DELHIVERY MARKET DEBUT

World’s biggest market for sub-$100 million IPOs booms in India

From finance startup Paytm to the nation’s largest insurer, investors have lost money from those IPOs in the past two years. They’ve turned to companies offering up to just $100 million in stock sales, as India hosted 92 such listings this year, the most in the world, according to data compiled by Bloomberg.

SoftBank sheds another 2% in Paytm; will approach GST Council on 28% tax once gaming rules in place: Chandrasekhar

In May, SoftBank had sold a 2.07% stake in Paytm through open market transactions that began in February. Prior to the latest transaction, SoftBank held around 11% in the Noida-headquartered fintech company.

Rajeev Misra’s $7 billion fund scouting for India opportunities after debut investment in Shapoorji Pallonji

Rajeev Misra told ET in an interview that One IM, which currently has a corpus of $7 billion, participated in a debt issue floated by the Shapoorji Pallonji group, making it the fund’s debut in India.

Rajeev Misra’s $7 billion fund eyes more India play; SRK may say bye to Byju’s

It's been exactly a year since Rajeev Misra stepped back as the top boss of Japanese multi-billion dollar conglomerate SoftBank’s tech-focussed Vision Fund. ETtech’s Samidha Sharma and Digbijay Mishra caught up with Misra to talk about his new fund One IM. This and more in today’s ETtech Morning Dispatch.

Explained: ONDC vs Zomato-Swiggy and what it means for the food-delivery space

Menu items from major food chains, including McDonald’s, Taco Bell, Behrouz Biryani, Wow Momo, Pizza Hut and Cafe Coffee Day, are available at a 30-80% discount on ONDC platforms such as Paytm and Magicpin compared to Swiggy and Zomato.

IPO Market Tracker: Here are the best & worst performers of FY23

Headquartered in Hyderabad, Hariom Pipe is a premium manufacturer of iron and steel products. The company has a diverse product portfolio consisting of mild steel billets, pipes and tubes, hot rolled coils and scaffolding systems.

India's IPO fundraising halves in FY23; two debutants deliver multibagger returns

Meanwhile, slowing down the trend of internet companies hitting the markets, only one new-age tech startup Delhivery made its debut this fiscal. Paytm, Nykaa, Zomato and Policybaazar were some of the marquee tech companies that entered the public markets in FY22.

India’s fallen tech darlings are value buys for Franklin Templeton after $20 billion wipeout

“We are looking at new tech companies as their valuations have been reset,” Anand Radhakrishnan, chief investment officer for equities at Franklin Templeton’s India unit, said in an interview. “More importantly, there is data available about their business models.”

Nexus Venture eyes $700 million fund to bet on India, US tech startups

The fundraising, which one of the sources said will close within two months, is an indication that investors may be starting to get more comfortable with Indian technology company valuations after the poor market performance in 2022 of some high-flying startups and amid a global tech sector rout.

Carlyle Group sells 2.5% stake in Delhivery for Rs 607 crore

According to the bulk deal data available with the National Stock Exchange (NSE), CA Swift Investments offloaded 1,84,04,607 shares, amounting to a 2.5 per cent stake in the company.

IPO activity to remain thin for next few months as equity jolts shock funding plans

The rising inflationary pressure, meltdown in expensive IPO counters, increasing inflation rate, FII selling and the war crisis have weighed heavily on the Indian IPO markets.Companies including Life Insurance Corporation (LIC), AGS Transact, Rainbow Children's Medicare, Prudent Corporate, Delhivery and Ethos are trading up to 55 per cent lower than their issue prices.​

Credit Suisse initiates coverage on Delhivery

Credit Suisse has initiated coverage on logistics and supply chain startup Delhivery with an outperform rating and a target price of ₹675 citing favourable industry structure, structural growth in e-commerce volumes and strong moat, among other factors.

Delhivery CEO navigates market meltdown in ‘nerve-wracking’ IPO

“Technology stocks had corrected more than 20% in the period between filing our initial draft documents to our IPO so we modified our pricing,” Barua said. “We decided we’d rather have modestly-priced shares which rise rather than tumble on listing.”

Delhivery Q4 2022: Losses at Rs 119.8 crore, revenue doubles YoY to Rs 2,072 crore

Revenue from operations was Rs 2,071.7 crore in the January-March period, from Rs 1,002.6 crore in the year-ago period. Total income more than doubled to Rs 2,127 crore from Rs 1,031.7 crore.

Volatile markets left us nervous before listing, says Delhivery CEO Sahil Barua

The top management at Delhivery, which made its public market debut on Tuesday, was “nervous” ahead of the listing due to the uncertain investor sentiment but were never “really concerned” about the issue not being fully subscribed, said cofounder and chief executive Sahil Barua.

Delhivery's market debut more than doubles SoftBank stake value to $1 billion

In 2019, SoftBank invested about $390 million in two tranches in Delhivery, which is now valued at almost $1 billion. The value of its investment has more than doubled in three years based on Delhivery's stock price after its first day of trading. SoftBank holds close to 19% in Delhivery.

SoftBank wins big as Delhivery shares jump on debut

Delhivery had a muted IPO earlier this month – the offering was subscribed only 1.68 times as retail and non-institutional investors stayed away. It was thus a surprise when shares of the new-age logistics player rose almost 10% on their market debut today.

Should you hold or exit Delhivery after solid listing day performance?

Market experts have a mixed opinion on the counter. While few suggest investors to hold the stock for the long term, others are recommending to book profits on a better-than-expected listing.

SoftBank-backed logistics firm Delhivery valued at $4.9 billion in India debut

Delhivery's IPO, by nearly 30% to 52.35 billion rupees, was subscribed 1.63 times earlier this month at an offer price set at 487 rupees.The offering included fresh issue of shares worth up to 40 billion rupees and an offer for sale of shares worth 12.35 billion rupees

Watch: Delhivery makes muted market debut; lists nearly 2% higher

What is grey market signalling for the listing of Delhivery and Venus Pipes?

Another listing candidate, Venus Pipes and Tubes, is commanding a premium of Rs 35-40 or 10-12 per cent in the grey market over the issue price of Rs 326. It is signalling a mild listening pop.

Six IPOs to raise Rs 30,000 crore in 15 days. Has the IPO market got its mojo back?

Interestingly, these issues are a mixed as a couple of them are quite large- LIC and Delhivery, (raising more than Rs 5,000 crore), two are mid-sized - Rainbow Children's and Campus Activewear (raising more than Rs 1,000 crore) and two are comparatively smaller one Prudent Corporate and Venus Pipes (raising less than Rs 1,000 crore).

Markets will correctly value a business in the long term: Delhivery CEO Sahil Barua

“If you look at great IPOs like DMart -- it is a stock that has never traded below its IPO price…. that is the ambition we have. We want to price it in a manner that our investors make a substantial amount of money and where ultimately there is very clear visibility of how the stock compounds,” said Barua