According to reports, Delhivery Ltd gains 10 percent on its trading debut, as investors heaped into the shares of the SoftBank-backed logistics provider, avoiding risks related to the Ukraine war, economic growth and interest rates.

Shares of Delhivery ended trading at Rs.537.25 on BSE, valuing the company at Rs.38, 923 crore ($5 billion).

The debut is the biggest relief to startups preparing to go public, including PharmEasy, Ola, OYO, and Snapdeal.

Delhivery’s initial public offering, the second-biggest such share sale in India this year, comes a week after shares of Life Insurance Corp. of India (LI) fell eight percent on the first day of trading.

The company trimmed its trimmed its public offer by 30 percent to Rs.5, 235 crore as markets became choppy since Russia invaded Ukraine in February. The IPO was launched on 11 May and was subscribed 1.63 times at Rs.487 apiece.

Reports suggest that, the shares of Delhivery started trading at Rs.493, 1.2 percent higher than the issue price.

According to reports the intraday trading rose from 16.8 percent to Rs.568.90. Prior to its trading debut, its shares were available at five rupees discount to the issue price.

As a part of IPO, investors including SoftBank, Carlyle, Fosun and Times Internet sold shares worth Rs.1,235 crore.

SoftBank, which invested around $ 400 million in Delhivery in 2019, now holds an 18.51 percent stake valued at over Rs.7,200 crore (around $1 billion).

In addition, Carlyle’s stake was reduced to 5.08 percent and is valued at Rs.1,977.5 crore, and Times Internet owns 3.91 percent, worth Rs.1,521 crore.

The company provides a full suite of logistics services and supply-chain solutions to 21,342 customers such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and small businesses across several verticals such as fast-moving consumer goods and consumer durables.