SoftBank sells shares worth Rs 954 Cr in Delhivery

Japanese investor SoftBank has sold 2.8 crore shares in logistics company Delhivery at Rs 340.80 per share to raise Rs 954 crore in a bulk deal transaction.

According to data on BSE, this transaction accounts for a 3.85% stake sale by SoftBank in Delhivery. The investment company had an 18.42% stake in Delhivery as per the shareholding pattern in December 2022.

SoftBank first invested in Delhivery in October 2018 and later reduced its stake following the company’s IPO in May 2022 and raised Rs 618 crore.

The stake sale follows an earlier such transaction by another private equity investor, Tiger Global Management.

Tiger Global, in February this year, had sold 1.23 crore shares in Delhivery to raise Rs 414 crore. It had a 4.68% stake in the company in December 2022.

Delhivery’s share price of Delhivery on Wednesday ended at Rs 348.40, gaining 1.23%. However, the company’s share price is trading much below the IPO price of Rs 487.

For the December quarter, Delhivery recorded a year-on-year drop of 8% in its revenue to Rs 1,823.8 crore from Rs 1,995 crore. The company’s net loss rose to Rs 196.5 crore from Rs 126.5 crore in the same period of the previous fiscal, while Delhivery’s total expenses reduced marginally to Rs 2,125.7 crore from Rs 2,155 crore.

The sentiment among investors on the new-age internet companies is still negative or at best, cautious. All companies which went for public listing in 2021 are trading much below their IPO price.

They include Zomato, Paytm, Paytm, and Policybazaar. However, their recent financial performance has also reflected on the bourses.