Logistics startup Delhivery files for a nearly $1 billion IPO

• Indian logistics firm Delhivery has filed a draft red herring prospectus (DRHP) to raise ₹7,460 crore through public listing.
• Marquee investors like SoftBank, Tiger Global Management, Times Internet and The Carlyle Group have invested in the 10-year old startup.
• Shares worth ₹5,000 crore will be freshly issued by the firm and remaining chunk of shares will be sold by existing promoters shareholders.

Gurgaon-based 10-year-old logistics startup Delhivery has filed its draft red herring prospectus (DRHP) to launch an initial public offering (IPO).

Delhivery is looking to raise ₹7,460 crore, which is approximately $1 billion, at current rates, through public listing of shares.

Out of the overall IPO issue size, shares worth ₹5,000 crore will be a fresh issue by the company and the remaining ₹2,460 crore will be sold by existing shareholders and promoters.

Shares worth ₹920 crore will be sold by CA Swift Investments, ₹750 crore by SVF Doorbell and up to ₹330 crore by Times Internet.

Delhivery said it will use ₹2,500 crore out of the IPO proceeds for funding organic growth initiatives, ₹ 1,250 crore for funding inorganic growth through acquisitions and other strategic initiatives.

To list its shares publicly, recently the startup had converted itself to a public limited entity, which will allow it to raise capital from the general public.

In a run-up to the IPO, the Gurugram-based startup has already raised half a billion from three prominent investors — Fidelity, FedEx and Lee Fixel’s Addition. It has raised over $1.3 billion to date from marquee investors like SoftBank, Tiger Global, Times Internet, The Carlyle Group and Steadview.

DISCLOSURE: Times Internet, an investor in Delhivery, owns Times Bridge, which is Business Insider's partner in India.

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