Logistics company Delhivery made strong gains on the first day of its public market listing on Tuesday with its share price rising by 10 percent even as broader stock exchanges indices were down.
The share price of Delhivery, which was listed at Rs 487, had a lacklustre opening but later rose sharply and went to a high of Rs 568.90, which was a rise of 16 percent before closing at Rs 537.25 on the BSE, registering a gain of 10.32 percent.
The public listing debut of Delhivery has been very creditable given that broader stock market indices were down on Tuesday with BSE Sensex declining by 236 points while NSE-50 dipped by 90 points.
The 10 percent rise in the share price of Delhivery also beats pre-market expectations, which had projected that the gains would be very marginal. It comes in the backdrop of the IPO being oversubscribed just 1.63 times.
The new-age logistics company, which came out with its Rs 5,235 crore initial public offering, saw a relatively poor response to subscription as only qualified institutional bidders had oversubscribed while retail, HNIs and employees remained undersubscribed.
The public issue of Delhivery comprised fresh issues of up to Rs 4,000 crore, and an offer for sale (OFS) of up to Rs 1,235 crore. Under the OFS, investors Carlyle Group, Softbank and the co-founders of Delhivery divested part of their stake.
Delhivery raised Rs 2,347 crore from 64 anchor investors who were allocated 48 million shares at a price of Rs 487 per share with participation from marquee financial services companies, both domestic and international.
