Supply chain company Delhivery’s initial public offer was subscribed 23% on the second day of the offer on Thursday. The IPO received bids for 1,45,01,730 shares as against 6,25,41,023 shares on offer.
According to the exchange data, the portion reserved for retail individual investors (RIIs) got 40% membership, while the qualified institutional buyers segment (QIBs) got 29% membership and non-institutional investors 1%.
of the company 5,235-crore public issue includes a fresh issue of 4,000 crore and offer for sale 1,235 crores. Under the OFS, investors will sell their stake in the logistics company co-founded by Delhivery, along with Carlyle Group and SoftBank.
price range for IPO is on 462-487 per share. delhivery increased on tuesday 2,347 crore from anchor investors. According to market observers, Delhivery shares are at a premium (GMP) 2 in the gray market today. The company’s shares are expected to be listed on the stock exchanges BSE and NSE on Tuesday, May 24, 2022.
The proceeds from the new issue will be used to finance organic growth initiatives, inorganic growth financing through acquisitions and other strategic initiatives, and for general corporate purposes. Delhivery Express provides a full range of logistics services including parcel delivery, heavy cargo delivery and warehousing.
“We recommend subscribing from a long term perspective, as it is the largest and fastest growing 3PL express parcel delivery player, with integrated infrastructure network, large amount of data intelligence and R&D, experienced professional management team and have strong relationships with a diverse customer base.” Yes security.
“Delhivari has shown strong growth and created a recognizable brand in a segment characterized by intense competition and low barriers to entry. With a pan-India presence and diversification into other regions (LTL, omnichannel etc.), the management is looking to further optimize its network, crossutilize its network and use scale to reduce costs. However, we look forward to continue on the path of achieving positive cash flow,” ICICI Securities said.