Supply chain company Delhivery has fixed the price band of 462-487 for one share 5,235 crore initial public offering (IPO), which will open for subscription on Wednesday, May 11, 2022 and will end on May 13. The bidding for anchor investors will open on May 10.
At the upper end of the price band, the company is valued 35,284 crores. size of IPO has been cut 5,235 crore from 7,460 crore as earlier planned. Public issue now includes fresh issue of equity shares 4,000 crore and offer for sale (OFS) component 1,235 crore by existing shareholders.
Under the OFS, investors will sell their stake in the logistics company co-founded by Delhivery, along with Carlyle Group and SoftBank. Currently, SoftBank holds 22.78% stake, Carlyle holds 7.42% stake, Kapil Bharti holds 1.11% stake, Mohit Tandon holds 1.88% and Suraj Saharan holds 1.79% stake in the company.
According to market observers, delhivery K shares are available at Premium (GMP) 16 today in gray market, down compared to yesterday 25. The shares of the company are expected to be listed on the stock exchanges BSE and NSE on Tuesday, 24th May, 2022.
The latest issue proceeds to the tune of 2,000 crore will be used to finance organic development initiatives and 1,000 crore for inorganic development through acquisitions and other strategic initiatives, in addition, the funds will be used for general corporate purposes.
Delhivery offers a full range of logistics services including express parcel delivery, heavy cargo delivery, warehousing, supply chain solutions, cross-border express and freight services and supply chain software along with value-added services such as e-commerce return services, payments Is. Collection and processing, installation and assembly services.
Kotak Mahindra Capital Company, BofA Securities India, Morgan Stanley India Company and Citigroup Global Markets India are the book running lead managers of the issue.