Gurugram-based logistics major Delhivery on Tuesday raised Rs 2,346 crore from 64 anchor investors, as it issued its IPO.
The firm allotted nearly 48.2 million shares at Rs 487 apiece, the upper end of its IPO price band.
The anchor book saw nearly 10 times more demand than the shares on offer, with Amansa, Goldman Sachs, Aberdeen, Tiger Global among the anchor investors.
Delhivery’s IPO size is Rs 5,235 crore, making it the second-biggest after LIC this year. The price band for the IPO is Rs 462 to Rs 487 per share, giving it a market cap of Rs 35,284 crore on a post-diluted basis.
The company’s IPO closes on Friday.
Delhivery is looking to raise Rs 4,000 crore of fresh capital through the IPO. The remaining Rs 1,235 crore will be an offer for sale (OFS) for investors.
Delhivery plans to raise Rs 2,000 crore of issue proceeds for funding organic growth initiatives and about Rs 1,000 crore proceeds for funding inorganic growth.
Delhivery has a total addressable market (TAM) of over $300 billion, largely untapped owing to its lower market share. India’s burgeoning digital and e-commerce sector is expected to underpin the growth in the logistics sector in the country.
India’s per capita direct logistics spend is only $150 per dollar compared to $4,460 in the US.
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