Integrated logistics, services, and transportation conglomerate JM Baxi is planning to roll out an initial public offering (IPO) to raise Rs 2,000-2,500 crore.

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The Mumbai-based firm is likely to be valued at Rs 8,500-9,000 crore in the proposed public offering, which is expected to be rolled out by early next year, according to an Economic Times report.

Backed by global private equity fund Bain Capital, JM Baxi has hired three investment banks — Axis, Kotak Mahindra Capital, and Credit Suisse — to help with the IPO.

Earlier this year, US-based Bain Capital invested about Rs 1,500 crore for a 30 percent stake in International Cargo Terminals and Infrastructure Private Limited (ICTIPL), a unit of the JM Baxi Group. The investment was used to pay debts and implement expansion plans, according to the company.

The JM Baxi Group promoters and promoter entities hold a 64 percent stake in ICTIPL while about 36 percent is held by another group company Contfreight.

Founded in 1916, the JM Baxi Group, at present, holds ownership of several companies, including JM Baxi & Co, United Liner Shipping Services, Arya Offshore Services, and Boxco Logistics India among others.

While JM Baxi & Co is involved in providing maritime carriage solutions for all types of cargo, the United Liner Shipping Services helps with liner shipping, bulk cargo handling, project cargo handling, and buyer cargo consolidation.

According to an Ernst & Young report, private equity and venture capital investments crossed the billion-dollar mark in 2019 in the Indian logistics space.

In 2021, as many as 40 companies have floated their IPOs to raise Rs 64,217 crore.

Meanwhile, Aditya Birla Sun Life AMC is scheduled to launch its Rs 2,778-crore IPO on September 29.