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Delhivery files for IPO to raise over ₹7,400 crore. Details inside – Mint

Indian logistics firm Delhivery has filed for an initial public offering (IPO) with market regulator Securities and Exchange Board of India (SEBI) to raise up to 7,400 crore ($997.33 million), joining a long list of startups that have tapped the capital market this year.

The IPO will consist of a fresh issue of shares worth 5,000 crore and an offer for sale of shares worth 2,460 crore, according to a copy of its draft herring prospectus dated November 1.

Kotak Mahindra Capital, Morgan Stanley India, BOFA Securities and Citigroup are the bookrunning lead managers for the IPO.

Delhivery competes with DHL’s unit Blue Dart Express Ltd and DTDC India in the $150 billion domestic logistics sector, which contributes about 14% to the country’s gross domestic product, according to the government’s Logistics Skill Council.

According to RedSeer Report, Delhivery was the largest and fastest growing fully-integrated logistics services player in India by revenue as of Fiscal 2021.

The company provides supply chain solutions to e-commerce 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, in the three months ended June 30, 2021.

Delhivery operated 20 fully and semi-automated sortation centres and 86 gateways across India (excluding Spoton) as of June 30, 2021. It had a Rated Automated Sort Capacity of 3.17 million shipments per day as of June 30, 2021, which it further enhanced to more than 3.98 million shipments per day as of September 30, 2021. The company has automated material handling systems at its gateways in Tauru (Haryana), Bhiwandi (Maharashtra) and Bengaluru (Karnataka).

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