Delhivery, a supply chain company, has received the approval of Sebi to raise 7,460 crore through an initial public offering IPO. The IPO comprises issuance of equity shares worth Rs 5,000 crore and the sale of the OFS component of Rs 2,460 crore by existing shareholders, according to the draft red herring prospectus DRHP Under the OFS, investors Carlyle Group and SoftBank and Delhivery's co-founders will divest their shareholding in the logistics company.
The company, which filed its preliminary IPO papers with Sebi in November, received its observations letter on January 13, an update to the regulators on Tuesday.
The issuance of an observation letter implies its go-ahead for the IPO, according to the Sebi parlance.
The draft papers show that CA Swift Investments, an entity of Carlyle Group, will sell shares worth 750 crores, while Deli CMF Pte Ltd, a wholly-owned subsidiary of the private equity fund China Momentum Fund, will sell shares worth Rs 400 crore and Times Internet will sell shares worth Rs 330 crore.
In addition to that, Delhivery's co-founders Kapil Bharati, Mohit Tandon and Suraj Saharan will sell shares worth Rs 14 crore, Rs 40 crore and Rs 6 crore.
Bharati owns 1.11 per cent, Tondon has 1.88 per cent and Saharan has a 1.79 per cent stake in the company.
The money raised by the fresh issue will be used to fund organic growth initiatives, funding inorganic growth through acquisitions, and other strategic initiatives, and general corporate purposes.
As of June 30, 2021, the pan-India network is used to provide services to 17,045 postal index number PIN codes.
It provides supply chain solutions to a wide range of customers, such as e-commerce marketplaces, direct-to- consumer e-tailers and enterprises and SMEs across several verticals, such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.
The book running lead managers are Citigroup Global Markets India, BofA Securities India, Morgan Stanley India Company and Kotak Mahindra Capital Company.
In May, Delhivery had announced that it had raised $275 million about 1,995 crore in the primary funding round, led by Fidelity Management and Research Company. Delhivery's valuation was expected to rise to over 3 billion with this capital.