Delhivery raises Rs 2,347 cr from 64 anchor investors

Mumbai: Logistics company Delhivery has raised ₹2,347 crore from 64 anchor investors ahead of its maiden initial public offering, which will open for subscription Wednesday, May 11. About 48 million shares were allotted to anchor investors at ₹487 each, the upper end of the price band for the IPO, according to investment bankers.

Some of the foreign investors who participated in the anchor allotment were Tiger Global, Bay Capital, Steadview, Fidelity, Baillie Gifford, Schroders, Amansa, Aberdeen Standard Life, GIC, Government Pension Fund Global and Invesco HK.

About 14.59 million shares were allotted to seven domestic mutual funds including HDFC, SBI, ICICI Prudential, Franklin Templeton, Invesco, Nippon and Mirae, among other anchor investors.


Some of the domestic brokerages have recommended subscribing to Delhivery IPO. "We believe Delhivery's asset-light business model and its cutting-edge engineering and automation capabilities and its new-age technologies will help the company leverage its operating efficiencies and improve profitability in the coming years," Yes Securities said in a note.

Delhivery will utilise ₹2,000 crore from the issue proceeds to fund organic growth initiatives such as building scale in existing business lines, developing new adjacent business lines, expanding network infrastructure, and upgrading and improving proprietary logistics operating system. Further, it will utilise around ₹1,000 crore for funding inorganic growth opportunities through acquisitions and other strategic initiatives.

(BCCL and Times Internet held 1.19% and 4.92%, respectively, in Delhivery as on the date of filing the RHP)