Ahead of its IPO, Delhivery collects Rs 2,347 Crore from anchor investors
The business has agreed to issue 4,81,87,860 equity shares to anchor investors for Rs 487 per share, which is also the top end of the price band, bringing the entire transaction amount to Rs 2,346.74 crore.
Delhivery, a logistics startup, received Rs 2,347 crore from anchor investors on Tuesday, just days before its initial public offering (IPO), which begins on Wednesday.
According to a circular posted on the BSE website, the business has opted to distribute a total of 4,81,87,860 equity shares to anchor investors at Rs 487 each, which is also the high end of the price band, totalling Rs 2,346.74 crore.
Amansa Holdings, Aberdeen New India Investment Trust Plc, Goldman Sachs, The Master Trust Bank of Japan, the Monetary Authority of Singapore, Fidelity, Tiger Global Investments Fund, Steadview Capital Master Fund, Morgan Stanley Asia (Singapore) Pte, Societe Generale, and Segantii India Mauritius are some of the anchor investors.
In addition, the anchor round included SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Mirae MF, ICICI Prudential MF, Invesco MF, and Nippon India.
From Rs 7,460 crore to Rs 5,235 crore, the initial public offering (IPO) has been reduced.
New issuance of equity shares worth Rs 4,000 crore has been added to the public offering, along with an offer for sale (OFS) component worth Rs 1,235 crore from existing shareholders.
Delhivery’s co-founders, as well as Carlyle Group and SoftBank, will give up their shares under the OFS.
Carlyle Group entity CA Swift Investments, a Carlyle Group entity, is selling Rs 454 crore in shares, while Softbank Group’s SVF Doorbell (Cayman) Ltd, a Softbank Group entity, is selling Rs 365 crore in shares, Deli CMF Pte Ltd, a wholly-owned subsidiary of private equity fund China Momentum Fund, L.P., is selling Rs 200 crore in shares, and Times Internet is selling Rs 165 crore in shares.
Furthermore, the co-founders of Delhivery, Kapil Bharati, Mohit Tandon, and Suraj Saharan, would sell shares worth Rs 5 crore, Rs 40 crore, and Rs 6 crore, respectively.
SoftBank now owns 22.78 per cent of the firm, Carlyle owns 7.42 per cent, Bharti owns 1.11 per cent, Tondon owns 1.88 per cent, and Saharan owns 1.79 per cent.
The public offering, with a price range of Rs 462-487 a share, will begin on May 11 and end on May 13.
In addition to supporting organic growth efforts and inorganic expansion through acquisitions, the proceeds from the new offering will be used to fund general business needs.
The issuance has been reserved for qualified institutional investors at 75%, non-institutional investors at 15%, and retail investors at 10%.
Furthermore, the business has put aside Rs 20 crore in shares for qualified employees, who would receive a Rs 25 discount per equity stake throughout the bidding process.
The number of equity shares an investor can purchase is limited only by their imagination.
Among Delhivery’s logistics services are delivery of express parcels, delivery of heavy goods, warehousing, supply chain solution, transportation of cross-border express and freight, as well as value-added services such as e-commerce return services, payment collection, and installation and assembly.
The e-commerce logistics firm has a pan-India network and services in 17,045 postal index number (PIN) codes.
In the nine months ending December 2021, the company’s express parcel delivery network handled 17,488 PINs, accounting for 90.61 per cent of India’s 19,300 PIN codes.
The firm serves a varied base of 23,113 active clients, including e-commerce platforms, direct-to-consumer e-tailers, and companies and SMEs from a variety of industries, including FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive, and manufacturing.
According to the Gurugram-based firm, five clients generated more than 40% of its income in FY21.
Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company, and Citigroup Global Markets India act as book-running lead managers on the issuance.
The supply chain company’s equity shares will be offered on the stock markets (BSE and NSE) on May 24.
Delhivery bought Spoton in August to expand their partial truckload (PTL) freight services company.
edited and proofread by nikita sharma