This makes the Gurugram-based new-age logistics business the first unicorn to receive stock market regulator approval to list on domestic exchanges this year. People familiar with the case told that the Securities and Exchange Board of India (Sebi) has cleared Delhivery’s proposed Rs 7,460-crore initial public offering (IPO).
In its drafts red herring prospectus (DRHP) filed in November, SoftBank and Carlyle-backed Delhivery stated it aimed to generate Rs 5,000 crore through a new share issue, with an offer for sale (OFS) component of Rs 2,460 crore where some of its current investors will trade part of their holdings.
Times Internet was one of the selling stockholders in the DRHP, along with Carlyle and Japan’s SoftBank Vision Fund. The IPO will also allow Kapil Bharati, Mohit Tandon, and Suraj Saharan, three of Delhivery’s five founders, to sell shares.
Since the onset of Covid-19, Delhivery has significantly benefited from the exponential rise of e-commerce in the country. It is one of the country’s major independent logistics companies, with locations all around the country.
Delhivery made an investment in Falcon Autotech, a Noida-based supplier of warehousing automation solutions, earlier this month. This is part of the company’s plan to invest in “future-ready” hardware in its operations. As ET previously reported, the logistics company had earlier purchased Spoton Logistics in a $300 million all-cash acquisition to bolster its business-to-business (B2B) segment. In December of last year, it also bought Transition Robotics Inc., a drone firm based in California.
For 2020-21, the company reported sales of Rs 3,646.5 crore, up from Rs 2,780 crore in FY20. It had a net loss of Rs 415.7 crore last fiscal year, compared to about Rs 269 crore the year before. For the quarter finished June 2021, Delhivery’s revenue was at Rs 1,317 crore, with a loss of over Rs 129 crore.