BENGALURU (Reuters) -SoftBank Group-backed Indian logistics firm Delhivery has filed for an initial public offering of up to 74.6 billion rupees ($997.33 million), 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 $17.22 billion via IPOs this year as of Oct. 31, compared with the $8.54 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 Ltd and DTDC India in the $150 billion domestic logistics sector, which contributes about 14% 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.
($1 = 74.8000 Indian rupees)
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