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Delhivery gets approval from SEBI to bring IPO, the company will raise Rs 7,460 crore

Market regulator Securities and Exchange Board of India (SEBI) has approved the proposal of Rs 7,460 crore Initial Public Offering (IPO) of logistics startup Delhivery. Gurugram-based Delhivery has become the first top tier startup this year to get SEBI approval for listing on the domestic market.

SEBI has approved the proposal of Rs 7,460 crore Initial Public Offering (IPO) of logistics startup Delhivery.

Upcoming IPO: Market regulator Securities and Exchange Board of India (SEBI) has approved the proposal of Rs 7,460 crore Initial Public Offering (IPO) of logistics startup Delhivery. According to the report of Economic Times, he has been told by people with knowledge of the matter. Gurugram-based Delhivery has become the first top tier startup this year to get SEBI approval for listing on the domestic market.

Delhivery, backed by SoftBank and Carlyle, said in its draft red herring prospectus (DRHP) in November that it plans to raise Rs 5,000 crore through fresh issue of shares. Where the Offer for Sale (OFS) will be around Rs 2,460 crore in this. At the same time, some existing investors will sell a part of their holding in the company based in Gurugram.

What does the company do?

Delhivery, a new age domestic logistics and supply chain company, is supported by SoftBank, Tiger Global Management and Carlyle. The company had earlier signed an agreement to acquire 100 per cent stake in its rival Spoton Logistics.

Earlier, the company had issued bonus shares to the shareholders through a resolution passed in the Extra Ordinary General Meeting (EGM) held on 29 September. Earlier, Delhivery co-founder and chief executive Sahil Barua had indicated in an interview to the Economic Times that the company had plans to list in the next six to eight months. He had told that the company plans to issue a primary issue in the range of $ 400-500 million.

Delhivery is competing with Blue Dart Express Ltd and DTDC India, a unit of DHL, in the $150 billion domestic logistics sector. The logistics sector in the country contributes to about 14 percent of the total gross domestic product. This information is according to the Logistics Skill Council of the government.

Kotak Mahindra Bank among lead managers of IPO

Kotak Mahindra Bank, Morgan Stanley India, BOFA Securities and Citigroup are the lead managers of the IPO.

Delhivery announced the adoption of drone technology last month. This company will deliver goods through drones. For this a deal has been done with the American company Transition Robotics. The company has decided to enter the field of drones before bringing the IPO. The US-based Transition Robotics company is known for making drones or Unmanned Aerial System (UAS) platforms. From hardware to software and testing, from validation to manufacturing, work is done. Delhivery Chief Technology Officer Kapil Bharti says that drone work is an emerging field in India. In view of this, Delhivery wants to use drone technology.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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