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Global Infrastructure Partners (GIP), the infrastructure fund manager that BlackRock Inc. acquired for $12.5 billion two years ago, is exploring initial public offerings (IPOs) for two of the companies in its Indian portfolio, logistics operator Pristine Logistics & Infraprojects Ltd and tower company Ascend Telecom Infrastructure Pvt. Ltd, at valuations of about ₹5,000 crore ($500 million) each, people in the know said.
The firm is reaching out to bankers and advisers to understand the interest in offerings, though formal mandates have not yet been awarded, said the people, who asked not to be identified as the deliberations are not yet public.
GIP manages investments in the energy, transport, digital, and water sectors. Its India operations focus on telecommunications, airports, and midstream energy.
The proposed IPOs mark a refreshed push by GIP to monetize assets it has held for several years. Pristine, which operates five multi-modal logistics parks including private rail freight terminals and inland container depots, previously filed IPO documents with the Securities and Exchange Board of India (Sebi) in May 2022 before abandoning that effort. GIP has a 57% stake in the logistics operator after its 2018 takeover of IDFC Alternative's infrastructure investment business, which originally owned Pristine.
Ascend, which manages more than 19,000 telecom tower sites and more than 6,000 small cell sites, became the country's fourth-largest tower company after acquiring Tower Vision India for approximately $400 million in 2023.
Plans remain at an early stage and could change with the market conditions, the people said. The proposed listings fit 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 Actis and Macquarie.
Queries sent to Global Infrastructure Partners, Pristine and Ascend on Monday were not answered till press time.
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.
Apart from an IPO attempt, takeover interest in Pristine Logistics had also surfaced in 2024. As per a Mint report from 1 July 2024, infra fund manager A.P. Moller Capital had emerged as the frontrunner for GIP's 57% stake in the logistics firm, in a deal which would have pegged Pristine's enterprise value at $500 million.
Ascend Telecom, the second entity slated for a listing, provides passive infrastructure services to telecommunications operators.
GIP assumed full ownership of Ascend Telecom in 2022 after purchasing shares from investors including private equity firm New Silk Route.
For FY25, Pristine recorded a year-on-year revenue degrowth of 3% to ₹1,426 crore, while its profit rose 11% to around ₹19 crore. In the same fiscal, Ascend saw its total operating income rise 17% to ₹2,500 crore, while profit rose 20-fold to ₹537 crore due to a one-time deferred tax credit.
Mint had reported on 13 April that companies in India are increasingly pursuing a dual-track strategy of preparing for an IPO and simultaneously exploring private sales, as stock market volatility affects both timing and valuations, prompting them to keep a backup plan. More than 10 active IPO mandates have transitioned to this dual-track model, especially for deals in the range of ₹500-2,000 crore, the report read.
From a comparative standpoint, an IPO, although more expensive and accompanied by substantial post-listing compliance obligations, offers a cleaner and more definitive transition in terms of ownership dispersion and governance. "In contrast, a private equity or strategic transaction may involve lower immediate costs but introduces greater legal and structural complexity, given the negotiated nature of control rights, governance arrangements, and exit pathways," Archana Balasubramanian, partner at Agama Law Associates, said.
Key listings in the infrastructure and allied space this year include the recent listing of National Highways Authority of India-backed large-scale Infrastructure Investment Trust ( InvIT) Raajmarg Infra Investment Trust, the upcoming offer of digital infra major Reliance Jio and a potential IPO of Adani's airports unit.
Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.
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