DelhiveryLimited’sinitial public offer to open on May 11, 2022
Mumbai, Thursday, 09th May, 2022: Delhivery Limited (“Delhivery” or the “Company”), plans to open its initial public offering (the “Offer”) on May 11, 2022. The Anchor Investor Bid/Offer Period is one Working Day prior to Bid/Offer Opening Date, that is,May 10, 2022.
The Price Band of the Offer has been fixed at ₹462 per Equity Share to ₹487 per Equity Share of face of ₹1 each. The Offer includes an Employee Discount of Rs. 25 per Equity Share on the Offer Price for Eligible Employees Bidding in the Employee Reservation Portion (defined below). Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.
The Offer consists of equity shares of face value of ₹1 each (“Equity Shares“) of the Companyaggregating up to ₹52,350 million (the “Offer”) comprising afresh issue of Equity Shares aggregating up to ₹40,000 million (the “Fresh Issue”) and an offer for sale by certain existing shareholders of the Company aggregating up to ₹12,350million (the “Offer for Sale”), comprising such number of Equity Sharesaggregating up to ₹2,000 million by Deli CMFPte.Ltd., such number of Equity Sharesaggregating up to ₹4,540 million by CASwift Investments, such number of Equity Sharesaggregating up to ₹3,650 million by SVFDoorbell (Cayman) Ltd, such number of Equity Sharesaggregating up to₹1,650 million by Times Internet Limited (collectively, the “Investor Selling Shareholders”),such number of Equity Sharesaggregating up to ₹50 million by Kapil Bharati,such number of Equity Sharesaggregating up to ₹400 million by Mohit Tandon, and such number of Equity Sharesaggregating up to ₹60 million by Suraj Saharan (collectively, the “Individual Selling Shareholders”) (the Investor Selling Shareholders and the Individual Selling Shareholders are collectively referred to as the “Selling Shareholders”). This offer includes a reservation of such number of Equity Shares aggregating up to ₹200 million for subscription by Eligible Employees (the “Employee Reservation Portion”).
The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”) read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“SEBI ICDR Regulations”). This Offer is beingmade through the Book Building Process and in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein at least 75% of the Net Offer shall be available for allocation on a proportionate basisto Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided that the Company may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionarybasis (the “Anchor Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion.Further, 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the Net QIB Portion shall be available for allocationon a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from MutualFunds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. If at least75% of the Net Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith.
Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders, of which (a) one-third portion shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-thirds portion shall be reserved for applicants with applicationsize of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders, subject to valid Bidsbeing received at or above the Offer Price and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subjectto valid Bids being received at or above the Offer Price. All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process, providingdetails of their respective bank accounts (including UPI ID in case of UPI Bidders) in which the Bid Amount will be blocked by the SCSBs, to participate in the Offer.Anchor Investors are not permitted to participate in the Offer through the ASBA process. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the EmployeeReservation Portion, subject to valid Bids received from them at or above the Offer Price.
The Equity Shares offered in this Offer are proposed to be listed on both BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).
Kotak Mahindra Capital CompanyLimited, Morgan Stanley India Company PrivateLimited, BofA Securities India Limited, and Citigroup Global Markets India PrivateLimited are the Book Running Lead Managers to the Offer.
All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the Red Herring Prospectus and the Prospectus.