Avana Logistek has filed draft papers with Sebi, to launch its initial public offer (IPO).

As per the draft red herring prospectus (DRHP) filed with Sebi, 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.

The company plans to use the proceeds from the IPO for acquisition of containers for coastal and liner services, expenditure towards software development, implementation and maintenance and general corporate purposes. It will also use the proceeds towards funding capital expenditure for setting up of new dry warehouses and cold storages and repayment/prepayment of certain borrowings.

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