Delhivery Ipo Opens On 11 May, Issue Size Reduced. Details Here
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Logistics company Delhivery’s initial share sale will open on 11 May, according to information available with the exchanges. Media reports suggest the issue size has been reduced to ₹5,235 crore amid market volatility and uncertain geo-political situation.
The company had initially planned to raise ₹7,460 crore through the initial public offering (IPO).
The IPO comprises of fresh issue of equity up to ₹4,000 crore and an offer for sale of shares aggregating up to ₹1,235 crore.
Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company.
According to the draft papers, CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of ₹454 crore, SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload shares worth ₹365 crore, Deli CMF Pte Ltd, a wholly-owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth ₹200 crore and Times Internet will sell shares worth ₹165 crore.
In addition, Delhivery’s co-founders — Kapil Bharati, Mohit Tandon and Suraj Saharan– will sell shares worth ₹5 crore, ₹40 crore and ₹6 crore, respectively.
Proceeds of the fresh issue will be used towards funding organic growth initiatives, funding inorganic growth through acquisitions and other strategic initiatives and for general corporate purposes.
Kotak Mahindra Capital, Morgan Stanley India, Bofa Securities India, and Citigroup Global Markets are leading the IPO.
The e-commerce logistics company operates a pan-India network and provide services to 17,045 postal index number (PIN) codes, as of June 30, 2021.
It provides supply chain solutions to a diverse base of 21,342 active customers, such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals like FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.
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