GIP-backed Pristine Logistics takes confidential route to IPO; picks Axis, CLSA, SBI as book managers

The proposed listing of Pristine fits a broader pattern of infrastructure asset monetization in India.AI Quick ReadNew Delhi-based Pristine Logistics & Infraprojects Ltd has confidentially filed its draft red herring prospectus with the Securities and Exchange Board of India under the pre-filing route for an initial public offering, according to a public notice issued by the company in a local newspaper.

The company, backed by infrastructure fund manager Global Infrastructure Partners, has appointed Axis Capital Ltd, CLSA India Pvt and SBI Capital Markets Ltd to manage the offer, two people aware of the development told Mint.

The proposed listing of Pristine fits a broader pattern of infrastructure asset monetization in India, where a record ₹12.2 trillion government capital expenditure budget for 2026-27 is drawing heightened attention from global private equity and infrastructure funds, including GIP, Actis and Macquarie.

Mint was the first to report on 6 May that GIP, which was acquired by BlackRock Inc. for $12.5 billion two years ago, was exploring IPOs for two of the companies in its Indian portfolio – Pristine and tower company Ascend Telecom Infrastructure Pvt – at valuations of about ₹5,000 crore ($500 million) each.

Founded in 2008, Pristine operates a rail-focused multimodal logistics platform providing infrastructure and services for containerized and non-containerised cargo. The company's operations centre on long-haul rail transportation, complemented by road-based first- and last-mile connectivity and logistics terminals across domestic and export-import (Exim) corridors.

The proposed IPOs mark a fresh push by GIP to monetize assets it has held for several years. Pristine, which operates five multi-modal logistics parks, including private rail freight terminals and inland container depots, previously filed IPO documents with Sebi in May 2022 before abandoning that effort. GIP has a 57% stake in the logistics operator after its 2018 takeover of IDFC Alternative's infrastructure investment business, which originally owned Pristine.

In 2023, Pristine acquired exchange-listed Sical Logistics Ltd, a company previously owned by the Cafe Coffee Day Group, in an insolvency process, thus having a stock exchange proxy play.

Mint reported on 1 July 2024 that infra fund manager A.P. Moller Capital had emerged as the frontrunner for GIP's 57% stake in the logistics firm, in a deal which would have pegged Pristine's enterprise value at $500 million.

Currently, the company is led by promoters Amit Kumar, Durgesh Govil, Rajnish Kumar and Sanjay Mawar.

For FY25, Pristine recorded a year-on-year revenue decline of 3% to ₹1,426 crore, while its profit rose 11% to around ₹19 crore. Between fiscal years 2023 and 2025, the company expanded its operational terminal network from eight to 12 terminals, while containerised cargo volumes increased from 402,000 twenty-foot equivalent units (TEUs) to 506,000 TEUs and non-containerised cargo volumes rose from 1.92 million tonnes to 2.51 million tonnes.

Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India&#x27;s derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank&#x27;s accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.

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