Avana Logistek files IPO papers

Logistics company Avana Logistek has filed draft papers with markets regulator Sebi to launch its initial public offer (IPO). The share sale consists of fresh issue of up to Rs 300 crore and offer for sale of up to 43,00,000 shares by the selling shareholder, as per the draft red herring prospectus (DRHP) filed with Sebi. 

The Mumbai-based company plans to utilise the net proceeds towards funding capital expenditure for setting up of new dry warehouses and cold storages and repayment/prepayment of certain borrowings. Besides, the IPO proceeds will be used for acquisition of containers for coastal and liner services, expenditure towards software development, implementation and maintenance and general corporate purposes. 

ICICI Securities and Axis Capital are the lead managers to the issue. Shares of the company are proposed to be listed on BSE and NSE.