Indian logistics firm Ecom Express files for $310 mln IPO

Delhivery

15/08/2024 15:57

BENGALURU, Aug 15 (Reuters) - Logistics firm Ecom
Express on Thursday filed for an initial public offering (IPO)
worth up to 26 billion rupees ($310 million), its draft papers
showed.
    The IPO will consist of a fresh issue of shares worth up to
12.85 billion rupees while existing investors will offload
shares aggregating to 13.16 billion rupees.
    The e-commerce logistics firm, which counts Amazon and
beauty products retailer Nykaa among its clients, looks to go
public at a time when India's IPO space has seen more than 150
companies raise around $5 billion this year as of July-end.
    The company, which competes with the likes of Delhivery
 DELH.NS  and Blue Dart  BLDT.NS , said it intends to use funds
from the fresh issue towards setting up of new processing and
fulfilment centres, investment in IT equipment and payment of
debt.
    Among those selling their existing stakes, Partners Group's
 PGHN.S  PG Esmeralda and Warburg Pincus's Eaglebay Investment
would sell holdings worth 9.31 billion rupees and 2.11 billion
rupees, respectively.
    Ecom Express reported a net loss of 2.54 billion rupees for
the year ended March 31, 2024, compared with a loss of 4.22
billion rupees, a year earlier.

($1 = 83.9390 Indian rupees)

 (Reporting by Nishit Navin; Editing by Vijay Kishore)
 ((Nishit.Navin@thomsonreuters.com;))