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Logistics unicorn Delhivery’s initial public offering (IPO) is likely to open for subscription on May 11, 2022. The company has set the price band of the offer at INR 462 to INR 487 per equity share. The anchor investor bid/offer period is one working day prior to the opening date, that is, May 10, 2022.
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The offer includes an employee discount of INR 25 per equity share on the offer price for eligible employees bidding in the Employee Reservation Portion. Bids can be made for a minimum of 30 equity shares and in multiples of 30 equity shares thereafter.
“The equity shares offered in this offer are proposed to be listed on both BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, and Citigroup Global Markets India Private Limited are the book running lead managers to the offer,” the company said in a statement.
The company has slashed its total issue size from INR 7,460 crore, to INR 5,235 crore, including INR 4,000 crore through the fresh issue and INR 1,235 crore through an offer for sale.
Delhivery was founded by Sahil Barua, Kapil Bharati, Suraj Saharan, Bhavesh Manglani and Mohit Tandon in 2011. Initially, the startup was delivering food and had also partnered with Zomato during its early days. Later, it pivoted to a full suite logistics company offering services such as FTL freight, LTL, reverse logistics, express parcel transportation, B2C, B2B among others.
The Gurugram-based company has fulfilled over 1 billion shipments since inception and today works with over 21,000 customers (for the three months ended June 30, 2021), including large and small e-commerce participants, SMEs, and other enterprises & brands. The company claims that according to a report, it is India’s largest and fastest-growing fully integrated logistics services player by revenue as of Fiscal 2021.