Logistics company Continental Warehousing Corporation (Nhava Seva) Limited has received SEBI’s approval to float its IPO. The proposed issue includes a fresh issue to raise Rs 4.19 billion and an offer for sale of 10 million shares by Warburg Pincus and 3.67 million shares by Abraaj Capital. Earlier in October 2016, the company had filed its draft red herring prospectus to float the IPO. Over half the money raised through the fresh issue will be used to retire debt (Rs 2.1 billion) while the rest is intended to be used for purchasing equipment (Rs 0.63 billion) and the construction of warehouses at Ahmedabad and Panipat (Rs 0.64 billion). The International Finance Corporation (IFC), which is the most recent investor in the company, having put in $60 million in December 2015 through a mix of equity ($25 million) and debt ($35 million) will not exit.