Gurugram based company, which is
It is expected to file its draft IPO papers in the next few days, is looking to raise a primary capital of about Rs 5,000 crore from its public issue. Delhivery aims to list early next year at a valuation of around $6-6.5 billion.
While US private equity major Carlyle, which first backed Delhivery in 2017, will liquidate shares worth $100 million or Rs 750 crore, Chinese investor Fosun has been known to exit the company completely through the OFS process. This is true, said two people familiar with the matter. Others such as the SoftBank Vision Fund and Times Internet will sell shares for $100 million and $50 million, respectively. Times Internet is part of the Times Group, which also owns ETTech.
Carlyle holds 10.3% in Delhivery while SoftBank holds 22.2% To bet As of September 29, according to Tracxn data.
Emails sent by ET to spokespersons for Carlyle, Fosun and SoftBank did not elicit any response. Delhivery and Times Internet did not comment on the development.
In the lead-up to the IPO, the logistics tech company said in a filing with the corporate affairs ministry that it had issued around 3,99,400 shares to 207 employees under its employee stock option scheme, according to data obtained from business intelligence platform Toffler. Get to know from. . In addition, as part of its IPO preparations, Delhivery appointed Kalpana Morparia, Romesh Sobti and Saugat Gupta as independent board directors.
This
converted into a public companyAs per the ET report, there is a mandatory requirement before getting listed on the stock exchanges and splitting your shares in the ratio of 1:10.
As part of its pre-IPO funding round in September, the company said that Lee Fixel, a former partner at New York-based investment firm Tiger Global, had
Invested a total of $125 million through its fund additions, partly through secondary purchases of shares from China’s Fosun. The Chinese fund sold 1.32% of its 3.8% stake in the company, valuing it at $4 billion, as reported by ET last month.
Fixel’s investment was a continuation of pre-IPO financing, which saw the company rack up $100 million in August from strategic investor FedEx Express. Earlier in June, Delhivery said it had raised $277 million from investors led by Singapore-based GIC and US-based Fidelity Management.
in one
Interview with ET in JuneDelhi CEO Sahil Barua had defined a timeline to go public amidst the horde of Indian startups tapping the IPO market for the first time. Barua had told ET that the logistics firm had constituted a board sub-committee in January for its IPO and mergers and acquisitions.
Founded by Sahil Barua, Mohit Tandon, Bhavesh Mangalani, Suraj Saharan and Kapil Bharti, Delhivery is an end-to-end logistics and supply chain services company. It has handled over a billion shipments with over 17,000 customers, including large and small ecommerce participants, SMEs and other enterprises.
Earlier this year, Manglani and Tandon decided to step away from the day-to-day operations of the startup, which they co-founded nearly 10 years ago. He has also been reclassified as ‘retired/non-active promoter’ for his stake in Delhivery.
The company counts other funds such as Tiger Global, CPPIB and Nexus Venture Partners as its shareholders.
Sandeep Barsia, managing director and chief business officer of Delhivery, told ET in June that the startup had generated revenue of over Rs 3,700 crore in 2020-21. The company recorded revenue of over Rs 2,988 crore in FY15 and incurred a loss of around Rs 269 crore during the same period.
Read also:
Watch ETtech IPO: A Decade of Delhi