SoftBank, Carlyle, Times Internet To Offload Shares In Delhivery’s INR 7,460 Cr IPO

With Delhivery filing its draft red herring prospectus (DRHP) to raise INR 7,640 Cr, SoftBank, the largest shareholder, is set to offload part of its shares worth up to INR 750 Cr in the proposed IPO.

The INR 7,460 Cr IPO includes a fresh issue of INR 5,000 Cr and an offer for sale (OFS) by existing shareholders worth up to INR 2,460 Cr.

As part of the offer:

• SoftBank’s SVF Doorbell (Cayman) Ltd which holds 22.78% stake in the Delhi NCR-based company, will offload shares worth INR 750 Cr.
• Carlyle Group, which owns 7.42% stake in the company through CA Swift Investments, is set to sell stakes worth up to INR 920 Cr.
• Singapore-based Deli CMF Pte Ltd will offload stocks worth INR 400 Cr in the INR 2,460 Cr offer for sale. It holds 1.1% stake in Delhi NCR-based logistics major.
• Further, Times Internet, the digital arm of Times Group, which holds 5.10% will offload stake worth INR 330 Cr.
• Delhivery’s cofounders i.e. Kapil Bharati (Chief Technology Officer), Mohit Tandon and Suraj Saharan (Head of New Ventures), who hold 1.11%, 1.88% and 1.79% stake, will sell stocks worth INR 14 Cr, INR 40 Cr and 6 Cr, respectively.

Another Cofounder, Sahil Barua, who is the MD and CEO of the company with a stake of 2.19%, however, will not offload his shares in the proposed IPO.

Out of the net proceeds of INR 5,000 Cr from the fresh issue, the company will utilise INR 1,250 Cr or 25% of the proceeds for funding inorganic growth through acquisitions and investments. Further, half of the proceeds (INR 2,500 Cr) will be used for financing organic initiatives.

It also plans to utilise up to 25% of the net process for general corporate purposes. However, the amount will be finalised based on the offer price.

Founded in 2011, the Gurugram-based unicorn offers logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross-border, B2B & B2C warehousing, end-to-end supply chain services and technology services.

The startup provides supply chain solutions to 21,342 customers such as ecommerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.

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