it’s part of a
Additional $125 million grant Which was announced by the company last month.
IPO-Bound Delhivery People with knowledge of the matter said it was valued at around $3.2 billion in the primary round, while the secondary share sale was at a much higher price. In a secondary share sale, the money does not flow directly into the company but instead goes to the investors to sell their stake.
“This is part of the secondary round in Delhi where China‘s fosun It has sold its 1.32% stake in the company,” said a person with knowledge of the development. Prior to this transaction, Fosun held approximately 3.8% stake in the company.
A person familiar with the details of the deal said that Editions invested $75 million in primary capital, while the rest — $50 million — was in the form of secondary transactions.
“Fosun is watching Sell He has a full stake ahead of the proposed IPO of Delhivery.
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A third source said the Chinese investor may dilute his entire stake during the offer for sale (OFS), which the company is expected to do before its listing.
Delhi is
Wants to raise $1 billion from its listing later this fiscal year. “It is targeting a valuation of around $6-$7 billion for its IPO,” another person said.
Spokespersons for Delhivery and Fosun did not respond to ET’s queries.
Bay Capital has invested in some new age startups seeking to go public, such as
Policybazaar India,
ixigo, And
county map.
In 2017,
Delhivery raised Rs 200 crore ($30 million) from Fosun International As part of a larger funding round, the company was valued at $650 million at the time, ET reported.
Times Internet, part of The Times of India Group, which also publishes this newspaper, is an early investor in Delhivery.
A Gurugram based company backed by SoftBank Vision Fund and Carlyle Group Inc.,
Secured $100 million from strategic investor FedEx Express in August. In June, the 10-year-old company said it had
Raises $275 million from investors led by GIC and Fidelity.
Typically, prior to an IPO, early investors in a company cash out and reinvest with long-term late-stage funds coming into the company to set the cap table valuation benchmark. In Fosun’s case, sources said, due to geopolitical issues related to Chinese investments in Indian companies, it wants to cash out before listing.
During this,
Delhivery has issued bonus shares to shareholders before filing its draft prospectus With the capital markets regulator, regulatory documents revealed.
According to a filing to the Ministry of Corporate Affairs, which has been accessed by ET, the company on Sunday said it has decided to allot 16.8 million bonus shares in the ratio of 9 to equity shareholders in an extraordinary general meeting (EGM) held on September 29. did. :1.
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The documents showed that around 90 individuals and entities are listed as recipients of these bonus shares.
The EGM also passed a resolution to allot more stock options under the Employee Stock Ownership Scheme (ESOP) scheme to eligible old and current employees.
Founded by Sahil Barua, Mohit Tandon, Bhavesh Mangalani, Suraj Saharan and Kapil Bharti, the end-to-end logistics and supply chain services company has catered to over a billion shipments with over 17,000 customers including large and small ecommerce participants . and medium enterprises.