Delhivery Ltd, a Gurugram-based Indian logistics and e-commerce supply chain company, has fixed the price band of its initial public offering (IPO) at Rs 462-487 apiece, with a valuation of the company at Rs 35,283 crore, with the upper band taken into consideration.
The three-day initial share will open on May 11 and conclude on May 13. The bidding for anchor investors will start on May 10, according to the company.
The basis for allotment will be done on May 19 and on May 23, the shares will be credited to the Demat account.
The firm will debut on the exchanges on May 24.
The logistics firm has trimmed its IPO size to Rs 5,235 crore from Rs 7,460 crore as decided earlier.
About 75 percent or three-fourths of the issue is booked for qualified institutional investors, 15 percent for non-institutional investors, and one-tenth of 10% have a quota for retail investors.
Investors can bid to buy a minimum of 30 equity shares and in multiples thereof.
The company will pool funds worth Rs 4,000 crore through the fresh issue and Rs 1,235 crore via an offer for sale (OFS).
Offer-For-Sale:
Fosun group-owned China Momentum Fund, through its affiliate Deli CMF Pte Ltd, will offload Rs 200 crore.
Apart from them, CA Swift Investments will dilute shares worth Rs 454 crore, SVF Doorbell Ltd will sell shares to the tune of Rs 365 crore, and up to Rs 165 crore will be offloaded by Times Internet.
Delhivery co-founders will also offer their shares for sale.
Kapil Bharati will offload shares aggregating to Rs 5 crore, Mohit Tandon will sell his shares worth Rs 40 crore, while Suraj Saharan will sell shares worth Rs 6 crore.
How The Company Will Use Proceeds?
The proceeds from the share sale will be utilized in funding the company’s organic and inorganic growth initiatives via acquisitions and other strategies.
Lead Managers To Issue:
Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company, and Citigroup Global Markets India are the book running lead managers for the share sale.
In May, Delhivery raised $275 million (about ₹ 2,000 crore) in the primary funding round, led by Fidelity Management and Research Company. With this, Delhivery’s valuation was estimated to increase by over $3 billion.