Shares of Delhivery Limited entered the stock market for the first time on Tuesday. 495 on NSE, a premium of around 2% over its IPO issue price 487 per share. Shares of BSE, Delhi started trading on 493 each, and subsequently increased 540 in early deals.
“The company’s sharp” listing This can be attributed to the current market conditions and the loss-making nature of the company. The company has a good track record of performance built on its proprietary technology and has grown significantly. However, the logistics industry is extremely competitive and the company is yet to turn profitable. New investors should wait and see the company’s strategy and invest only when concrete plans are in place to become profitable.”
Initial Public Offering (IPO) Supply chain company Delhivery was subscribed 1.63 times on the last day of subscription. The share of eligible institutional buyers was subscribed 2.66 times, while the retail individual investors category was subscribed 57 percent and non-institutional investors 30 percent.
The price range for the initial share sale was 462-487 per share. public issue of There was a fresh issue of up to Rs 5,235 crore 4,000 crore and up to an offer for sale (OFS) 1,235 crores. delhivery picked up 2,347 crore from anchor investors ahead of the public offering.
Delhivery Express provides a full range of logistics services including parcel delivery, heavy cargo delivery and warehousing. 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.
Morgan Stanley India Company, Kotak Mahindra Capital Company, BofA Securities India and Citigroup Global Markets India were the managers of the offer.