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Delhivery Receives SEBI Nod For IPO, Plans To Raise Rs 7,460 Crore
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Logistics service provider company Delhivery has obtained the approval from the Securities and Exchange Board of India (SEBI) to raise Rs 7,460 crore through its upcoming initial public offering (IPO).
According to the draft red herring prospectus (DRHP) filed by Delhivery, the IPO consists of fresh issue of shares worth Rs 5,000 crore along with the offer for sale (OFS) by existing investors amounting to an additional Rs 2,460 crore, reports Financial Express.
Aiming for a $5 billion-$5.5 billion valuation, the company will be using proceeds worth Rs 2,500 crore to fund their organic growth-related initiatives.
Another Rs 1250 crore will be set aside for other activities such as acquisitions and boosting their strategic capabilities.
“In case of any surplus after utilisation of the net proceeds towards the aforementioned objects, we may use such surplus towards general corporate purposes, provided that the total amount to be utilised towards general corporate purposes does not exceed 25 per cent of the net proceeds in accordance with applicable law,” Delhivery said in the DRHP.
Delhivery became a unicorn following its Series F round in 2019 and currently provides its services in 17,045 index number codes.
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