Shares of supply chain company Delhivery Ltd on Tuesday made a muted market debut listing with a nearly 2 percent premium against its issue price of Rs 487.
The stock was listed at Rs 493, a gain of 1.23 percent from the issue price on the BSE. It later jumped 7.62 percent to Rs 524.15.
At the NSE, it made its debut at Rs 495.20, up 1.68 percent.
The muted listing was expected, said analysts.
Prashanth Tapse, Vice President (Research), Mehta Equities Ltd said, Considering lower-than-expected subscription demands to its initial public offering (IPO) we expect marginally flat listing gain +or-5 percent on a best case scenario considering the market’s volatility. We believe reason for low subscription was investors fear on business operation continued losses on books and followed by aggressive IPO valuations. Conservative investors can look to book profits while risk takers can hold for long-term as the company is on the verge of turning EBITDA positive in the near term which will be a game changer as soon as it happens, Tapse added.
The initial share sale of Delhivery was subscribed 1.63 times earlier this month.
The public offer had a price range of Rs 462-487 per share.
The issue of Rs 5,235 crore had a fresh issue of up to Rs 4,000 crore and an offer for sale of up to Rs 1,235 crore.
Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery, and warehousing.
