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Exclusive: Ecom Express board approves Rs 2,600 Cr IPO

EntrackrEntrackr · 11m ago
Exclusive: Ecom Express board approves Rs 2,600 Cr IPO
Medial

Logistics firm Ecom Express appears close to file draft red herring prospectus as it has received board’s approval for initial public offering worth Rs 2,600 crore via a mix of fresh issue and offer for sale. The board at Ecom Express has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 2,600 crore, which consists of Rs 1,284 crore of fresh issue and Rs 1,316 crore offer for sale, according to the company’s internal documents accessed by Entrackr. As per media reports, the Gurugram-based company already appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the IPO. Ecom Express’ major investors Warburg Pincus and Partners Group are likely to take part in the OFS, said sources. As per data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder with 48.26% followed by Partners Ground and CDC Group. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express claims to provide logistics services in over 2,700 towns and 27,000 pin codes in India. It employs over 50,000 people, and has more than 3,000 facility centers across the country. For the fiscal year ending in March 2023, Ecom Express’ revenue from operations increased by 21.9% to Rs 2,548 crore from Rs 2,090 crore in FY22. The company’s losses rose by 4X to Rs 375 crore in FY23 from Rs 91 crore in the previous fiscal year. It is yet to file its FY24 numbers. Ecom Express will be the second Indian startup from the logistics ecosystem that will be listed on the stock exchange. Its competitor Delhivery went public in May 2022. Flipkart-backed Shadowfax is also planning to raise up to Rs 3,000 crore through public listing.

Ecom Express and Smartworks receive SEBI nod for IPO

EntrackrEntrackr · 7m ago
Ecom Express and Smartworks receive SEBI nod for IPO
Medial

Logistics firm Ecom Express and coworking space provider Smartworks have secured approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs). Ecom Express, which filed its draft red herring prospectus (DRHP) in August, aims to raise Rs 2,600 crore through its IPO. This includes a fresh equity issue of up to Rs 1,284.5 crore and an offer for sale (OFS) totaling Rs 1,315.5 crore. As part of the OFS, Partners Group will divest shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares valued at Rs 211 crore and Rs 137 crore, respectively. This is the 13-year-old firm's second attempt at going public, after pausing its Rs 4,860 crore IPO plan approved in February 2022. In the logistics space, Delhivery and Blackbuck are already listed on the stock exchange, while Shadowfax is also gearing up for their IPOs. Smartworks, which also submitted its draft IPO papers in August, plans to raise funds through a fresh equity issue worth Rs 550 crore, alongside an offer for sale (OFS) of 67.49 lakh equity shares by its promoters. As of March 2024, Smartworks has a presence in as many as 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers spanning 8 million square feet. Smartworks will become the second firm, after Awfis, to get listed on the bourses. As per media reports, WeWork India, Simpliwork, Table Space firm, DevX, and Indiqube are also gearing up for their IPOs.

Ecom Express DRHP: Partners Group to sell stake worth Rs 931 Cr

EntrackrEntrackr · 11m ago
Ecom Express DRHP: Partners Group to sell stake worth Rs 931 Cr
Medial

Logistics firm Ecom Express has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The DRHP has come just after days of an Entrackr report about the firm’s board giving a nod for the IPO. The firm has proposed to raise RS 2,600 crore in IPO, through a fresh issue of equity shares aggregating up to Rs 1,284.5 crore and an offer for sale (OFS) of up to Rs 1,315.5 crore worth equity shares. Partners Group will be offloading shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares worth Rs 211 crore and Rs 137 crore, respectively, during the offer for sale. As per the time of filing, Partners Group is the largest stakeholder with 49.76% followed by Warburg Pincus and BII (British International Investment ) which hold 27.13% and 10.03%, respectively. As per the DRHP, IIFL Securities Limited, Axis Capital, Kotak Investment, and UBS Securities India are the book-running lead managers of the issue. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express provides logistics services in over 2,700 towns and 27,000 pin codes in India. The firm delivered 514 million shipments in 2024 while its competitor Delhivery did 740 million during the same period. Importantly, out of 514 million shipments handled in FY24, Tier 2 cities accounted for 81.79% of the shipments while Metro and Tier 1 cities were at 10.52% and 7.69% respectively. The logistics firm reported flat revenue in the last fiscal year, but the firm managed to cut costs drastically. It posted a modest 2.1% increase in its revenue to Rs 2,609 crore in FY24 as compared to Rs 2,554 crore in FY23. Its losses shrank by 40% to Rs 256 crore in the same period.

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