Logistics and Warehousing firm Ecom Express set to float it’s IPO worth INR 4860 crore
- ByTejika Bajaj | February 3, 2022
Logistics and warehousing firm Ecom Express is set to join the bandwagon of public companies as its board of directors give it a nod to float a public issue of shares. The Delhi based startup is geared up to file its DRHP (draft red herring prospectus) to raise INR 4860 crore ($648 million approximately) through initial public offering (IPO).
Regulatory filings reveal that the board of directors has approved an IPO worth INR 4860 crores which will include a fresh issue of INR 2160 crore and an offer for sale of INR 2700 crore from the existing investors of the Delhi based logistics firm.
With this move, Ecom Express becomes the second company from the logistics segment that is close to filing its draft red herring prospectus or DRHP with Sebi. In November 2021, India’s largest supply chain company Delhivery had filed its DRHP with the market watchdog for its Rs 7,460 crore IPO.
Launched in 2012, Ecom Express claims to provide logistics services in over 2,650 towns and 27,000 pin codes in India. It employs over 36,000 people and has more than 2,930 facility centres. The company is backed by the likes of CDC Group, Partner Group and Warburg Pincus. According to Ecom Express’s annual financial statement for FY20, it had recorded a turnover of Rs 1,254 crore. During the period, its losses were recorded at Rs 313.52 crore.
Follow Startup Story
Related Posts
