Delhivery Shares End Over 10% Higher On Market Debut

Shares of Delhivery Ltd. listed at a premium after its initial public offering was subscribed 1.63 times.

The stock of the Gurugram-based logistics company listed at Rs 493 on the BSE, a premium of 1.2% to its IPO price of Rs 487 apiece.

It then swung between an intraday low of Rs 474 and an intraday high of Rs 568.9, up as much as 16.8%, before settling at Rs 537.25, about 10.3% higher.

The company's IPO saw muted demand, with the portion reserved for institutional investors subscribing over 90%, while all other categories remaining undersubscribed.

The three-day IPO comprised a fresh issue of Rs 200 crore, according to its red herring prospectus. It sold shares at Rs 130-137 apiece, seeking a market of Rs 764.1 crore at the upper end of the price band. Promoters will hold 65.9% post-issue.

The company in the prospectus said the IPO proceeds will be used to repay or prepay certain borrowings and to fund growth initiatives, among others.