Logistics firm Ecom Express files for Rs 2,600 crore IPO
Logistics firm Ecom Express has filed draft papers with the market regulator for an initial public issue of shares worth nearly Rs 2,600 crore.
The offer will comprise fresh shares worth Rs 1,284 crore and another Rs 1,315 crore in an offer for sale (OFS) by existing investors, the company informed the Securities and Exchange Board of India in its draft red herring prospectus (DRHP).
If it gets the regulatory approval and goes ahead with the IPO, Ecom Express will become the second new-age logistics firm focused on online deliveries to be listed on the Indian public bourses, after Delhivery that listed in May 2022.
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Under the OFS part, cofounder Kotla Satyanarayana will sell shares worth Rs 33 lakh, while related promoters Kotla Sridevi and Kotla Rathnanjali will sell Rs 7.6 crore and Rs 1 crore, respectively, of shares. Among others, cofounder Manju Dhawan (Rs 8.9 crore); Jayanti Krishnan, who is a relative of cofounder late TA Krishnan (Rs 8.9 crore), and Rabeya Saxena (Rs 7.6 crore) and Saheba Saxena (Rs 1 crore), who are related to cofounder late Sanjeev Saxena will also sell shares.
Warburg Pincus, through Eaglebay Investment Ltd, has proposed to sell shares worth Rs 211 crore, while Singapore’s PG Esmeralda Ltd plans to sell Rs 931 crore worth of its stake. UK government-backed British International Investment is planning to sell shares worth Rs 136 crore.
Ecom Express intends to use Rs 387
