Linklaters advises on Delhivery’s US$675m IPO

Linklaters advised the book running lead managers on the initial public offering (IPO) of Delhivery, India’s largest and fastest growing logistics courier services provider, on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). Dehlivery was the first unicorn this year to have obtained the Indian stock market regulator’s approval to list.

The IPO was fully subscribed by institutional and retail investors. The offering comprised INR 52.4bn (approx. US$675m) in fundraising by Delhivery and sales by a number of shareholders, including Carlyle and Softbank. The proceeds are being used to fund Delhivery’s organic and inorganic initiatives through acquisitions as well as general corporate purposes.

The Linklaters team was led by Head of South and Southeast Asia Capital Markets Amit Singh, with support from counsel Joseph Wolpin and associate Kundhavi Suresh Kumar.

Capital Markets partner Amit Singh, commented:

“We are pleased to have advised the underwriters on Dehlivery’s successful IPO, despite the challenging market conditions. With Dehlivery’s strong pan-Indian presence, we take pride in helping to bring them closer to their strategic goals as they diversify and optimise their services.”

Linklaters has established a market-leading reputation in the Indian equity capital markets and has one of the largest teams of any firm focused on India and Southeast Asia. The team has worked on some of the highest profile, complex and market-shaping transactions in the Asia region, offering clients the practical expertise and commercial awareness to create novel solutions to maximise investment opportunities.