Ecom Express Aims to Enter the Primary Market with an IPO of Rs 3000 Crore: Report

Paytm, Nykaa, Zomato, Nazara Technologies, CarTrade, and EaseMyTrip were some of the companies that had successfully launched their IPOs in 2020 and 2021. The poor performance of these IPOS post-listing, however, has led to only a few companies like Delhivery, Tracxn, succeeding in raising funds through public issues in 2022. The rest have postponed their plans.Delhivery, currently trading at Rs 400, was listed in May 2022 at Rs 487, has dropped down by 20 per cent.Ecom Express reported a 20 per cent increase in revenue to Rs 2,548 in FY2023. It had also reported a loss of Rs 375 crores in FY23 compared to a loss of Rs 91 crore in FY22. The Company’s expenditure rose about 30 per cent to Rs 2,856 crore in FY23.Earlier in June 25, it was reported that the company would be looking to raise Rs 1,424 crore through a rights issue likely to be held by its investors, such as Warburg Pincus, British International Investment (BII), and Partners Group.A resolution for the rights issue of Rs 1.57 million compulsorily convertible preference shares at Rs 9,071 apiece- the same price at which Ecom Express did a rights issue in July last year was passed by the company’s shareholders, according to regulatory filings with the Registrar of Companies (RoC), as reported by ET.

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