Ecom Express Gets Board Approval For Rs 2,600 Cr Public Issue
The company is making its second effort as It authorised the issuance of shares for public offering in February 2022 but then postponed
The board has approved Ecom Express's initial public offering (IPO) of Rs 2,600 crore through a combination of new issues and offers for sale, and the logistics company is expected to file a draft red herring prospectus soon, as per media reports.
Some reports claimed that fresh issuance would be Rs 1,284 crore while the offer for sale would be Rs 1,316 crore. Kotak Capital, IIFL, Axis Capital, and UBS are among the bankers that the Gurugram-based company has already appointed for the IPO.
Warburg Pincus and Partners Group, two significant investors in Ecom Express, are expected to participate in the OFS. Partners Ground and CDC Group are the next largest external stakeholders, after Warburg Pincus, with 48.26 per cent, as per media reports.
The company is making its second effort at a public listing. It authorized the issuance of up to Rs 4,860 crore in shares for public offering in February 2022 but then decided to postpone its IPO.
Ecom Express's operating revenue for the fiscal year that ended in March 2023 climbed from Rs 2,090 crore in FY22 to Rs 2,548 crore, a 21.9 per cent rise. From Rs 91 crore in the previous fiscal year to Rs 375 crore in FY23, the company's losses increased by 4 times, reported media. It hasn't submitted its FY24 figures yet.
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