Delhivery Files for $997 Million IPO
Delhivery, a new-gen logistics player has filed its draft papers with market regulator Sebi to raise Rs.7,460 through an initial public offering (IPO). The company is likely to raise Rs.5,000 crore through the issuance of fresh shares while it would have an offer for sale (OFS) component of Rs.2,460 crore where some of its existing investors will dilute their holdings.
Private equity major Carlyle, SoftBank Vision Fund, and Times Internet are listed as selling shareholders according to the draft red herring prospectus (DRHP).
As per to reports, Carlyle and SoftBank, among others, were planning to sell parts of their shares as part of the Rs.2,000-2,500 crore OFS of the Gurugram-based Delhivery’s nearly $1 billion IPO. Kapil Bharati, Mohit Tandon and Suraj Saharan who are among the five founders of Delhivery are also selling shares in the OFS, according to the DRHP.
Delhivery is likely to join a growing list of top-tier startups like Paytm, Nykaa and Policybazaar going public in India after Zomato’s stellar Rs.9,000 crore IPO in July.
Delhivery, which competes with Blue Dart, Ecom Express and others, reported revenue from contracts with customers at Rs.3,646.5 crore in FY21 compared to Rs.2,780.5 crore a year ago. In FY21, its net loss was at Rs.415.7 crore against almost Rs.269 crore in FY20. For the quarter ending June 2021, Delhivery’s revenue was at Rs.1,317 crore with a loss of over Rs.129 crore during the same period.