Delhivery, the unicorn upstarts that has made aggressive strides in India’s $200Bn logistics market, debuted its stock on public bourses today, at a 1.7% premium. And while that may not be great, but considering even LIC is yet to reach its issue price and its a massively bearish market, Delhivery did decently well. In fact, it ended 10% higher on its debut day, ending at ₹536.25.

Compared to Delhivery’a IPO price of ₹483 per share, the shares traded at a 1.2% premium in the BSE and 1.7% premium in the NSE on debut. Delhivery’s IPO invited subscriptions within a window from May 11th-May 13th, through which the company raised ₹5,235 Crore, well below their expected number of ₹7460 Crore.

The subscription window did not attract a very enthusiastic response, as the IPP was subscribed 1.63 times, garnering bids for 10,17,04,080 shares against 6,25,41,023 shares initially offered. The portion set aside for qualified institutional purchasers performed a little better and was subscribed 2.66 times. The HNI quota and the retail portion were subscribed at 30% and 57% respectively.

Market experts had predicted a slow opening for Delhivery, considering a muted response from potential investors. A day before the IPO was launched, the shares were trading in the grey market at a ₹5 discount price, further hinting at a muted response.

Delhivery, which Kickstarted operations in June 2011, in India’s largest fully integrated logistics service by revenue, and provides a wide range of logistics solutions like warehousing, supply chain solutions, cross-border Express freight services, and supply chain software.

Founded by Sahil Barua,Mohit Tandon, Bhavesh Manglani and Kapil Bharati, the company reaches an impressive 88% of India’s 19,300 registered PIN codes. Delhivery’s revenue brought in till December 2021 stood at ₹5170 crore. Another name in the long portfolio of the SoftBank Vision fund, they turned unicorn in 2019 after a $413 Mn series F round.