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The shares rose as much as 12% to 543.95 rupees in Mumbai, versus the issue price of 487 rupees. The company and its shareholders, including Carlyle’s CA Swift Investments and SoftBank Vision Fund’s SVF Doorbell, had raised 52.35 billion rupees ($675 million) through the sale of both new and secondary shares.
The listing day pop contrasts with last week’s debut of state-run insurer LIC, which dropped 7.8% in its first trading day after an IPO that raised $2.7 billion, an Indian record. Delhivery’s positive start may provide encouragement for companies waiting to tap capital markets amid ongoing global volatility.
Read: Aramco-Style Dividend Is What LIC Investors Seek Post Flop Debut
Founded in 2011, Delhivery is one of India’s largest fully-integrated logistics companies, serving over 17,000 postal codes with a team of 86,000 people, according to its website.
Its equity sale was oversubscribed 1.63 times, with a pick-up in demand coming on the last day and supported mostly by qualified institutional buyers. Non-institutional investors, retail individuals and employees placed smaller bids than the portions reserved for them.
Like LIC, Delhivery previously cut its offering size and delayed its listing on the back of market volatility. The logistics startup and its shareholders initially had been seeking to raise about $1 billion in a deal that was expected to be priced in March.
Still, both companies managed to raise significant funds despite the slowdown in IPOs globally. Total proceeds raised in India since January are higher than those in larger venues such as Hong Kong and London.
Read: Advent Sees Drop in Private Valuations in India After Stock Rout
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