Delhivery shares list at 2% premium over IPO price

New Delhi: Delhivery made a tepid debut on Dalal Street on Tuesday as the logistics and supply chain company solution provider was listed at Rs 495.2 on NSE, a premium of 2 per cent over its issue price of Rs 487.

On the BSE, the counter was listed at a premium of just 1 per cent or Rs 493, compared to the mentioned issue price.

Through its initial public offering (IPO), Delhivery raised Rs 5,235 crore by offering its shares in the range of Rs 462-487 apiece. The issue was open for subscription between May 11-13.

Just a day before IPO, the company shares were exchanging hands at par in the grey market, signalling a muted listing for the new age player.

The issue got a weak response as it was overall subscribed 1.63 times. The portion reserved for qualified institutional buyers was subscribed 2.66 times, whereas the HNI quota was subscribed 30 per cent. The retail portion was booked 57 per cent.

Gurugram-based Delhivery is the largest fully integrated logistics services player in India by revenue. It has built a nationwide network in every state, servicing 17,045 PIN codes or 88.3 per cent of the 19,300 PIN codes in India.

The company has proprietary technology systems that enable it to offer integrated Logistics services to a wide variety of customers. Its technology stack consists of over 80 applications for all supply chain processes.

It became a unicorn in 2019 when it raised $413 million in a Series F round led by SoftBank Vision Fund. Delhivery provides a full range of Logistics services, along with various value-added services.