SoftBank-backed logistics firm Delhivery valued at $4.9 billion in India debut

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May 24, 2022 12:57 AM EDT

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

BENGALURU (Reuters) -Shares of Delhivery, an Indian logistics startup backed by SoftBank Group, rose as much as 7.6% in their market debut on Tuesday, giving the company a valuation of 379.60 billion rupees ($4.89 billion).

The Gurugram-based company's services include parcel transportation, warehousing, cross-border and supply chain services to more than 23,000 customers, and counts popular e-commerce sites such as Amazon Inc and Walmart Inc's Flipkart as its clients.

Delhivery's IPO, by nearly 30% to 52.35 billion rupees, was subscribed 1.63 times earlier this month at an offer price set at 487 rupees.

The offering included fresh issue of shares worth up to 40 billion rupees and an offer for sale of shares worth 12.35 billion rupees from existing shareholders, including U.S. private-equity firm Carlyle Group Inc and Japanese conglomerate SoftBank.

($1 = 77.5680 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Sherry Jacob-Phillips)


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