Delhivery, Radiant CMS, Veranda Learning Solutions get SEBI nod for IPO

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Delhivery Limited, Ascent Capital-backed Radiant Cash Management Services Limited and online learning platform Veranda Learning Solutions Ltd have received approval from the Securities and Exchange Board of India to launch initial public offering (IPO).

These companies had filed their preliminary IPO papers with SEBI between October and November 2021, and obtained SEBI’s “observations” during January 10-13, 2022, as per an update with SEBI.

The issuance of observations implies SEBI’s go-ahead to float IPO. SEBI is yet to issue observations for 39 IPO papers.

Delhivery’s plans

The ₹7,460-crore ($997.3 million) IPO of the SoftBank Group-backed logistics firm, Delhivery Limited, would comprise fresh issue of ₹5,000 crore and offer for sale of ₹2,460 crore by certain existing shareholders.

Fosun Group-owned China Momentum Fund will be offloading shares worth ₹400 crore via its affiliate Deli CMF Pte Ltd, while shares worth ₹920 crore will be sold by CA Swift Investments, an entity of Carlyle Group. SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will be offloading shares worth ₹750 crore, while Times Internet Ltd will offload shares worth ₹330 crore. Among individual selling shareholders, shares worth ₹14 crore will be sold by Kapil Bharati, ₹40 crore by Mohit Tandon and ₹6 crore by Suraj Saharan.

For organic growth

The proceeds from the issue will be spent towards funding organic growth initiatives and other strategic initaitives. As much as ₹2,500 crore will be spent towards funding organic growth initiatives, while ₹1,250 crore will go for funding inorganic growth through acquisitions and other strategic initiatives.

Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Citigroup Global Markets will be managing the share sale.

Radiant CMS’ ₹60-cr fresh issue

The IPO of Cash Management Services comprises a fresh issue of equity shares aggregating up to ₹60 crore and an OFS of up to 3.01 crore shares.

The Ascent Capital-backed company is an integrated cash logistics player with presence in retail cash management (RCM) segment. It is one of the largest players in the RCM segment in terms of network locations or touch points served as of July 31, 2021.

Of the funds raised, ₹20 crore from the net proceeds will go towards funding working capital requirements of the company, while ₹23.9 crore will be spent on funding of capital expenditure requirements for purchase of specially fabricated armoured vans, as per the draft IPO papers filed by the company.

Veranda Learning

The online learning platform plans to raise up to ₹200 crore via its IPO which is entirely a fresh issue of equity shares. 

Of the net proceeds, it plans to spend up to ₹60 crore towards repayment or pre-payment, in part or full, of all or certain of its borrowings while ₹25.19 crore will go towards retirement of acquisition consideration of Edureka. It plans to spend ₹50 crore on growth initiatives, as per the company’s draft IPO papers.

Veranda is engaged in the business of offering “diversified and integrated learning solutions in online, offline hybrid and offline blended” formats to students, aspirants, graduates, professionals, and corporate employees enrolled with its courses through a multitude of competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses. 

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