Joining the strong lineup of startups that have hit the primary capital markets this year, SoftBank Group-backed logistics firm Delhivery Limited has filed it's draft prospectus for a ₹ 7,460 crore ($ 997.3 million) initial public offering ( IPO).
This proposed IPO would comprise fresh issue of ₹ 5,000 crore and offer for sale of ₹ 2,460 crore by certain existing shareholders, according to the draft prospectus filed with SEBI on Monday evening.
Kotak Mahindra Capital, Morgan Stanley India, BOFA Securities and Citigroup are the bookrunning lead managers for the IPO.
According to RedSeer report, the New Delhi headquartered Delhivery was the largest and fastest growing fully-integrated logistics services player in India by revenue as of fiscal 2021.
The report had noted that Indian logistics market presents a large addressable opportunity with direct spends on logistics of $ 216 billion in fiscal 2020 and is expected to grow to about $ 365 billion by 2026 at a CAGR of 9.1 per cent. Within the logistics industry, the express parcel delivery segment, which is highly organised, is expected to grow at CAGR of 28-32 per cent to $ 10-12 billion by fiscal 2026.
Founded in 2011, Delhivery handles more than 1.5 million packages a day through its 43,000 strong team across the country. In June this year, the company had completed a series H funding round led by Fidelity.
The year 2021 has been a record one for IPOs in the Indian market with issuers raising nearly $ 10 billion till date this calendar year.