Ecom Express files DRHP for Rs 2,600 cr IPO

New Delhi: Ecom Express Ltd has filed draft papers with capital markets regulator Sebi to garner Rs2,600 crore through an initial share-sale. The company’s initial public offering (IPO) comprises a fresh issue of equity shares worth Rs1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs73.71 crore for computers and IT equipment, Rs239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday.