Jobaaj Stories
The shares of logistics giant Delhivery Ltd. debuted well yesterday as investors showed great interest in the share, causing the share to jump 8% on opening day.
The IPO of Delhivery was live on 11th May 2022, two days after the IPO of insurance giant LIC had closed. The IPO had not seen much response from investors as only 23% of the IPO had been subscribed in the initial days of the IPO. However, on the last day, the IPO had been subscribed 1.63x times as the IPO saw an overwhelming response from Qualified Institutional Buyers.
Zomato Q4 results are live, read more.
At the end of the IPO, the QIB portion was oversubscribed 2.66x times while the non-institutional portion was subscribed 30% and retail 57%, even though the company had slashed the IPO size by almost 32% before launch.
The stock price was set at Rs 487 per share with a lot of 30 shares. The share was listed at 9:45 at a premium of 1.7% to open at Rs 495.20 per share. From 10:00, the share surged 7.5% to touch a high of Rs 535.20 per share. Up to 12:30, the stock achieved a high of Rs 568.80 per share. After 12:30, bears overpowered the bulls as the share began contracting.
At 12:30, the stock was trading near Rs 565 per share. After this, the share faced a decline as bears brought the price down and closed at Rs 536.35 per share. The stock witnessed growing volumes throughout the day as the day started with a volume of 4.42 million and ended with a volume of 14.21 million. The logistics startup is backed by several big names like SoftBank.
The company's impressive debut has improved the value of Softbank's stake from $390 million to $1 billion in a single day. Others like Nexus and Times Internet have also made significant gains.
Today, the stock witnessed a partial gap-up opening to open at Rs 543.80 per share but fell as soon as trading started today. Ever since opening today, the share hasn't been able to break through its opening and declined 5.3% till now.
It currently trades around Rs 508 per share, translating to a gain of 4.3% in two days.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
