Joining the strong line-up of start-ups that have hit the primary capital markets this year, SoftBank Group-backed logistics firm Delhivery Limited has filed its draft prospectus for a ₹7,460-crore ($997.3 million) initial public offering ( IPO).

The 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 Monday evening.

Kotak Mahindra Capital, Morgan Stanley India, BofA Securities and Citigroup are the book running lead managers for the IPO.

Primary market to sparkle with IPOs worth over ₹30,000 crore in November

According to a 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.

IPO boom

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 a CAGR of 28-32 per cent to $10-12 billion by fiscal 2026.

Delhivery raises ₹558 crore from Lee Fixel’s Addition

Founded in 2011, Delhivery handles more than 1.5 million packages a day through its 43,000-team across the country. In June this year, the company completed a series H funding round led by Fidelity.

2021 has been a record year for IPOs in the Indian market with 74 issues raising a whopping $9.1 billion in the first nine months this calendar year, according to Refinitiv as against IPO mop-up of $2.15 billion from 28 issues in the same nine-month period last calendar year.

 

 

 

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