Gurugram-headquartered e-commerce logistics company Ecom Express Private Limited has secured board approval for an initial public offering (IPO) worth $309 million (Rs 2,600 crore), per media reports.
The proposed IPO will comprise a fresh issue of equity shares amounting to Rs 1,284 crore and an offer for sale worth up to Rs 1,316 crore, Entrackr reported citing the company’s internal documents.
The Gurugram-based company has reportedly appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the public issue. Warburg Pincus, which is the largest external stakeholder with 48.26%, and Partners Group are likely to take part in the offer for sale.
This is the company’s second attempt to tap the capital market. Earlier in 2022, the company had secured approval for an IPO worth Rs 4,860 crore. The plan was later put on hold.
Ecom Express is already in the process of raising about $172 million from existing investors via a rights issue. The company will use the proceeds for general corporate purposes, capital expenditure, and operating expenses among others, it said in its RoC filings.
Back in October 2022, Ecom Express had raised $39 million from existing investors including CDC Group and Partners Group. In March 2021, CDC Group, the UK Government’s development finance institution, also invested $20 million in the company.
Founded in 2012, Ecom Express provides end-to-end technology-enabled logistics solutions to small and large e-commerce players in over 2,700 towns and 27,000 pin codes in India. The company’s products include Ecom Express Services (EXS), Ecom Fulfilment Services (EFS), and Ecom Digital Services (EDS). The company employs over 50,000 people and has more than 3,000 facility centres.
