delhivery shares start muted stock market
Delhivery IPO Listing: Shares of Delhivery opened in a muted market on Tuesday with a premium of nearly 2 per cent against its issue price of Rs 487.
The stock was listed on NSE at Rs 495.20, which was 1.68 per cent higher than the issue price. It was listed on the BSE at Rs 493, up 1.23 per cent over the issue price. Later it jumped 7.62 per cent to Rs 524.15.
Earlier this month, the supply chain company’s initial share sale was subscribed 1.63 times. The public offer price was Rs 462-487 per share.
Of the Rs 5,235 crore issue, there were fresh issue offers of up to Rs 4,000 crore and sale offers of up to Rs 1,235 crore.
Delhivery Express provides a full range of logistics services including parcel delivery, heavy cargo delivery and warehousing.
According to the company, it will use the proceeds from the fresh issue to finance organic growth initiatives, finance inorganic growth through acquisitions and other strategic initiatives, and for general corporate purposes.