Avana Logistek – a logistic company has already submitted draft red herring prospectus (DRHP) papers with the Market regulator Securities and Exchange Board in India (Sebi) to launch its IPO to raise fund around INR 300 crore.

The fresh issue consists of an offer for sale of around 43,00,000 shares by the selling shareholder to increase fund up to INR 300 crore. Axis Capital and ICICI Securities are the lead managers to this public issue. This IPO is proposed to be listed on NSE and BSE.

About Avana Logistek:

Avana Logistek is a Mumbai-based logistic company plans to set up of new dry warehouse & cold storage and payment of borrowings. The fund will be utilized for these chores. Along with these, the IPO proceeds will be used for expenditure towards software development, maintenance & implementation, acquisition of containers for liner and coastal services & general purposes.