Logistics unicorn Delhivery has filed for an initial public offering of up to $997.33 million (Rs 7457 crore), according to its draft herring prospectus (DRHP) filed with SEBI dated November 1.
The IPO will consist of primary issuance of Rs 5,000 crores and offer for sale by the existing investors to the tune of Rs 2,460 crores, The Economic Times reported citing documents. The company plans to use the proceeds to fund organic and inorganic growth initiatives.
According to moneycontrol.com, the Softbank-backed firm is expecting that the IPO will raise is valuation to around USD 5.5 billion subject to demand-supply scenario closer to listing. Kotak Mahindra Capital, Morgan Stanley India, BOFA Securities and Citigroup are the bookrunning lead managers for the IPO.
In India, 157 companies including TPG-backed Nykaa and SoftBank-backed Paytm, Oyo Hotels and Rooms and online insurance aggregator Policybazaar have raised $17.22 billion via IPOs this year as of Oct. 31, compared with the $8.54 billion raised by 49 companies in the same period last year, according to Refinitiv data.
The logistics major competes with DHL’s unit Blue Dart Express Ltd and DTDC India in the $150 billion domestic logistics sector, which contributes about 14% to the country’s gross domestic product, according to the government’s Logistics Skill Council.
In August, the Gurugram-headquartered firm acquired Bengaluru-based Spoton Logistics, a move aimed at further strengthening its B2B capabilities.
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Delhivery, which has a nationwide network covering over 19,400 pin codes, provides a full suite of logistics services such as express parcel transportation, reverse logistics, cross-border, B2B and B2C warehousing, and other services. It has fulfilled over one billion shipments since inception and works with over 17,000 customers, including large and small e-commerce companies, SMEs and others.
