Indian logistics unicorn Delhivery is cutting its target IPO raise from 76.2 billion rupees (US$975 million) to about US$719 million, reported The Economic Times, citing sources.
The company decreased its target for the public offer due to “challenging market conditions.” The IPO could happen this May.
It initially wanted to offer US$668 million through fresh shares and US$329 million for an offer for sale when the target raise was closer to US$1 billion. With the original plan, the firm’s valuation would have doubled to US$6 billion.
Delhivery filed with the Securities and Exchange Board of India in November 2021, with its planned public listing getting the go signal in January.
See also: These are the most active investors in India’s startups
Currency converted from Indian rupee to US dollar: US$1 = 76.45 rupees.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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