Delhivery shares make muted stock market debut, lists 2% higher

Image Source : DELHIVERY.COM

Delhivery shares make muted stock market debut

Delhivery IPO Listing: Delhivery shares made a muted market debut on Tuesday with a nearly 2 per cent premium against its issue price of Rs 487.

The stock was listed at Rs 495.20 on the NSE, up 1.68 per cent from the issue price.  At the BSE, it listed at Rs 493, a gain of 1.23 per cent from the issue price. It later jumped 7.62 per cent to Rs 524.15.

The initial share sale of the supply chain company was subscribed 1.63 times earlier this month. The public offer had a price range of Rs 462-487 per share.

The issue of Rs 5,235 crore had a fresh issue of up to Rs 4,000 crore and an offer for sale of up to Rs 1,235 crore.

Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery and warehousing.

According to the company, it will use the proceeds of the fresh issue towards funding organic growth initiatives, funding inorganic growth through acquisitions and other strategic initiatives and for general corporate purposes.

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