Delhivery IPO: Logistics service provider Delhivery has reportedly received a green signal from the Securities and Exchange Board of India (Sebi) to float on Rs 7,460 crore initial public offering, or IPO. This comes amid a wave of interest among companies to show their public offerings since the past year. The IPO boom is expected to continue this year as well with nearly 40 companies waiting for the Sebi kink. Delhivery is the first unicorn this year to get its IPO approved by the market regulator. According to reports, experts have even suggested it could exceed the previous year’s levels.
Delhivery had submitted its draft documents to Sebi in November for its initial bid of Rs 7,460 crore. The Delhivery IPO is expected to hit the market soon as it has received its approval from Sebi. The company will raise Rs 5,000 crore through a new issue while the rest of the share valued at Rs 2,460 crore will be put up for sale.
The dates, lot size and share price of the Delhivery IPO have not yet been announced as no official announcement has been made regarding the IPO. According to a report by ET Now, the IPO will not clash with the Union’s budget, which will be presented on February 1. IPO table,” an official told ET Now.
The Gurugram-based logistics services unicorn is the first unicorn in 2022 to receive Sebi’s approval to be listed on the stock market, the Economic Times reported. SoftBank’s and Carlyle-baked Delhivery’s public offer comes after the unicorns Nykaa and Zomato made great listings in the stock market last year. However, Paytm’s IPO, which took a hit on Dalal Street, has become a concern for investors and the primary market alike. It remains to be seen how the Delhivery IPO performs during the listing.
According to the Economic Times report, SoftBank and Carlyle will sell their shares during the IPO. Beyond this, Times Internet was listed as one of the selling shareholders during the DHRP filed in November, the report said. Three of the five co-founders of Delhivery, including Kapil Bharati, Mohit Tandon and Suraj Saharan, will also sell their shares in the public offering.
In an earlier report from ET, Delhivery requested a $6-6.5 billion valuation for its listing during its DHRP filing.
“Delhivery Limited is a well-placed company for the growing demand for e-commerce in India, the company has more than 21,000 customers including e-commerce, direct-to-home businesses, etc. Financially, the company has a good reported revenue growth but it is still unable to report a positive result, the company has reported revenue of Rs 3,838 crores and loss of Rs 4,155 crores in FY2021,” AngelOne said in a note.
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