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Bloomberg
SoftBank-backed Indian logistics firm Delhivery Ltd climbed in early trading as investors brushed off rising global risks to support the nation’s second-largest initial public offering of the year in its market debut.
The shares rose as much as 12% to 543.95 rupees in Mumbai, versus the issue price of
487 rupees.
The company and its shareholders, including Carlyle’s CA Swift Investments and SoftBank Vision Fund’s SVF Doorbell, had raised 52.35 billion rupees ($675 million) through the sale of both new and secondary shares.
The listing day pop contrasts with last week’s debut of state-run insurer LIC, which dropped 7.8% in its first trading day after an IPO that raised $2.7 billion, an Indian record.
Founded in 2011, Delhivery is one of India’s largest fully-integrated logistics companies, serving over 17,000 postal codes with a team of 86,000 people, according to its website.