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

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 (NASDAQ: ) Inc and Walmart (NYSE: ) 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.