Delhi IPO: Supply chain company Dillivari raised Rs 2,347 crore from anchor investors ahead of its initial share sale on Tuesday, which opened for public subscription on Wednesday.
The company has decided to allocate a total of 4,81,87,860 equity shares at Rs 487 per anchor investor, which is also at the top end of the price band, consolidating the transaction size at Rs 2,346.74 crore, according to a circular uploaded on the BSE website.
AIA Singapore, Amansa Holdings, Aberdeen New India Investment Trust Plc, Goldman Sachs, The Master Trust Bank of Japan, Singapore Government, Monetary Authority of Singapore, Fidelity, Tiger Global Investments Fund, Steadview Capital Master Fund, Morgan Stanley Asia (Singapore) Pte , Societe Generale and Segantii India Mouritius are among the anchor investors.
Also, SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Mirae MF, ICICI Prudential MF, Invesco MF and Nippon India also participated in the anchor round.
The size of the initial public offering (IPO) has been reduced by Rs 5,235 crore from the previous Rs 7,460 crore planners.
The public issue now includes a new issue of equity shares worth Rs 4,000 crore and an offer for sale (OFS) component of Rs 1,235 crore by existing shareholders.
Under OFS, investors Carlyle Group and Softbank, as well as co-founders of Dilliveri, will divest their shareholding in the logistics company.
CA Swift Investments, an entity of Carlyle Group, will sell shares worth Rs. LP will sell shares worth Rs 200 crore and Times Internet will sell shares worth Rs 165 crore.
Also, co-founders of Delhivari – Kapil Bharati, Mohit Tandon and Suraj Saharan – will sell shares worth Rs 5 crore, Rs 40 crore and Rs 6 crore respectively.
At present, Softbank holds 22.78 per cent, Carlyle 7.42 per cent, Bharati 1.11 per cent, Tandon 1.88 per cent and Saharan 1.79 per cent.
The public issue with a price band of Rs 462-487 per share will be open for subscription on May 11 and will end on May 13.
The proceeds of the new issue will be used for financing, acquisitions and other strategic initiatives to fund inorganic growth and for general corporate purposes.
A total of 75 per cent of the issue is reserved for eligible institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
In addition, the company has set aside shares worth Rs 20 crore for eligible employees, who will get a discount of Rs 25 per equity stock during the bidding process.
Investors can bid for a minimum of 30 equity shares and multiples of it.
Delivery Express provides a full range of services including parcel delivery, heavy goods delivery, warehousing, supply chain solutions, cross-border express and freight services and value-added services including supply chain software such as e-commerce return service, payment. Collection and processing, installation and assembly services.
The e-commerce logistics company operates a Pan-India network and provides services with 17,045 Postal Index Numbers (PINs).
The company’s Express Parcel Delivery Network, which provided 17,488 pin code services in the nine months ending December 2021, covered 90.61 per cent of 19,300 pin codes in India.
The company has a diverse base of 23,113 active customers such as e-commerce marketplace, direct-to-consumer e-teller and enterprise and SMEs in various verticals such as FMCG, consumer sustainable, consumer electronics, lifestyle, retail, automotive and automotive.
The Gurugram-based company said about five customers contributed more than 40 per cent to its revenue in the financial year.
Kotak Mahindra Capital Company, Bofa Securities India, Morgan Stanley India Company and Citigroup Global Markets India are the book running lead managers of this issue.
The equity shares of the supply chain company will be listed on the stock exchange – BSE and NSE – 24 May.
In August, Delhi acquired Spoton to further scale their partial trackload (PTL) freight services business. PTI