Logistics company Delhivery’s initial public offer (IPO) saw muted response amid broad weakness in the markets. The initial share sale of the supply chain company Delhivery was subscribed just 23% on the second day of the offer on Thursday.
The IPO received bids for 1,45,01,730 shares against 6,25,41,023 shares on offer, according to NSE data. The portion reserved for retail individual investors (RIIs) received 40% subscription while qualified institutional buyers’ segment (QIBs) got 29% subscription and non-institutional investors’ 1%.
The IPO comprises of fresh issue of equity up to ₹4,000 crore and an offer for sale of shares aggregating up to ₹1,235 crore.
Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company.
According to the draft papers, CA Swift Investments, an entity of Carlyle Group, will sell shares to the tune of ₹454 crore, SVF Doorbell (Cayman) Ltd, an arm of Softbank Group, will offload shares worth ₹365 crore, Deli CMF Pte Ltd, a wholly-owned subsidiary of private equity fund China Momentum Fund, L.P. will sell shares worth ₹200 crore and Times Internet will sell shares worth ₹165 crore.
The e-commerce logistics company operates a pan-India network and provide services to 17,045 postal index number (PIN) codes, as of June 30, 2021.
It provides supply chain solutions to a diverse base of 21,342 active customers, such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals like FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing.