Latham & Watkins Advises Delhivery on US$676 Million IPO

Latham & Watkins advised Delhivery, India’s largest and fastest-growing fully-integrated logistics services company, on its initial public offering on the National Stock Exchange of India Limited (NSE) and the BSE Limited. The transaction represents the largest technology IPO in India in 2022 to date, the second largest Asia wide year-to-date, and the latest tech unicorn IPO for Latham in India.

The bookrunners and joint lead managers were Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, and Citigroup Global Markets India Private Limited.

The Latham team was led by Singapore partner Rajiv Gupta with associate Sirada Chayabunjonglerd. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Enrique Rene de Vera; and on Investment Company Act matters by Chicago partner Nabil Sabki, with associate John Reinert.

About Delhivery

Delhivery is India’s largest and fastest-growing fully-integrated logistics services player by revenue as of fiscal year 2021. Delhivery operates express parcel, part-truckload freight, truckload freight, supply chain services and cross-border services, covering 90.6% of the PIN codes in India as of December 31, 2021. The company provides supply chain solutions to a diverse base of 23,000+ active customers as of December 31, 2021 and has shipped over 1.2 billion express parcels since inception.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$100 billion since 2018.