Ecom Express sets to onboard Rs 4,860 Cr IPO
2022-02-04Logistics and warehousing firm Ecom Express’s board has approved a fundraise of up to Rs 4,860 crore or $648 million through a public issue of shares. According to the company’s regulatory filings, the board has approved to rise up to Rs 4,860 crore via an IPO which will include a fresh issue of Rs 2,160 crore and an offer for sale of Rs 2,700 crore from Ecom Express’ existing investors.
The filings further show that the company has approved the appointment of Krishnan as CEO and executive director for the next five years with a salary of Rs 3.65 crore at a cap of Rs 6 crore. Further, the company has also passed resolutions to appoint Vageesh Gupta and Manas Tandon as non-executive directors as nominees of Partners Group Ag, which had acquired a stake in the company in January 2021.
With this move, Ecom Express becomes the second company from the logistics segment that is close to filing its draft red herring prospectus or DRHP with Sebi. In November 2021, India’s largest supply chain company Delhivery had filed its DRHP with the market watchdog for its Rs 7,460 crore IPO.
According to Ecom Express’s annual financial statement for FY20, it had recorded a turnover of Rs 1,254 crore. During the period, its losses were recorded at Rs 313.52 crore. The company, however, claimed that it was profitable at (Profit after tax) PAT level for the fiscal year. It is yet to file its annual financial statements for FY21.
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