The Gurugram-based logistics services unicorn has become the first unicorn in 2022 to get the approval of Sebi to
list on the stock market, the Economic Times reported. The public offer by SoftBank and Carlyle-baked Delhivery
comes after unicorns Nykaa and Zomato made bumper listings on the stock market last year. However, the Paytm
IPO, which received a blow at the Dalal Street, has become a cause of concern for investors as well as the primary
market. It remains to be seen how the Delhivery IPO performs during its listing.

Logistics services firm Delhivery has reportedly received a green signal from the Securities and Exchange Board of India (Sebi) to float is Rs 7,460 crore initial public offering, or IPO. This comes
amid a surge of interest among companies to float their public offers since the last year. The IPO boom is expected to continue this year too with nearly 40 companies waiting for the Sebi nod.

Delhivery is the first unicorn this year to get its IPO approved from the market regulator. According to reports, experts have even
suggested that it may exceed the levels of the previous year.
Delhivery had in November filed its draft papers with Sebi for its initial offer of Rs 7,460 crore.

The Delhivery IPO is expected to hit the markets soon, as it has got its approval from Seb The company will raise Rs 5,000 crore through of fresh issue while the rest of the part worth Rs 2,460 crore will be an offer for sale

Delhivery Limited is a well placed company for growing ecommerce demand in India, company has more than 21,000 customers which includes e-commerce, Direct to home companies etc. On the financial front, the company has reported good growth in revenue but still not able to report a positive bottom line, company has reported revenue of Rs 3,838 crores and loss of Rs 4,155 crores in FY2021

DELHIVERY IPO Objective

POSITIVES

Rapid growth, extensive scale and improvement in unit economics

Vast data intelligence capabilities and proprietary logistics operating system
Integrated portfolio of logistics services
Strong relationships with a diverse customer base
Extensive ecosystem of partners, enabling an asset-light business model and extended reach
Network operates as a dense, dynamic mesh, making it efficient, fast and agile
Highly qualified, professional tea

NEGATIVE

DELHIVERY IPO DETAILS

Subscription Dates
Price Band
Fresh issue
Offer For Sale	NIL
Total IPO size
Minimum bid (lot size)
Face Value	₹1 per share
Retail Allocation
Listing On	NSE, BSE
Employee Discount
Minimum Investment
Maximum Investment (Retail)

DELHIVERY IPO TIMELINE

IPO Open Date
IPO Close Date
Basis Of Allotment Date
Initiation Of Refunds
Credit Of Shares To Demat ACcount
IPO Listing Date

So, how does DELHIVERY IPO Fare in Terms of Financials?

Financial Details in Crores

	31-Mar-19	31-Mar-20	31-Mar-21
Total Assets
Total Income
Profit After Tax
Net margin (%)

FINANCIAL REVIEW

DELHIVERY IPO VALATIONS

Face Value = RS 1 Per Equity Share
Earnings Per Share (EPS) =
PE Ratio =
Return on Net Worth (RONW) =
ROCE(%) =
Debt To Equity Ratio =
Book Value(NAV) =
Upper Offer Price to Book Value =

VALUATION REVIEW:

PE is 35 and Upper Price to Book Value is around 8
Debt to equity ratio is just 0.39 is very impressive
EPS & RONW is also good.
Overall it’s fair valued IPO and at same time there is huge scope of Listing gains

DELHIVERY IPO – SWOT ANALYSIS

Strengths

Weaknesses

Opportunities

Threats

COMPETITIVE ANALYSIS: MARKET PEERS

DELHIVERY IPO GMP

Grey market premium as on DD-MM-YYYY= Rs /Share
Grey market premium as on DD-MM-YYYY= Rs /Share
Grey market premium as on DD-MM-YYYY= Rs /Share

Disclaimer:

IPO Grey Market Premium (DELHIVERY IPO GMP) mention is valid for the specific date as mentioned in the header.
We are not buying and selling IPO forms on IPO Grey Market.
Do not subscribe for IPO by just seeing premium Price as it may change anytime before listing. Subscribe only considering Fundamentals of the companies.