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Logistics unicorn Delhivery‘s initial public offering (IPO) was subscribed 0.21X on day one. The lacklustre demand mostly attributable to bearish markets and the threat of a recession.

The QIB (Qualified Institutional Buyer) portion of Delhivery’s IPO was subscribed 0.29 times, which saw demand for 9.7 million shares while 33.9 million reserved for the category.

The startup raised Rs 2,347 crore from 64 anchor investors that were a mix of marquee domestic and overseas investors on Tuesday.

The foreign investors who participated in the anchor round included Tiger Global, Bay Capital, Steadview, Fidelity, Baillie Gifford, Schroders, and Aberdeen Standard Life, among others. The domestic investors who participated in this round include the mutual funds of SBI, HDFC, ICICI, etc.

Its retail portion was subscribed 0.30X, with 3.3 million bids versus 11.3 million shares reserved — making them 10 percent of the overall allotment.

In total, 13.2 million shares were subscribed on the first day, while the logistics unicorn aims to sell 62.5 million shares.

The startup has set a price range of Rs 462-487, and is looking to raise Rs 5,235 crore through the IPO, which closes for subscription on Friday, May 13.