Sebi green lights Delhivery’s Rs 7,460 crore IPO proposal

15 Jan , 2022 By : Kanchan Joshi

The Securities and Exchange Board of India (Sebi) is learnt to have approved the proposed Rs 7,460-crore initial public offering (IPO) of Delhivery, people aware of the matter told ET.

This makes the Gurugram-based new-age logistics startup the first unicorn this year to have obtained the stock market regulator’s nod to list on domestic bourses.

SoftBank and Carlyle-backed Delhivery, in its draft red herring prospectus (DRHP) filed in November, had said it planned to raise Rs 5,000 crore through fresh issuance of shares while the IPO will have an offer for sale (OFS) component of Rs 2,460 crore where some of its existing investors will sell part of their holdings.

Besides Carlyle and Japan’s SoftBank Vision Fund, Times Internet was listed among selling shareholders in the DRHP. Kapil Bharati, Mohit Tandon and Suraj Saharan—who are among the five founders of Delhivery—are also listed to sell shares through the IPO.

A Delhivery spokesperson did not respond to ET’s query for a comment on the Sebi nod till press time Friday.

At the time of its DRHP filing, the company was seeking a valuation of around $6-6.5 billion for its listing, as ET had reported.

Delhivery has been one of the largest beneficiaries of the exponential growth of ecommerce in the country since the outbreak of Covid-19. It is one of the largest independent logistics startups with presence across the country.

Earlier this month, Delhivery made an investment in Falcon Autotech, a Noida-based maker of warehousing automation products. This is part of its strategy to invest in “future-ready” hardware solutions in its operations. The logistics startup had previously acquired Spoton Logistics in a $300 million all-cash deal to strengthen its business-to-business (B2B) vertical, as reported by ET. In December last year, it also acquired California-based drone startup Transition Robotics Inc.

The company had reported a revenue of Rs 3,646.5 crore for 2020-21, up from Rs 2,780 crore in FY20. Its net loss was at Rs 415.7 crore last fiscal against almost Rs 269 crore in the previous year. For the quarter ended June 2021, Delhivery’s revenue was at Rs 1,317 crore with a loss of over Rs 129 crore.