CPPIB is set to sell its entire Stake in Indian Logistics Startup 'Delhivery'

By Team Startupcity  |  Wednesday, 10 July 2024, 08:56 IST

CPPIB is set to sell its entire Stake in Indian Logistics Startup 'Delhivery'
The Canada Pension Plan Investment Board - CPPIB is probably going to sell its whole 3.18% stake in Logistics operations startup Delhivery through block deals on Wednesday, July 10.
The block's issue size is 886 crore, and the offer price is between 378 and 389 per share—a discount of 0.7% and 3.5% from the current market price (CMP). Delhivery share cost settled at 399.65 on the NSE on Tuesday, July 9. 
The fixed issue price of 2,061 per share indicates a discount of 2% from the CMP. CPPIB owned a 5.96% stake in Delhivery as of the end of March 2024. It sold up to 2 crore shares, worth more than 900 crore rupees, for a combined 2.77 percent stake in Delhivery. 
HSBC, Smallcap World Fund, and Fidelity Funds were among the buyers in the Delhivery block deal at the time. 
At an average price of 444.3 per share, shares were traded. The Smallcap World Fund obtained a largest part of the block, buying a 1.87% stake. On May 24, 2022, shares of Delhivery were listed at a premium of nearly 2% from the offer price of 487 per share. 
Over the course of the past six years, Delhivery has continued to report losses, with significant losses of over 1,000 crore in FY22 and FY23.  
Based in Gurugram, Delhivery is an inventive logistics and supply chain startup founded in the year 2011. The startup was established by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan & Kapil Bharati. Approximately, the company spans over 85 fulfillments centers, 160 hubs, more than 7500 partner centers and 3500 delivery centers.

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