.
The company is engaged in the production of fish meal, fish oil and fish soluble paste which are widely used as raw material in aqua feed, poultry feed, soap production, tanneries and dyeing industries worldwide.
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