Demand for shares of Delhivery, a Gurugram-based supply-chain solutions provider, failed to pick up on the second day of its initial public offering.
The issue was subscribed 21% at the end of day one.
The company is seeking to raise up to Rs 5,235 crore from the IPO, according to its red herring prospectus. It comprises a fresh issue of shares worth Rs 4,000 crore and an offer-for-sale of Rs 1,235 crore.
Selling shareholders in the IPO include funds owned by the Carlyle Group, Softbank, Times Internet Ltd. and China Momentum Fund. Co-Founders Suraj Saharan, Kapil Bharati and Mohit Tandon are also offloading shares.
The company, according to the IPO prospectus, plans to use the proceeds from the fresh issue to fund development of existing delivery lines, acquisitions and general corporate purposes.
Subscription Details: Day 2
The IPO subscribed 0.23 times or 23% as of 5 p.m. on May 12.
Institutional investors: 0.29 times.
Non-institutional investors: 0.01 times.
Retail investors: 0.40 times.
Employees: 0.12 times.
(Source: BSE)
Top Research Reports On Delhivery IPO:
Investment Rationale, Future Growth Strategies, Valuations, Risks, Financials: KRChoksey
Huge Addressable Market At Expensive Valuation: Reliance Securities
Watch BloombergQuint's IPO Adda With Delhivery's Management:
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