Logistics firm Delhivery made a decent debut on Dalal Street on Tuesday, with the shares listing at a premium over their issue price. The stock changed hands at a premium of as high as 12 percent over the issue price, having listed at a premium of two percent.
On NSE, Delhivery shares climbed to as high as Rs 547 apiece, a premium of 12.3 percent over the issue price of Rs 487.
The stock rose to as high as Rs 546.4 apiece on BSE, a premium of 10.8 percent over the issue price.
|Exchange||Listing price||Premium over issue price|
|BSE||Rs 493||Rs 6 or 1.2 percent|
|NSE||Rs 495.2||Rs 8.2 or 1.7 percent|
The listing was in contrast to the trend seen in the grey market in the past few days. Dealers said the stock changed hands at a discount of Rs 15 earlier on Tuesday.
|Date||Grey market premium (GMP)|
Source: IPO Watch
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Delhivery's IPO worth Rs 5,235 crore saw an overall subscription of 1.6 times.
"We believe the reason for low subscription was investors' concern on the company's business operation given its continued losses and its aggressive IPO valuations," said Prashanth Tapse, Vice President (Research) at Mehta Equities.
"Conservative investors can look to book profits while risk takers can hold for the long term as the company is on the verge of turning EBITDA positive in the near term," he added.
The public offer was a combination of fresh issuance of shares worth Rs 4,000 crore and an offer for sale (OFS) worth Rs 1,235 crore. Shares were available within a price range of Rs 462-487 in multiples of 30, in a three-day bidding process that ended on May 13.
First Published: IST