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India's largest fully integrated logistics company Delhivery has announced a 31.48% reduction in the size of its IPO, bringing down the size from Rs 7,640 crores to Rs 5,235 crores, choosing to play it safe amid volatile markets and geopolitical uncertainty.
Softbank, Times Internet, and Carlyle-backed Delhivery is India's largest independent logistics start-ups founded in 2011. The company provides a full suite of logistics services such as parcel transportation, reverse logistics, B2B and B2C warehousing, end-to-end supply chain services, etc. with a network exceeding 19000 pin codes and 2500+ cities.
Earlier, the company was planning to raise Rs 5,000 crores by the fresh issue of shares, and a balance of Rs 2,640 crores as an Offer For Sale (OFS) for its existing promoters and investors.
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Now, the fresh issue has been reduced by 20% to Rs 4,000 crores and the OFS is down to Rs 1,235 crores, a reduction of over 50%.
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 & up to 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.
Delhivery was the first new-age tech IPO to have received the approval of SEBI this year. The company's IPO is rumored to go live for anchor investors on 10th May & 11th May for the general public. The IPO was approved in mid-January and is one of the most awaited IPOs of 2022.
Article by Aman Agarwal.
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