Logistics unicorn Delhivery raised Rs 2,347 crore from 64 anchor investors that were a mix of marquee domestic and overseas investors on Tuesday, a day before its shares open for bidding on May 11 as part of its initial public offering (IPO).
The anchor investors were allocated 48 million shares at Rs 487 per share, which is the upper band of the company’s IPO range of Rs 462-487. Delhivery is looking to raise Rs 5,235 crore through this IPO, which will close for subscription on Friday, May 13.
The foreign investors who participated in the anchor round included Tiger Global, Bay Capital, Steadview, Fidelity, Baillie Gifford, Schroders, Aberdeen Standard Life, among others. The domestic investors who participated in this round include the mutual funds of SBI, HDFC, ICICI, etc.
Delhivery had earlier planned to raise Rs 7,460 crore but had to cut down the size given the very bearish sentiment across global stock markets.
The company will be using the capital raised from the IPO for both organic and inorganic growth initiatives that will include developing new adjacent business lines, expanding its infrastructure, acquisitions, and more.
The public listing of Delhivery comes at a very challenging time as reception for such new-age companies has not been very positive. The other startups that went public last year—Nykaa, Policybazaar, Paytm, Zomato, and Freshworks—have all seen a steep decline in their share value with some of them now trading at below their issue price.
Delhivery reported a revenue of Rs 4,911 crore for nine months ending December 2021 with a loss of Rs 891.14 crore.
