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Delhivery IPO

Delhivery IPO — date, price band, lot size & details 2022

Delhivery listed on 24 May 2022 at ₹495.2, 1.7% above the ₹487 issue price.

Delhivery is the largest fully integrated logistics services company in India by revenue in FY21, offering express parcel, freight, warehousing and supply chain services. Its total income was Rs 3,838.29 crore in FY2021.

Stock price

Delhivery is listed — here is the live share price.

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Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Timetable

Key dates from opening to listing. Today is 14 November.

Key dates Listed
  1. Open 11 May 2022
  2. Close 13 May 2022
  3. Allotment 19 May 2022
  4. Refund/credit 20 May 2022
  5. Listing 24 May 2022

Issue summary

The terms of the offer, as filed.

IPO Dates 11 to 13 May, 2022
Price Band ₹462 – ₹487
Face Value ₹1
Lot Size 30 Shares
Issue Size ₹5235 Cr
Sale Type Fresh capital cum OFS
Listing On BSE, NSE
Employee Discount Rs 25.00 per share
Registrar MUFG Intime India Private Limited
Min Investment ₹ 14,610
Reservation
QIB 75%
NII 15%
Retail 10%
Employee 0.4%

Share of the offer set aside for each investor category, as stated in the offer document.

What will it cost me?

Bidding is in multiples of 30 shares at the ₹487 cut-off. Drag to size your application.

shares
1 lot lots
If it lists at today's grey market premium of ₹5
on
Grey market premium is an unofficial, unregulated indicator. It is not a forecast.
Application Lots Shares Amount
Retail (min) 1 30 ₹14,610
Retail (max) 13 390 ₹1,89,930
S-HNI (min) 14 420 ₹2,04,540
S-HNI (max) 68 2,040 ₹9,93,480
B-HNI (min) 69 2,070 ₹10,08,090

Strengths & risks

Drawn from the offer document — the case for and against, side by side.

Strengths · 5

  • 01Total income rose from Rs 1,694.87 crore in FY2019 to Rs 3,838.29 crore in FY2021.
  • 02Rs 4,000.00 crore of the issue was fresh capital for network, technology and acquisitions.
  • 03It covered 88.3% of India's PIN codes in the six months to 30 June 2021.
  • 04Net worth was Rs 5,979.85 crore on 31 December 2021, against borrowing of Rs 370.78 crore.
  • 05Total income reached Rs 4,911.41 crore in the nine months to 31 December 2021.

Risks · 5

  • 01The company made losses in every period shown, including Rs 891.14 crore in the nine months to 31 December 2021.
  • 02The loss widened from Rs 415.74 crore in FY2021 to Rs 891.14 crore in nine months of FY2022.
  • 03The source shows a negative P/E, with pre-issue EPS of minus Rs 6.47.
  • 04Logistics is competitive and capital heavy, and the network plan alone needs Rs 1,360.00 crore.
  • 05The company has no identifiable promoter, and the post-issue market value at Rs 487 was Rs 35,283.30 crore.

Three years of numbers

All figures in ₹ crore, as reported in the Delhivery offer document.

Total income
4,911.41
2,989
3,838
4,911
31 Mar 202031 Mar 202131 Dec 2021
Profit after tax
-891.14
-269
-416
-891
31 Mar 202031 Mar 202131 Dec 2021
EBITDA
-231.79
-172
-100
-232
31 Mar 202031 Mar 202131 Dec 2021
Borrowing vs net worth
370.78 / 5,979.85
31 Mar 202031 Mar 202131 Dec 2021
Borrowing Net worth
Metric 31 Dec 2021 31 Mar 2021 31 Mar 2020 31 Mar 2019
Assets 8,429.48 4,597.80 4,357.31 4,062.55
Total Income 4,911.41 3,838.29 2,988.63 1,694.87
Profit After Tax -891.14 -415.74 -268.93 -1,783.30
EBITDA -231.79 -100.38 -172.05 -137.07
NET Worth 5,979.85 2,836.80 3,170.41 3,388.28
Reserves and Surplus 5,915.68 2,799.77 2,877.81 3,348.15
Total Borrowing 370.78 301.34 256.82 93.62

See how this IPO compares — view listing performance of all mainboard IPOs.

Valuation & key ratios

Ratios are for the latest full financial year reported in the Delhivery RHP.

P/E Ratio
-ve
EPS (₹)
-ve
RoNW
-14.66%
PAT Margin
-10.83%
EBITDA Margin
-2.75%
NAV (₹)
54.79

Where the money goes

₹4,040.03 Cr of the issue is earmarked to named objects.

Building scale in existing business lines and developing new adjacent business lines ₹160.00 Cr
Expanding the network infrastructure ₹1360.00 Cr
Upgrading and improving the proprietary logistics operating system ₹480.00 Cr
Funding inorganic growth through acquisitions and other strategic initiatives ₹1000.00 Cr
General Corporate Purposes ₹870.30 Cr
Issue Expenses ₹169.73 Cr

Delhivery IPO Anchor Investors

64 anchor investors across 23 fund houses committed ₹2,346.71 Cr a day before the issue opened.

