Sebi Green Lights Delhivery’s Rs. 7,460 crores IPO Proposal

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

This makes the Gurgaon-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-baked Delhivery, in its draft red herring prospectus (DRHP) filed in November, had said it planned to raise Rs. 5,000 crores through fresh issuance of shares while the IPO will have an offer for sale (OFS) component of Rs. 2, 460 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. 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.

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 presentence across the country. Earlier this month, Delhivery made an investment in Falcon Auto tech, a Noida based maker of Warehousing automation products. This is part of its strategy to invest in “Future-ready” hardware solution in its operations.

Delhivery had earlier acquired Spoton Logistice 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 crores for 2020-21, up from Rs. 2,780 crores in FY20. Its net loss was at Rs 415.7 crores last fiscal against almost Rs. 269 crores in the previous year.

For the quarter ended June 2021, Delhivery’s revenue was at Rs. 1,307 crores with a loss of over Rs. 129 crores. S-ET

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