SoftBank Sells Delhivery Shares Worth Rs 954 Crore in Bulk Deal
According to data on the Bombay Stock Exchange (BSE), SoftBank has sold shares worth Rs 954 crore in Delhivery in a bulk deal at Rs 340 apiece. This comes after SoftBank’s investment of $380 million (Rs 3,100 crore) in Delhivery, which saw the Japanese fund offload shares worth $75 million (Rs 618 crore) in its IPO, retaining a holding of over 18 percent stake at the end of December.
Today’s sale of 2.8 crore Delhivery shares by SoftBank follows another bulk deal in February when Tiger Global sold 1.2 crore shares in the company at Rs 335 apiece. With these sales, SoftBank has reduced its stake in Delhivery to around 14 percent and Tiger Global to 2.98 percent.
Despite Delhivery’s stock gaining over 13 percent in the past month, the overall sentiment on new-age tech stocks remains negative. Delhivery has fallen over 36 percent since listing. The company’s losses have also kept mounting, reporting a net loss of Rs 195.7 crore compared to a net loss of Rs 127 crore in the year-ago quarter. Its revenue from operations also fell to Rs 1,823.8 crore for the October-December period from Rs 2,019 crore in the year-ago quarter.
Delhivery’s trailing twelve-month operating loss stands at Rs 340 crore and it has a market capitalisation of Rs 25,000 crore. In comparison, Blue Dart’s trailing 12-month operating profit is Rs 1,030 crore while its market cap is Rs 14,700 crore. However, analysts remain optimistic about Delhivery’s long-term prospects, with the stock receiving 13 buy calls, 4 hold, and 2 sell calls on Bloomberg. The 12-month consensus target on the stock is Rs 407 apiece, indicating a 19.7 percent upside from the current level.
Delhivery provides a full range of Logistics services, including delivery of express parcels and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation & assembly services, and fraud detection.
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