Delhivery IPO: Logistics services firm Delhivery has reportedly received a green signal from the Securities and Exchange Board of India (Sebi) to float is Rs 7,460 crore initial public offering, or IPO. This comes amid a surge of interest among companies to float their public offers since the last year. The IPO boom is expected to continue this year too with nearly 40 companies waiting for the Sebi nod. Delhivery is the first unicorn this year to get its IPO approved from the market regulator. According to reports, experts have even suggested that it may exceed the levels of the previous year.
Delhivery had in November filed its draft papers with Sebi for its initial offer of Rs 7,460 crore. The Delhivery IPO is expected to hit the markets soon, as it has got its approval from Sebi . The company will raise Rs 5,000 crore through of fresh issue while the rest of the part worth Rs 2,460 crore will be an offer for sale.
The dates, lot size and share price of the Delhivery IPO has not been announced yet, as there was no official notification issued regarding the IPO. According to a report by the ET Now, the IPO will not collide with the Union Budget, which is set to be presented on February 1. “The roadshows have been successful, and all stakeholders including merchant bankers realize that value must be left on the IPO table,” said an official to ET Now.
The Gurugram-based logistics services unicorn has become the first unicorn in 2022 to get the approval of Sebi to list on the stock market, the Economic Times reported. The public offer by SoftBank and Carlyle-baked Delhivery comes after unicorns Nykaa and Zomato made bumper listings on the stock market last year. However, the Paytm IPO, which received a blow at the Dalal Street, has become a cause of concern for investors as well as the primary market. It remains to be seen how the Delhivery IPO performs during its listing.
According to the Economic Times report, SoftBank and Carlyle will sell its shares during the IPO. Apart from this, Times Internet was listed among the selling shareholders during the DHRP filed in November, the report said. Three among five co-founders of Delhivery, including Kapil Bharati, Mohit Tandon and Suraj Saharan, will also sell their shares during the public issue.
In a previous report by ET, Delhivery during its DHRP filing was seeking a valuation of $6-6.5 billion for its listing.
“Delhivery Limited is a well placed company for growing ecommerce demand in India, company has more than 21,000 customers which includes e-commerce, Direct to home companies etc. On the financial front, the company has reported good growth in revenue but still not able to report a positive bottom line, company has reported revenue of Rs 3,838 crores and loss of Rs 4,155 crores in FY2021,” AngelOne said in a note.