Delhivery makes a tepid debut on exchanges as it rises 1% on listing day
- Shares of
Delhiverylisted at ₹493 while the price band was fixed at ₹462 - ₹487 per share.
- The IPO witnessed tepid demand from investors as its IPO was subscribed for 1.63 times the number of shares offered.
- The market capitalisation of the company stood at ₹35,718 crore.
AdvertisementThe Indian equity markets added another stock to the list of new age technology stocks — logistics startup company Delhivery — among others like Zomato, Paytm, Nykaa.
Delhivery’s shares listed at ₹493, higher by just 1.23%, while the price band was fixed at ₹462 - ₹487 per share.
Shares of the Gurugram-based logistics and supply chain company Delhivery made a tepid listing mainly due to weak market sentiment and poor financials of the company.
The IPO had struggled too as only 24% of the issue was subscribed in the first two days of subscription. The lack of demand was due to volatile market conditions that spooked investors. On the last day, the issue was subscribed 163% mainly because of oversubscription in the qualified institutional buyer category.
A tepid listing of Delhivery was much expected by analysts
The unofficial grey market indicated a negative listing for the stock as they were being traded at ₹10 discount to issue price of ₹487.
Investors too stayed away from the IPO as Delhivery is a loss-making company. Not to forget, investors were already once bitten after new age companies like Paytm, Zomato, whose shares have sunk massively after listing.
“Looking at expensive valuation and some correction in the market in the last two weeks expect a soft listing of
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