Anchor Investor Fund House Shares Amount (₹ Cr) % of Anchor Book
SBI Focused Equity Fund SBI Mutual Fund 3,058,590 148.95 6.35%
SBI Equity Savings Fund SBI Mutual Fund 287,400 14.00 0.60%
SBI Infrastructure Fund SBI Mutual Fund 184,740 9.00 0.38%
HDFC Large And Mid Cap Fund HDFC Mutual Fund 1,272,330 61.96 2.64%
HDFC Trustee Company Ltd. A/C HDFC Focused 30 Fund HDFC Mutual Fund 353,430 17.21 0.73%
HDFC Trustee Company Limited - HDFC Tax Saverfund HDFC Mutual Fund 1,343,010 65.40 2.79%
HDFC Trustee Company Limited - HDFC Infrastructure Fund HDFC Mutual Fund 169,650 8.26 0.35%
ICICI Prudential Flexicap Fund ICICI Prudential Mutual Fund 3,138,420 152.84 6.51%
Baillie Gifford Pacific Fund A Sub Fund Of Baillie Gifford Overseas Growth Funds Icvc Baillie Gifford Pacific 2,489,730 121.25 5.17%
Best Investment Corporation Managed By Baillie Gifford - 570,240 27.77 1.18%
Schroder International Selection Fund Emerging Asia Schroder 1,606,290 78.23 3.33%
Schroder Asiapacific Fund Plc Schroder 348,030 16.95 0.72%
Schroder International Selection Fund Bric [Brazil, Russia, India, China] Schroder 168,660 8.21 0.35%
Schroder Small Cap Discovery Fund Schroder 133,860 6.52 0.28%
Unisuper Limited As Trustee For Unisuper - 187,410 9.13 0.39%
Aia Singapore Private Limited - Aia Acorns Of Asia Fund Eq - 160,620 7.82 0.33%
Schroder Asian Growth Fund Schroder 455,100 22.16 0.94%
Vemf - A, L.p. - 117,270 5.71 0.24%
Amansa Holdings Private Limited - 2,942,700 143.31 6.11%
Aberdeen Global Indian Equity Limited - 1,218,120 59.32 2.53%
Asia Dragon Trust Plc - 677,940 33.02 1.41%
The India Fund Inc - 589,470 28.71 1.22%
Aberdeen New India Investment Trust Plc - 574,440 27.98 1.19%
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Goldman Sachs 2,393,040 116.54 4.97%
The Master Trust Bank Of Japan, Ltd. As Trustee Of Eastspring Investments Asia Oceania High Dividend Equity Mother Fund - 1,155,000 56.25 2.40%
Eastspring Investments India Infrastructure Equity Open Limited Eastspring 929,040 45.24 1.93%
Eastspring Investments- India Equity Fund Eastspring 309,000 15.05 0.64%
Mirae Asset Midcap Fund Mirae Asset Mutual Fund 1,437,420 70.00 2.98%
Mirae Asset Hybrid - Equity Fund Mirae Asset Mutual Fund 404,550 19.70 0.84%
Mirae Asset Equity Savings Fund Mirae Asset Mutual Fund 41,070 2.00 0.09%
Omers Capital Markets Asia Holdings Pte. Ltd. - 1,883,040 91.70 3.91%
Government Of Singapore Government Of Singapore 1,442,670 70.26 2.99%
Monetary Authority Of Singapore Monetary Authority Of Singapore 440,370 21.45 0.91%
Fidelity Investment Trust Fidelity Series Emerging Markets Opportunities Fund Fidelity 1,547,460 75.36 3.21%
Fiam Group Trust For Employee Benefit Plans Fiam Emerging Markets Opportunities Commingled Pool Fidelity 335,580 16.34 0.70%
Invesco India Contra Fund Invesco Mutual Fund 1,026,690 50.00 2.13%
Invesco India Infrastructure Fund Invesco Mutual Fund 123,180 6.00 0.26%
Invesco India Multicap Fund Invesco Mutual Fund 419,340 20.42 0.87%
Ashoka India Opportunities Fund - 1,255,350 61.14 2.61%
Bay Capital India Fund Ltd - 863,070 42.03 1.79%
Bay Capital India Fund Qp - 235,380 11.46 0.49%
Tiger Global Investments Fund Ltd - 1,098,450 53.49 2.28%
Steadview Capital Master Fund Ltd Steadview Capital Master 1,098,450 53.49 2.28%
Consulting Group Capital Markets Funds - Emerging Markets Equity Fund - 102,690 5.00 0.21%
Vaneck Funds - Emerging Markets Fund - 585,000 28.49 1.21%
Emerging Markets Equity Fund - 102,690 5.00 0.21%
Vaneck Icav - Vaneck - Emerging Markets Equity Ucits - 102,690 5.00 0.21%
Voya Multi-Manager Emerging Markets Equity Fund - 102,690 5.00 0.21%
Vaneck Vip Emerging Markets Fund - 102,690 5.00 0.21%
Franklin India Bluechip Fund Franklin Templeton Mutual Fund 652,800 31.79 1.35%
Franklin India Equity Advantage Fund Franklin Templeton Mutual Fund 367,170 17.88 0.76%
Government Pension Fund Global Government Pension Fund Global 954,690 46.49 1.98%
IIFL Special Opportunities Fund - Series 8 360 One 447,240 21.78 0.93%
IIFL Monopolistic Market Intermediaries Fund 360 One 337,380 16.43 0.70%
Ghisallo Master Fund Lp Ghisallo 470,760 22.93 0.98%
Invesco India Equity Fund Invesco Mutual Fund 470,760 22.93 0.98%
Alpha Wave Ventures Ii,Lp - 470,760 22.93 0.98%
Nippon Life India Trustee Ltd-A/C Nippon Power & Infra Fund Nippon India Mutual Fund 313,830 15.28 0.65%
Arohi Emerging India Master Fund Arohi Emerging India 235,380 11.46 0.49%
Duro One Investments Limited - 235,380 11.46 0.49%
Jupiter India Fund Jupiter 235,380 11.46 0.49%
Segantii India Mauritius - 235,380 11.46 0.49%
Morgan Stanley Asia (Singapore) Pte. - Odi Morgan Stanley 941,520 45.85 1.95%
Societe Generale - Odi Societe General 235,380 11.46 0.49%
Total anchor allocation 2,346.71

Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.

About the company

Delhivery Limited was incorporated as SSN Logistics Private Limited on 22 June 2011. It provides express parcel and heavy goods delivery, part-truckload and truckload freight, warehousing, supply chain solutions, cross-border services and supply chain software.

It also offers e-commerce returns, payment collection, installation and assembly, and fraud detection. Its own technology stack has over 80 applications covering supply chain processes.

As per RedSeer, it was the largest and fastest growing fully integrated logistics player in India by revenue in FY21. It served 17,045 PIN codes in the six months to 30 June 2021, or 88.3% of India's 19,300 PIN codes. The company has no identifiable promoter.

The IPO was Rs 5,235 crore, with Rs 4,000.00 crore of fresh issue and Rs 1,235.00 crore of offer for sale. Rs 1,360.00 crore was planned for network infrastructure and Rs 1,000.00 crore for acquisitions.

Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.

Promoters
No Identifiable Promoter

The bankers & the filings

Who is running the book, and the documents this page is built from.

Book-running lead manager
Kotak Mahindra Capital Company Limited View track record →
Book-running lead manager
Bofa Securities India Limited View track record →
Book-running lead manager
Morgan Stanley India Co. Pvt. Ltd View track record →
Book-running lead manager
Citigroup Global Markets India Pvt. Ltd View track record →
Red Herring Prospectus
SEBI filing
Final offer document — price band, financials and risk factors. This page is built from it.
Open the RHP
Anchor allocation
Exchange filing
The anchor book as filed with the exchange a day before the issue opened.
Open the filing

Delhivery IPO Documents

Read the filings this page is built from.

Red Herring Prospectus (RHP) Final offer document — price band, financials, risk factors Anchor Investor Allocation Exchange filing listing the anchor book

Lead Manager Track Record

How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.

Kotak Mahindra Capital Company Limited

204 issues handled
Listed in Profit 75.5% 154 of 204 listed
Avg Listing Gain +18.7% across 204 issues
Listed Below Issue 50 of 204 listed

Best listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).

Bofa Securities India Limited

64 issues handled
Listed in Profit 79.7% 51 of 64 listed
Avg Listing Gain +23.7% across 64 issues
Listed Below Issue 13 of 64 listed

Best listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).

Morgan Stanley India Co. Pvt. Ltd

36 issues handled
Listed in Profit 77.8% 28 of 36 listed
Avg Listing Gain +14.6% across 36 issues
Listed Below Issue 8 of 36 listed

Best listing: Nykaa (+79.4%). Weakest: KSK Energy Ventures (-12.5%).

Citigroup Global Markets India Pvt. Ltd

74 issues handled
Listed in Profit 68.9% 51 of 74 listed
Avg Listing Gain +16.1% across 74 issues
Listed Below Issue 23 of 74 listed

Best listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).

Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.

Company contact

Company
Delhivery
Email

Frequently asked

What is the GMP of Delhivery?

The current Grey Market Premium is ₹5, or 1% over the issue price.

What is the Delhivery IPO price band?

₹462 to ₹487, on a face value of ₹1.

When is the allotment?

The basis of allotment is 19 May 2022, with listing on 24 May 2022.

How do I check allotment status?

On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.

Delhivery IPO

Every number here traces back to a filing.

IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.

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Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.

GMP
₹5
Subscribed
1.71×
Min bid
₹14,610
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