 "Ecom Express, Logistics")
Logistics firm Ecom Express on Thursday filed for an initial public offering (IPO) worth up to Rs 2600 crore ($310 million), its draft papers showed.
The IPO will consist of a fresh issue of shares worth up to Rs 1,285 crore while existing investors will offload shares aggregating to Rs 1,316 crore.
The e-commerce logistics firm, which counts Amazon and beauty products retailer Nykaa among its clients, looks to go public at a time when India's IPO space has seen more than 150 companies raise around $5 billion this year as of July-end.
The company, which competes with the likes of Delhivery and Blue Dart, said it intends to use funds from the fresh issue towards setting up of new processing and fulfilment centres, investment in IT equipment and payment of debt.
Among those selling their existing stakes, Partners Group's PG Esmeralda and Warburg Pincus's Eaglebay Investment would sell holdings worth Rs 931 crore and Rs 211 crore, respectively.
Ecom Express reported a net loss of Rs 254 crore for the year ended March 31, 2024, compared with a loss of Rs 422 crore, a year earlier.
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