SoftBank-backed Indian logistics startup Delhivery files for US$997 million IPO
BENGALURU :SoftBank Group-backed Indian logistics firm Delhivery has filed for an initial public offering of up to 74.6 billion rupees (US$997.33 million), joining a long list of startups that have tapped the capital market this year.
In India, 157 companies including TPG-backed Nykaa and SoftBank-backed Paytm, Oyo Hotels and Rooms and online insurance aggregator Policybazaar have raised US$17.22 billion via IPOs this year as of Oct. 31, compared with the US$8.54 billion raised by 49 companies in the same period last year, according to Refinitiv data.
The IPO will consist of a fresh issue of shares worth 50 billion rupees and an offer for sale of shares worth 24.6 billion rupees, according to a copy of its draft herring prospectus dated Nov 1.
Delhivery competes with DHL's unit Blue Dart Express Ltd and DTDC India in the US$150 billion domestic logistics sector, which contributes about 14per cent to the country's gross domestic product, according to the government's Logistics Skill Council.
Kotak Mahindra Capital, Morgan Stanley India, BOFA Securities and Citigroup are the bookrunning lead managers for the IPO.
(US$1 = 74.8000 Indian rupees)
(Reporting by Chandini Monnappa and Rama Venkat in Bengaluru; Additional reporting by Gaurav Dogra; Editing by Shounak Dasgupta and Subhranshu Sahu)
