SoftBank-Backed Delhivery Jumps More Than 10% in Mumbai Debut
- SoftBank, Carlyle-backed logistics company raised $675 million
- Indian firms continue raising funds despite global slowdown
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SoftBank-backed Indian logistics firm Delhivery Ltd. surged as investors brushed off rising global risks to support the nation’s second-largest initial public offering of the year in its market debut.
The shares climbed over 10% to 536.35 rupees in Mumbai, versus the issue price of 487 rupees. The company and its shareholders, including Carlyle’s CA Swift Investments and SoftBank Vision Fund’s SVF Doorbell, raised 52.35 billion rupees ($675 million) through the sale of both new and secondary shares. Venus Pipes & Tubes Ltd., which also debuted on the exchanges on Tuesday, closed with a gain of 8.7%.