The initial share sale of logistics services provider Delhivery was subscribed 0.23 times against the issue size of 6.25 crore shares on day two of bidding.
As reported earlier, the company trimmed its offer size to 6.25 from 10.75 crore shares.
Ahead of the IPO, Delhivery garnered attention from institutional investors with as many as 64 anchor investors buying a stake in the company worth Rs 2,346 crore.
These anchor investors include marquees such as Goldman Sachs, Morgan Stanley, the Government of Singapore, Fidelity Investment Trust, Tiger Global, Invesco, SBI, ICICI Prudential, and HDFC.
Delhivery IPO’s subscription window is open till Friday, May 13.
Retail investors, who can apply for up to Rs 2 lakhs in an IPO, subscribed 0.37 times of the quota earmarked for RII, while employees bid 0.10 times on Day 2.
On Day One, the employees bid 0.6 times and retail investors subscribed 0.30 times.
The company has a quota of shares worth Rs 20 crore for employees who can bid for a share at a Rs 25 discount to the final offer price.
The price band for the offer has been set at Rs 462-487 per share, and a bidder can subscribe to a minimum of one lot containing 30 shares and multiple thereof.
Non-institutional investors subscribed 0.01 times the allotted quota on the first two days of bidding, while Qualified Institutional Buyers (QIB) bid 0.29 times.
Of the total issue size, 75 percent or three-fourths of the total is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and 10 percent for retail investors.
Delhivery intends to raise Rs 5,235 crore through a public offering that includes a fresh issue of Rs 4,000 crore and a shareholder offer for the sale of Rs 1,235 crore.