The size of the IPO has been cut to Rs 5,235 crore from Rs 7,460 crore planned earlier. The company reserved 75 per cent of the issue for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
In addition, the Gurugram-based company has set aside shares worth Rs 20 crore for eligible employees, who will get a discount of Rs 25 per equity stock during the bidding process. Investors can bid for a minimum of 30 equity shares and in multiples thereof.
The equity shares of the supply chain company will be listed on the stock exchanges — BSE and NSE — on May 24.
Delhivery IPO GMP
Delhivery shares are trading at a premium of Rs 16 in the grey market. Delhivery shares have fallen almost 40 per cent in the unlisted market from a peak of Rs 950 apiece in January.
The public issue comprises fresh issuance of equity shares worth Rs 4,000 crore and an Offer for Sale (OFS) component of Rs 1,235 crore by existing shareholders.
Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company. CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of Rs 454 crore while SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload shares worth Rs 365 crore.
Deli CMF Pte Ltd, a wholly owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth Rs 200 crore and Times Internet will offload shares worth Rs 165 crore. In addition, Delhivery’s co-founders — Kapil Bharati, Mohit Tandon and Suraj Saharan — will sell shares worth Rs 5 crore, Rs 40 crore and Rs 6 crore, respectively.
At present, SoftBank owns 22.78 per cent stake, Carlyle has 7.42 per cent stake, Bharti owns 1.11 per cent, Tondon has 1.88 per cent and Saharan holds 1.79 per cent stake in the company.
Proceeds of fresh issue to the tune of Rs 2,000 crore will be used towards funding organic growth initiatives and Rs 1,000 crore for inorganic growth through acquisitions and other strategic initiatives, besides, money will be used for general corporate purposes.
Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery, warehousing, supply chain solutions, cross-border express and freight services and supply chain software, along with value added services such as e-commerce return services, payment collection and processing, installation and assembly services.
The e-commerce logistics company operates a pan-India network and provides services in 17,045 postal index number (PIN) codes. The company’s express parcel delivery network, which serviced 17,488 PIN codes in the nine months ended December 2021, covered 90.61 per cent of the 19,300 PIN codes in India.
The company provides supply chain solutions to a diverse base of 23,113 active customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.
With PTI Inputs