NEW DELHI: Joining the IPO rush, logistic firm Delhivery has filed preliminary papers with capital markets regulator Sebi to raise Rs 7,460 crore through an initial public offering (IPO).
The IPO comprises fresh issuance of equity shares worth Rs 5,000 crore and an offer for sale (OFS) component of Rs 2,460 crore by existing shareholders, according to the draft red herring prospectus (DRHP). Delhivery, like Zomato and CarTrade, is a loss making company. In the draft papers, the company said it will continue to incur losses in the near future. It has reported losses to the tune of Rs 1,783.30 crore, Rs 2,68.92 crore, Rs 415.74 crore and Rs 129.58 crore in fiscals 2019, 2020 and 2021, and the three months ended June 30, 2021, respectively.
“...We may continue to experience losses and negative cash flows in the future as we anticipate increased expenses in the future,” the company said in the draft papers. Investors Carlyle Group and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company.
At present, SoftBank owns a 22.78% stake, Carlyle has a 7.42% stake, and China Momentum Fund has a 1.11% stake in the company. Bharti owns 1.11%, Tondon has 1.88%, and Saharan holds a 1.79% stake.