New 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. 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. This marks a fresh push by GIP to monetize assets it has held for several years, with the proposed listing fitting a broader pattern of infrastructure asset monetization in India. The proposed public issue has been filed under SEBI's confidential pre-filing route, which allows companies to keep details of the offer, including its size, out of the public domain until a later stage, retaining flexibility to revise the issue structure based on regulatory feedback and market conditions.
The proposed listing 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. The proposed IPOs represent a significant step in GIP's strategy to unlock value from its infrastructure investments.
Founded in 2008, Pristine operates a rail-focused multimodal logistics platform, offering integrated logistics infrastructure and services for containerised and non-containerised cargo. The company's operations centre on long-haul rail transportation, supported by first- and last-mile road connectivity and a network of strategically located logistics terminals across domestic and export-import (Exim) corridors. Between FY2023 and FY2025, the company's operational terminal network expanded from eight to 12 terminals, while containerised cargo volumes increased from 402,004 TEUs to 506,447 TEUs and non-containerised cargo volumes rose from 1.92 million metric tonnes to 2.51 million metric tonnes. The company offers services including EXIM and domestic container logistics, rail transportation, rail bulk transportation, warehousing, container maintenance and repair, and mining logistics following the acquisition of Sical Logistics.
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. As of December 31, 2025, the company operated a fleet of more than 5,000 domestic rail containers and around 455 specialised 40-foot dwarf containers for lightweight cargo transportation. The company also offered third-party logistics (3PL) services through a warehousing network of approximately 1.20 million square feet across India, comprising dedicated and multi-client facilities, including dry and temperature-controlled warehouses. GIP has a 57% stake in the logistics operator after its 2018 takeover of IDFC Alternative's infrastructure investment business, which originally owned Pristine. The company previously filed IPO documents with Sebi in May 2022 before abandoning that effort.
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. The company is currently expanding its logistics footprint with three upcoming terminals at Bhurkunda in Jharkhand, Haldia in West Bengal and Bengaluru in Karnataka. The Bhurkunda facility will cater to containerised cargo and bulk commodities such as coal and iron ore, while the Haldia terminal will mark the company's entry into port-based liquid cargo infrastructure. The Bengaluru project is being developed as a rail-linked inland container depot (ICD) spread over about 67 acres. Adding to its growth pipeline, Pristine recently secured a long-term overburden excavation and removal contract worth ₹3,422 crore (excluding GST) from South Eastern Coalfields Limited, providing significant long-term revenue visibility.
