The shares fell about 9% from the offer price of ₹124 to ₹112.60 on Wednesday, valuing the Bengaluru-based logistics firm at roughly ₹64.7 billion (about $706.58 million) on debut, roughly matching its last private valuation of close to ₹60 billion (roughly $655.01 million) in early 2025. The offering, priced in a band of ₹118-124 per share, combined a fresh issue with an offer-for-sale by existing shareholders and was subscribed nearly three times over.