Logistics company Deliveryri raised funds through an IPO in May this year. The 6-month (Sebi’s new rule) lock-in period for pre-IPO investors has ended today (Nov. 19). On Monday, 59.8 crore shares of the company, i.e. 82 per cent, will be ready for sale. Many pre-IPO investment firms are sitting on multiples to hundreds of times their profits. If they start selling, the stock price will fall.
Delhi-based logistics company Delhivery was launched in 2011. The company is the delivery partner of various companies including leading online business companies. Serving over 18,000 postcodes across the country. The company was listed on the stock market last May. It raised Rs.5,000 crore. At that time the price per share was fixed at Rs.487. The stock price, which initially stumbled, touched a fresh high of Rs 700 in July. It’s been a steady decline since then. This is due to the increase in losses seen in the quarterly results. It fell further after the September quarterly results. It has fallen by 25 percent in the last one month alone.
The company’s loss for the July-September period was Rs.254 crore. 635 crore loss in the same period last year. Revenue stands at Rs 1,796 crore. However, due to issues like inflation and rising petrol prices, the company expects only average growth in sales this year. This causes the stock price to go down.
Meanwhile, the lock-in period for big investors ends on Monday. 82.42% shares will be ready for sale. Pre-IPO investors include SoftBank (18.5%), Nexus Partners (9.1%), CPPIB (6%), Tiger Global (5.2%), Steadview Capital (2.69%), Times Internet (3.9%) and BetX (2.9%) as required. Shares may be sold. Of these, only BetX is currently in loss relative to share price. All other companies are between one and 100 times profit.
100 times profit
Current market price of Delliveri Company share – Rs.350. Softbank came in at a share price of Rs.196. The company’s holdings are at 78.5% profitability. Tiger Global came in at a share price of Rs.86. The company is at 4 times profit. Nexus Partners has bought shares of Deliveryry at Rs.27. That is 13 times profit. Times Internet is sitting on the highest profit. The company bought Delhivery shares for just Rs 3.50 paise. It holds 3.9% of the shares. If you sell them today, you will get 100 times profit. PetX is the last to get on the delivery wagon and is at a loss. The company has bought 2% shares at a price of Rs.356 per share.
Among them, Times Internet, Nexus Partners, Tiger Global and other companies may reduce their share holdings. As a result, retail investors are in the mood to see a drop in stock prices.
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