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.
Latham & Watkins advised Delhivery, India’s largest and fastest-growing fully-integrated logistics services company. The Latham team was led by Singapore partner Rajiv Gupta with associate Sirada Chayabunjonglerd. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Enrique Rene de Vera; and on Investment Company Act matters by Chicago partner Nabil Sabki, with associate John Reinert.
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.
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