CJ Darcl Logistics Files for IPO: Fresh Issue of 2.65 Cr Shares, OFS of 99 Lakh Shares

New Delhi | October 1, 2025: CJ Darcl Logistics Ltd. has filed its draft papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) of up to 3.63 crore equity shares. The offer includes a Fresh Issue of up to 2.65 crore equity shares and an Offer for Sale (OFS) of up to 99.05 lakh shares by promoter entities, promoter group entities, and other shareholders. The company proposes to list its equity shares on both the BSE and NSE.

CJ Darcl Logistics IPO Highlight

The initial public offering (IPO) of CJ Darcl Logistics Ltd. is set to open shortly and will comprise a Fresh Issue of up to 2,64,70,000 equity shares with a face value of ₹2 each, alongside an Offer for Sale (OFS) of up to 99,05,355 shares, taking the total issue size to 3,63,75,355 equity shares. The price band and lot size are yet to be disclosed, while the company plans to list its shares on both the BSE and NSE. The IPO also includes an employee reservation of up to 5% of post-offer equity, with the potential for a discount for eligible employees. Additionally, the company may undertake a pre-IPO placement of up to 52,94,000 equity shares, which would proportionally reduce the fresh issue size.

CJ Darcl Logistics IPO Objects of the Issue

The company plans to deploy the proceeds from its fresh issue to strengthen its balance sheet and support business expansion:

• 275 crore will be used for repayment or prepayment of existing debt.
• ₹203.86 crore is earmarked for the purchase of equipment and capital expenditure.
• The balance proceeds will be allocated for general corporate purposes.

Company Background

Founded in 1986 as Delhi Assam Roadways Corporation, the company was renamed Darcl Logistics Ltd in 2010. In 2017, it adopted the name CJ Darcl Logistics Ltd following a strategic partnership with South Korea’s CJ Logistics Corporation. The company provides integrated logistics solutions across road, rail, coastal shipping, air freight, warehousing, and freight forwarding. Its operations are supported by a robust network of 202 branches, 14 warehouses, 6 administrative offices, and 1 railway stockyard as of 31 March 2025.

CJ Darcl Logistics IPO Financials Snapshot

CJ Darcl Logistics Ltd achieved sustained growth over the last three years, with consolidated revenue from operations amounting to ₹5,161.11 crore during FY25 against ₹4,594.41 crore during FY24 and ₹4,215.83 crore during FY23. Profit after tax (PAT) also increased steadily, amounting to ₹93.12 crore during FY25, up from ₹82.78 crore during the earlier period and ₹67.70 crore during FY23. The company’s net worth was recorded at ₹750.94 crore during FY25, against ₹659.87 crore during FY24 and ₹576.65 crore during FY23. Earnings per share (EPS) increased to ₹8.22 during FY25 against ₹7.31 during FY24 and ₹5.97 during FY23, with a trend of increased profitability. Total borrowing increased to ₹809.63 crore during FY25 against ₹691.84 crore during the earlier period and ₹612.26 crore during FY23.

Business mix: The multimodal transport contributed to FY25 operating revenue of close to 98%, with warehousing and distribution adding roughly 2%.

CJ Darcl Logistics IPO Promoter & OFS Details

Promoter companies are Krishan Kumar Agarwal, Darshan Kumar Agarwal, Narender Kumar Agarwal, Nitesh Agarwal, and CJ Logistics Corporation. OFS to see partial sale of promoter and promoter group entities:

• Krishan Kumar Aggarwal: not exceeding 9.38 lakh shares
• Nitesh Agarwal: until 7.95 lakh shares
• Narender Kumar Agarwal: up to 4.55 lakh shares
• Darshan Kumar Agarwal: up to a maximum of 3.4
• Promoter holding: up to 65.17 lakh shares
• Other shareholders: until 8.55 lakh shares

Additionally, up to 57 lakh CCPS will be converted into equity before the RHP opening, thereby adding ~98.65 lakh shares.

CJ Darcl Logistics IPO Lead Managers & Registrar

• Book Running Lead Managers (BRLMs): ICICI Securities, DAM Capital Advisors
• Registrar to the Issue: MUFG Intime India Pvt Ltd

CJ Darcl Logistics IPO Key Risks and Watchpoints

• Customer concentration: The largest 10 customers contributed ~43% of FY25 revenues.
• Sedence: Heavy exposure to metals, minerals, coal, and chemicals segments.
• Leverage: Borrowings were over ₹8,096 million as of March 31, 2025.
• Competitive landscape: Competes with Mahindra Logistics, TCI, VRL Logistics, and numerous others.

REF: https://www.bseindia.com/corporates/download/340841/IPO Prior/CJ_Darcl_DRHP_20250930231735.pdf

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