Delhivery IPO to be out on May 24: What you should know
By Team Newsable | First Published May 5, 2022, 1:13 PM ISTMeanwhile, the company has reduced the amount of its overall offer to Rs 5,235 crore from Rs 7,460 crore previously envisaged. According to bankers, it would now raise Rs 4,000 crore through a new issuance and Rs 1,235 crore through an offer for sale (OFS).
The IPO of Delhivery, India's largest fully integrated logistics firm, is expected to begin on May 11 and end on May 13. Furthermore, the basis for allotment will be May 19, with shares being deposited to the demat account on May 23. On May 24, the company will go public on stock markets.
According to reports, Delhivery intends to launch the IPO next week as a result of the favourable response to the recent IPOs of Rainbow and Campus, which has given investment bankers confidence in producing a good response.
Latest Videos
Meanwhile, the company has reduced the amount of its overall offer to Rs 5,235 crore from Rs 7,460 crore previously envisaged. According to bankers, it would now raise Rs 4,000 crore through a new issuance and Rs 1,235 crore through an offer for sale (OFS).
The co-founders of Delhivery will also take part in the OFS. Kapil Bharati would sell Rs 5 crore in shares, Mohit Tandon will sell Rs 40 crore in shares, and Suraj Saharan will sell up to Rs 6 crore in shares.
Also Read | Delhivery to take LIC route for IPO and reduce issue size?
On Saturday, the Gurgaon-based business had a board meeting to finalise its IPO. The strategy was approved by the board, and the offer is expected to go live next week, once the LIC IPO subscription window closes on May 9.
The issue's bankers include Kotak Mahindra Capital, Morgan Stanley, BofA Securities, and Citigroup.
Delhivery offers a comprehensive variety of logistics services, including rapid package delivery, heavy commodities delivery, truckload freight, warehousing, and supply chain management. Two years ago, the firm was designated as a Unicorn.
Also Read: LIC IPO: The government's golden goose
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.