Continental Warehousing Corp files IPO papers with Sebi

Logistics firm Continental Warehousing Corporation (Nhava Seva) has filed draft papers with the Securities and Exchange Board of India to raise more than Rs 419 crore through an initial public offering (IPO).

The public issue comprises fresh issue of shares worth Rs 418.80 crore and an offer for sale of up to one crore shares by Warburg Pincus and 36,76,820 shares by Abraaj, according to Draft Red Herring Prospectus.

Proceeds of the fresh issue will be used to retire debt, purchase of equipment and construction of warehouses at Ahmedabad and Panipat.

Continental Warehousing Corp, an integrated multimodal logistics company, owns and operates cargo handling and storage facilities. It also provides express logistics and third-party logistics services.

The issue is being managed by Edelweiss Capital, Axis Capital, Ambit and ICICI Securities. The company's shares will be listed on the BSE and the National Stock Exchange.

So far this year, 21 companies have already raised funds through IPOs. In last week, half a dozen companies approached the Sebi to float IPOs.

At present, 16 companies planning to raise Rs 5,745 crore already have the Sebi's approval and another five firms intending to mop up Rs 6,810 crore are awaiting clearance from the regulator, according to Prime Database.