Financial Insights

Delhivery cuts IPO size by 30%

Logistics firm Delhivery announced a 30% reduction in its IPO size on Tuesday, bringing the issue down from its initial size of Rs 7,640 crores to Rs 5,000 crores.

ProCapitas had reported on 16th January, 2022, that Delhivery was the first new-age tech company that received the approval of market regulator SEBI in this year.

Gurugram-based Delhivery is one of India’s largest independent logistics start-ups founded in 2011. The company provides a full suite of logistics services such as Pracel transportation, reverse logistics, B2B and B2C warehousing, end-to-end supply chain services, etc. with a network exceeding 19000 pincodes and 2500+ cities.

The company is backed by several big names like Times Internet, Carlyle and Softbank. Currently, the company has announced that the IPO size will be reduced by 30% wherein Rs 4,000 crore shall be through fresh issue & the balance Rs 1,235 crore via OFS.

Carlyle is planning a sale of shares worth Rs 454 crores against Rs 920 crores planned earlier. Softbank, its largest shareholder holding over 22%, has also reduced its sale to Rs 365 crores & upto Rs 165 crores by Times Internet. Delhivery co-founders will continue participating in the OFS as Kapil Bharati, Mohit Tandon and Suraj Saharan will sell shares worth Rs 5 crores, Rs 40 crores & Rs 6 crores respectively.

The IPO is rumored to go live on 11th May.

Highlight by Aman Agarwal.

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