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Delhivery, the logistics startup founded in 2011, had a board meeting over the weekend where it discussed its plans for going public. The consensus at the end of the meeting was reportedly to launch the IPO at a smaller than previously declared number, and after LIC’s IPO subscription period ends on May 9.

“The idea is to open the subscription window after LIC so institutional investors can finalise allocations for Delhivery IPO basis the allotments they get for LIC,” said a source to the Economic Times.

According to the ET report, the Delhivery board is planning an issue size of Rs 5,550 crore, compared to an earlier valuation of Rs 7,460 crore. This drop is being ascribed to challenging market conditions.

The public listing was approved by SEBI in January, but has been postponed due to weak market sentiment ever since, regarding both the local market’s downturns as well as global trends caused by the US Fed increasing interest rates and Russia invading Ukraine.

“We want to go public when our company is well understood. While valuation is one of the factors (for the delay), it is not a critical factor – since we do not require the capital, and market conditions currently are bumpy,” said Sahil Barua, Co-founder and chief executive of Delhivery, earlier this year.

The company’s earlier IPO plans included issuing Rs 5,000 crore in fresh shares, while providing an offer for sale to the tune of Rs 2,460 crore to create exits for existing shareholders such as Softbank, Nexus Ventures, and CI Swift Holdings.