SoftBank-backed Indian logistics startup Delhivery files for 74.6b rupee IPO

[BENGALURU] SoftBank Group-backed Indian logistics firm Delhivery has filed for an initial public offering (IPO) of up to 74.6 billion rupees (S$1.3 billion), joining a long list of startups that have tapped the capital market this year.

In India, 157 companies including TPG-backed Nykaa and SoftBank-backed Paytm, Oyo Hotels and Rooms and online insurance aggregator Policybazaar have raised US$17.2 billion via IPOs this year as of Oct 31, compared with the US$8.5 billion raised by 49 companies in the same period last year, according to Refinitiv data.

The IPO will consist of a fresh issue of shares worth 50 billion rupees and an offer for sale of shares worth 24.6 billion rupees, according to a copy of its draft herring prospectus dated Nov 1.

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

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

REUTERS