Delhivery IPO gets oversubscribed on the final day

The initial public offering (IPO) of Delhivery got fully subscribed on the final bidding day after a weak response in the first two days.

As per data available on the BSE, the Rs 5,235 crore Delhivery IPO was oversubscribed by 1.20X at 1:50 pm, with qualified institutional buyers (QIB) coming in as the savior.

The QIB category was oversubscribed by 2.04X however, the non-institutional investors, retail investors and employee categories still remain undersubscribed.

Delhivery had fixed a price band in the range of Rs 462 to Rs 487. The first two days of the IPO saw weak response from the investors, with questions looming large on whether the IPO would sail through.

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This logistics unicorn has already raised Rs 2,347 crore from 64 anchors a day prior to the bidding process. The anchor investors were allocated 48 million shares at Rs 487 per share. The foreign investors who participated in the anchor round included Tiger Global, Bay Capital, Steadview, Fidelity, Baillie Gifford, Schroders, Aberdeen Standard Life, among others. The domestic investors who participated in this round include the mutual funds of SBI, HDFC, ICICI, etc.

The IPO of Delhivery comes at a time when the stock markets across the world are bearish. The other startups that went public last year — Nykaa, PolicyBazaar, Paytm, Zomato, and Freshworks — have all seen a steep decline in their share value, with some now trading at below their issue price.