Delhivery may launch IPO this month at reduced size of Rs 5.5k crore, Retail News, ET Retail

Mumbai: Delhivery, an built-in logistics business, is possible to start its initial public giving this thirty day period, reported expense bankers. The company may minimize the issue sizing to Rs 5,500 crore from Rs 7,460 crore it experienced prepared before due to demanding current market conditions, claimed a single person conscious of the subject.

The Gurgaon-dependent startup held a board meeting on Saturday to examine whether it should go forward with the IPO this thirty day period. The board cleared the prepare and the give is probably to start following the LIC IPO membership window closes on Could 9, reported sources informed of the matter.

“The plan is to open the membership window after LIC so institutional traders can finalise allocations for Delhivery IPO foundation the allotments they get for LIC,” mentioned a person conscious of the make any difference. Delhivery’s IPO was cleared by Sebi in January but the corporation had to postpone the share sale due to weak industry sentiment.

The company did not respond to an e-mail query.

Delhivery’s earlier IPO program was to problem fresh new shares well worth Rs 5,000 crore and an offer you for sale by existing shareholders to the tune of Rs 2,460 crore. The agency will likely revise this contemplating the reduction in offer you dimensions, stated 1 of the folks quoted over

“We want to go public when our business is perfectly recognized. Though valuation is one particular of the factors (for the hold off), it is not a vital issue – because we do not involve the cash, and market conditions at this time are bumpy,” Sahil Barua, cofounder and chief executive of Delhivery, claimed at the Economic Times Startup Awards 2021 in March.

Kotak Mahindra Capital, Morgan Stanley, BofA Securities, and Citigroup are the issues’ bankers.

In accordance to the company’s draft crimson herring prospectus, the company’s premier shareholders are SoftBank Holding with a 22.78% stake, Nexus Ventures with a 9.23% stake, and CI Swift Holdings (Carlyle) with a 7.42% stake. Kapil Bharati retains 1.11%, Mohit Tandon owns 1.88% and Suraj Saharan has a 1.79% stake in the corporation.