Delhivery IPO subscribed 21% on Day 1 on institutional and retail interest

Logistics services provider Delhivery’s IPO was subscribed 21 per cent on Wednesday, the first day of the issue. The retail and institutional investor portion of the issue were both subscribed 29 per cent each. A day earlier, Delhivery raised Rs 2,346 crore from 64 anchor investors. The Gurugram-based firm allotted nearly 48.2 million shares at Rs 487 apiece, the upper end of its IPO price band. Amansa, Goldman Sachs, Aberdeen, Tiger Global, Schroder and Baillie Gifford were among anchor investors who got an allotment. Seven domestic mutual funds (MF) invested through 15 different schemes.

The allotment made to them formed 30 per cent of the anchor book. SBI MF, HDFC MF and HDFC MF were among the domestic funds who got an allotment. Delhivery’s IPO size is Rs 5,235 crore, second-biggest after LIC this year. The price band for the IPO is Rs 462 to Rs 487 per share. At the top-end, Delhivery will have a market cap of Rs 35,284 crore on a post-diluted basis. The IPO closes on Friday. Through the IPO, Delhivery is looking to raise Rs 4,000 crore of fresh capital through the IPO. The remaining Rs 1,235 crore will be an offer for sale (OFS) investors, which include private equity firms Carlyle and SoftBank.