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Ecom Express gets SEBI's nod to float IPO

03 Dec 2024 Evaluate

Ecom Express has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 2,600 crore through an initial public offering (IPO). The company’s IPO comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders.

Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions. Axis Capital, IIFL Securities, Kotak Mahindra Capital Company and UBS Securities India are the book running lead managers to the company’s public issue.

Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. logistics infrastructure and using technology, the company connect digital retailers and e-commerce platforms with consumers across the country.


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