Logistics company Delhivery has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO, sources share with Moneycontrol. The issue size of the IPO is Rs 7,460 crores sources suggested.
Delhivery IPO will consist of primary issuance of Rs 5,000 crores which the end-to-end supply chain unicorn will raise via public issue. The offer for sale by the existing investors will be to the tune of Rs 2,460 crores.
Key shareholders selling in the IPO are China Momentum Fund (Deli CMF) Rs 400 crore, Carlyle - Rs 920 crore, SoftBank - Rs 750 crore and Times Internet - Rs 330 crore.
Sources suggest that the likely valuation expectation by the company in the IPO issue is around $5.5 billion subject to demand-supply scenario closer to listing.
Use of proceeds from the IPO includes Rs 2,500 crore for funding organic growth initiatives, Rs 1,250 crore funding inorganic growth through acquisitions and other strategic initiatives and general corporate proposes. The company is raising total Rs 5,000 crore via IPO.
Delhivery, a new age domestic logistics giant and supply chain firm , backed by the likes of Softbank, Tiger Global Management and Carlyle, earlier signed an agreement to acquire a 100 percent stake in rival express logistics player Spoton Logistics, multiple industry sources with knowledge of the matter told Moneycontrol.
Moneycontrol was the first to report on June 28 about the deal talks between both the parties.
The company earlier issued bonus shares to shareholders through a resolution passed in the Extraordinary General Meeting (EGM) held on September 29.