Resurfacing a May 2022 Moment: Delhivery IPO's Slow Start—Only 4% Subscribed, Retail Portion 23% Covered in Two Hours
Back in May 2022, SoftBank- and Tiger Global-backed logistics unicorn's INR 5,235 Cr IPO (INR 4,000 Cr fresh issue + INR 1,235 Cr OFS) at INR 462-487/share drew tepid early demand. Issue closed May 13, 2022; Delhivery had posted INR 890.4 Cr net loss on INR 3,806.32 Cr revenue.
What happened
Delhivery's IPO saw 4% total subscription and 23% retail coverage within two hours of opening; logistics unicorn's issue closes May 13, 2022, backed by
Key facts
- 4% total subscription
- 23% retail subscription
- INR 4,000 Cr fresh issue
- INR 1,235 Cr OFS
- INR 462-487 price band
- INR 890.4 Cr net loss
- INR 3,806.32 Cr revenue
Why this matters
Tepid demand for a well-known logistics unicorn's IPO suggests a cooling public-market appetite for loss-making tech-enabled logistics plays, which could reprice comparable M&A and funding benchmarks across the sector.
What to watch
- Final overall subscription multiple at May13 close (>1x vs <1x)
- QIB-specific subscription number (historically decisive tranche)
- GMP direction 24-48hrs before listing
- Listing-day price vs INR487 upper band
- Any price band revision or issue extension announcement
- SoftBank/Tiger Global post-listing lock-in commentary or further stake sale signals
- Track hourly subscription data through May 13 close, especially QIB tranche which typically books last
- Monitor grey market premium (GMP) trend as real-time listing-day proxy
- Watch SoftBank/Tiger Global commentary on OFS pricing flexibility or extension
- Scan brokerage notes (ICICI Securities, Kotak, Motilal Oswal) for subscribe/avoid shifts as data comes in
- Flag any read-through to other pending new-age IPOs (Ola Electric, PharmEasy, boAt) pulling or delaying issues
- Compare Delhivery GMP/subscription trajectory to Paytm/Zomato precedent for listing-day gap estimate