Softbank-backed Delhivery debuts in market after 2nd biggest IPO of 2022
Delhivery took the IPO plunge earlier this month.
Logistics firm Delhivery, backed by Japan-based Softbank, made its market debut on Tuesday at the National Stock Exchange and the Bombay Stock Exchange. The 11-year old firm climbed in early trading, a week after the country saw insurance giant LIC’s lackluster brush with the stock exchange market. Earlier this month, the Delhivery IPO was oversubscribed 1.63 times as it took the IPO plunge, eyeing to raise Rs. 5,235 crore. It had raised $277 million from anchor investors ahead of the IPO.
At the Bombay Stock Exchange (BSE), the Delhivery shares on Tuesday rose by 6.87 per cent to ₹526.55 versus the issue price of ₹487 in a promising start. The stock was listed at ₹493, a gain of 1.23 per cent from the issue price on the BSE.
At NSE, the country’s largest stock exchange, the stocks were listed at ₹491 as the opening bell rang. Carlyle’s CA Swift Investments and SoftBank Vision Fund’s SVF Doorbell are among the shareholders of Delhivery, which identifies itself as ‘the largest and fastest growing fully-integrated player in India by revenue in fiscal 2021’ on its official website.
The equity sale of the firm was oversubscribed 1.63 times, multiple reports highlighted, but it was forced to cut the offering size and delay the listing as global and domestic markets continue to brace for volatility amid the Ukraine war.
Last week, insurance behemoth LIC saw a muted debut after a record IPO that raised 2.7 billion. This was one of the biggest IPOs of the country. But it dropped 7.8 per cent on the first day of trading.