Delhivery’s Rs 7,460-crore IPO gets approval of SEBI
By MYBRANDBOOK
The Securities and Exchange Board of India has given a thumbs up to the proposed Rs 7,460-crore initial public offering of Delhivery, making the Gurugram-based 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 had said that it planned to raise Rs 5,000 crore through fresh issuance of shares while the IPO will have an offer for sale component of Rs 2,460 crore where some of its existing investors will sell part of their holdings.
At the time of its draft red herring prospectus (DRHP) filing, the company was seeking a valuation of around $6-6.5 billion for its listing. The Times Internet was listed among selling shareholders in the DRHP. Times Internet is part of the Times Group, which publishes The Economic Times. Kapil Bharati, Mohit Tandon and Suraj Saharan—who are among the five founders of Delhivery—are also listed to sell shares through the IPO.
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.
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