Shares of Delhivery and Venus Pipes and Tubes will be listed on the stock exchanges today. Supply chain major Delhivery has set the IPO price at ₹487, at the high end of the ₹462-487 price range. Venus Pipes has set the IPO price at £326. It had set the price range for the IPO at £310-326.
Delhivery drew 1.63x
Altogether, Delhivery’s IPO was subscribed 1.63 times, with the share of qualified institutional buyers reaching 2.66 times. Shares for non-institutional bidders (0.30x) and retail investors (0.57x) were underwritten.
The ₹5,235 crore public issue had a new issue of up to ₹4,000 crore and a sell offer of up to ₹1,235 crore.
For organic, inorganic growth
Proceeds from the relaunch will be used to fund organic growth initiatives, inorganic growth through acquisitions and other strategic initiatives, and for general corporate purposes, DRHP said.
Delhivery, which offers a full range of logistics services including express parcel delivery, heavy duty delivery and warehousing.
Ahead of the IPO, the logistics major raised £2,346m from 64 anchor investors including Goldman Sachs, Morgan Stanley, the Singapore Government, Fidelity Investment Trust, Tiger Global, Invesco, SBI, ICICI Prudential and HDFC.
Robust answer for Venus Pipes
Venus Pipes & Tubes saw a strong response from all categories of investors for its 165 crore IPO. While the retail investor portion drew 19 times, the QIB and NII quota saw a 12-fold and 15.7-fold response, respectively.
Venus Pipes & Tubes Limited is a manufacturer and exporter of stainless steel pipes and tubes. Venus Pipes & Tubes Limited has a manufacturing facility at Bhuj-Bhachau Highway, Dhaneti (Kutch, Gujarat) with an installed capacity of 10,800 tons per year.
For working capital
Funds raised will be used to meet long-term working capital needs, general corporate purposes, and to fund project costs for capacity growth, technology upgrades, operating cost optimization, manufacturing facility support, and backward integration for hollow tube manufacturing.
Before opening the IPO, Venus Pipes had raised £49.62 million from anchor investors including Nippon India Small Cap Fund, Kotak Mahindra Life Insurance Company Ltd and India SME Investments – Fund I.
Published on
May 24, 2022
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