The FedEx and SoftBank-backed shipping service provider’s offering, set to take place early next year, will reportedly value it between $5.5bn and $6bn.
Delhivery, an India-based logistics service provider backed by corporate investors FedEx and SoftBank, filed for an initial public offering that will be sized at up to Rs 74.6bn ($998m) yesterday.
The flotation is set to take place early next year and the company will be valued at between $6bn and $6.5bn, according to the Economic Times, while a source privy to the matter told Reuters the figure would likely be $5.5bn.
The IPO will involve Delhivery issuing $669m of new shares together with a secondary share sale of $329m. Internet and telecommunications group SoftBank, which holds a 22.8% stake in the company, is set to sell $100m worth of shares while Carlyle, which owns 7.4%, is divesting $123m.
The other selling shareholders include conglomerate Fosun and Times Internet, a subsidiary of media group Bennet, Coleman & Co, ET reported yesterday, citing a person familiar with the development.
Founded in 2011, Delhivery has built a digital logistics platform that covers services such as package delivery, shipping and warehousing. It is a service provider for e-commerce group Amazon in its home country.
The company secured $125m from venture capital firm Addition in September this year, after the company had previously raised roughly $1.4bn in total funding. Addition had backed its $76.4m series I round earlier the same month, following $100m from logistics group FedEx’s Express unit in July 2021.
Delhivery had closed a $277m series H round led by financial services and investment group Fidelity and backed by Gamnat, Chimera Investments and Pacific Horizon Trust, two months before.
SoftBank Vision Fund and Steadview had paid roughly $50m and $25m to acquire stakes in Delhivery stakes in October 2019 and December 2020 respectively. Fundamental Equities Asia, a vehicle for Canadian Pension Plan Investment Board, provided $115m for the company in September 2019.
SoftBank Vision Fund had already led Delhivery’s $413m series F round in early 2019, when the corporate was joined by Fosun and Carlyle Group’s CA Swift Investments subsidiary. It had completed an $85m series D round in 2015 led by Tiger Global and featuring Times Internet.
Kotak Mahindra Capital, Morgan Stanley, BofA Securities and Citigroup are serving as bookrunning lead managers for the offering.
