Bengaluru: Logistics services and supply chain service Delhivery have submitted IPO RS 7,460-Crore (around $ 1 billion), riding in the madness of the capital market for the internet company new times.
The company will collect RS 5,000 Crore through the issuance of new shares and will have offers for sale (OFS) from RS 2,460 Crore from existing investors such as private carlyle equity companies, Softbank Vision Fund, and Times.
Other shareholders dilute their shares including the founder of Kapil Bharati, Mohit Tandon and Suraj Sahara.
While Bharati dismantled around 7 million shares, the other two sold around 11 million.
Softbank Vision Fund, the largest shareholder with around 23% of the shares will be looking to increase around Rs 750 Crore by selling parts of its shares.
Delhivery, which competes with Blue Dart and ECOM Express, wants to use RS 2,500 Crore to fund organic growth initiatives including increasing existing vertical, along with the development of adjacent new business lines, expanding its network infrastructure with a new warehouse and automatic supply chain center.
With archiving, the company joins people like Zomato, Nykaa, Polikebazaar and Paytm, who have become the public recently or have submitted an IPO.
Delhivery reported a wider loss for the last fiscal which ended in March, which rose to Rs 415 Crore, from Rs 269 Crore in the previous year.
Income, however, grew 29% to Rs 3,838 Crore.
The company provides services in the 17,045 pin code.