Supply chain services startup Delhivery is preparing to file an IPO in India that could raise an estimated $ 1 billion, Bloomberg reported Wednesday (August 25th).
The company is reportedly working on a draft prospectus that could be filed in Mumbai in October with a trading target in March 2022. The offer could consist of new and existing shares, a source told the news agency.
Delhivery may be listed on the Bombay Stock Exchange, the National Stock Exchange, or both, according to the Securities and Exchange Board of India. Both exchanges are located in Mumbai.
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Delhivery, headquartered in Gurgaon in the northern Indian state of Haryana, was founded in 2011 and is financially supported by the SoftBank Vision Fund and the Carlyle Group.
“The company is still working on details of the problem, including its size. However, since we already have significant cash on our balance sheet, we expect it to be a major issue in the $ 400 million to $ 500 million range, ”said Sahil Barua, CEO and co-founder of Delhivery, in a Press release earlier this summer.
Related news: FedEx is investing $ 100 million in Delhivery, India to expand international shipping
“As we are an Indian company and have a significant part of our business here, we are listed locally,” he added. “We’re going on a public listing with $ 550 million in cash and we’re not burning any money.” Barua was previously a consultant at Bain & Company.
Delhivery is one of the leading logistics and supply chain service companies in India and, according to its website, is striving to become the “Operating System for Commerce in India”. It has fulfilled more than 1 billion orders to over 525 million households in the country and employs over 43,000 people. It delivers more than 1.5 million parcels every day and is in operation around the clock.
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