Delhivery files Rs 7460 crore IPO papers with SEBI

Delhivery, a new generation logistics company, has filed drafted documents with the Securities and Exchange Board of India (Sebi) to fund Rs 7,460 through an initial public offering (IPO). The company would raise Rs 5,000 crore through the issuance of new shares, with an additional Rs 2,460 crore raised through an offer for sale (OFS) in which some of its existing investors will dilute their holdings.

The initial public offering consists of a fresh issuance of equity shares totaling 5,000 crore and an offer for sale of shares worth up to 2,460 crore by existing promoters and shareholders.

Deli CMF Pte Ltd will sell up to 400 crore worth of shares in the OFS, while CA Swift Investments would sell up to 920 crore and SVF Doorbell Ltd will sell up to 750 crore.

SVF Doorbell Cayman currently owns 22.78 percent of the company, while CA Swift Investments owns 7.42 percent.

The issue’s proceeds would be used to fund organic growth around 2,500 crore, with 1,250 crore put aside for acquisitions.

The issue’s book running lead managers are Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, and Citigroup Global Markets.

Delhivery is the largest and fastest growing fully-integrated logistics services player in India by revenue. It has a nationwide network with presence in each state, servicing 17,045 PIN codes, or 88.3% of the 19,300 PIN codes in India as of June.

As of June 30, 2021, the company’s network infrastructure included 124 gateways, 20 automated sort centres, 83 fulfilment centres, 35 collection points, 24 returns processing centres, 249 service centres, 120 intermediate processing centres, and 2,235 direct delivery centres, including Spoton’s 38 gateways and 145 service centres.

It has 1,162 partner locations to supplement its self-delivery network.

Delhivery fulfilled over 289.20 million express package orders, transported 373,854 tonnes of PTL freight, processed 47.37 million orders through its fulfilment centres, and completed over 46,878 truckload movements in fiscal year 2021.

Its overall revenue in FY21 was 3,838.29 crore, up from 2,988.63 crore the previous year. The net loss increased to 415.74 crore in FY20 from 268.93 crore the previous year.