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Logistics startup Delhivery’s bold move to proceed with its public offering when markets are approaching bear territory and there’s recession chatter seems to have worked. The issue was subscribed about 1.51X as of 3:15 pm on Friday, overcoming fears of a washout.
Institutional investors subscribed over two times, while high-net-worth individuals, corporates and retail investors were yet to meet their quota.
But even with a successful IPO, Delhivery must brace for a tough listing on the bourses because of the growing negative sentiment around India’s loss-making unicorns. For context, Zomato’s IPO was subscribed 38 times, PB Fintech’s 17 times and Paytm’s 1.89 times. The shares of all three are trading below their issue prices.
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