Delhivery, 2 Chennai companies get Sebi nod for listing

NEW DELHI/CHENNAI: The number of companies in India looking to go public is set to increase. New age logistics player Delhivery, along with two Chennai-based companies - Radiant Cash Management Services, an integrated cash logistics firm, and Veranda Learning Solutions, an ed-tech company - have received approval from the Securities and Exchange Board of India (Sebi) to raise funds through the initial public offer (IPO) route.
Gurgaon-based Delhivery plans to raise Rs 7,460 crore through the IPO, including fresh issuance of equity shares worth Rs 5,000 crore and an offer for sale (OFS) component of Rs 2,460 crore by existing shareholders, according to the company's draft red herring prospectus (DRHP). Under the OFS, private equity fund Carlyle, Japan's SoftBank, Times Internet (Times Internet is part of the Times Group, which publishes The Times of India) as well as Delhivery's co-founders will divest their shareholding in the logistics company.

Kapil Bharati, Mohit Tandon and Suraj Saharan, who are among the five founders of Delhivery, will also sell shares through the OFS route.
In Chennai, backed by Ascent Capital, Radiant Cash Management Services will issue up to Rs 60 crore worth of new shares, while existing shareholders may sell up to three crore equity shares through offer for sale, where its founder Col. David Devasahayam will sell up to one crore shares and Ascent Capital Advisors India will offload up to two crore shares.
In comparison, edtech platform Veranda Learning Solutions looks to raise Rs 200 crore through an initial share sale, where the IPO will be a primary issuance of equity shares.