Tiger Global, Alpha Wave, Steadview Capital and Singapore sovereign wealth fund GIC have come in as anchor investors in the initial public offering of Delhivery after India’s most valued logistics company slashed its issue size.
Delhivery had cut the issue size by a third from its original plan of $1 billion as it filed documents for the IPO last week. The issue comprises Rs 4,000 crore worth of fresh shares and an offer for sale by existing private equity backers and founders worth Rs 1,235 crore
GIC, Alpha Wave, Steadview and Tiger Global, who are not selling any shares as part of the offer for sale portion of the IPO, have picked up additional shares of the company.
Tiger Global, which owns an around 5.5% stake in the firm, invested Rs 53.5 crore as part of the anchor allotment on Tuesday. GIC committed around Rs 91.7 crore, Alpha Wave (formerly Falcon Edge) invested Rs 23 crore and Steadview put in Rs 53.5 crore.
Among others, an entity associated with Canadian pension fund OMERS chipped in with Rs 91.7 crore. Delhivery also counts Canada Pension Plan Investment Board as a key shareholder.
Among other private equity-style investors, Bay Capital invested Rs 53.5 crore as part of the Rs 2,347-crore anchor allotment.
The company, which is eyeing a valuation of $4.6 billion, would see SoftBank, Carlyle, Fosun and Times Internet sell part of their shares in the IPO. For more details on the biggest gainers from the IPO, click here.
Nexus Ventures owns a stake of more than 10% but is not selling any shares in the IPO. The VC firm had invested around $35 million across tranches and had sold shares worth around $40 million to CPPIB two years ago. Its remaining stake would be worth Rs 3,214 crore ($3422 million) during the IPO.
Other key shareholders in the company include Lee Fixel’s Addition and AB Initio Capital. These investors are not selling any shares in the IPO.
Delhivery was created in 2011. It had 21,342 customers such as e-commerce companies and SMEs across several verticals such as consumer goods, durables, electronics, lifestyle, retail, automotive and manufacturing at the end of June 2021. The company clocked revenue of Rs 3,646 crore for 2020-21, up from Rs 2,780 crore the previous year. Its net loss widened to Rs 416 crore from Rs 269 crore during the period.
In the April-December 2021 period, it clocked revenue of Rs 4,810.5 crore and a net loss of Rs 894 crore.