Shiprocket IPO opens at ₹92–97 per share, raising ₹1,617.5 crore. Anchor round of ₹727 crore attracted Goldman Sachs, Nomura, and major mutual funds. SBI Securities recommends subscribe.
The ₹1,617.5-crore Shiprocket IPO opened for subscription Wednesday at a price band of ₹92–97 per share. The issue closes Friday.
The e-commerce enablement platform's IPO comprises a fresh issue of ₹885.5 crore and an offer-for-sale (OFS) of shares totaling ₹732 crore. Existing shareholders Lightrock, Tribe Capital, Moore Strategic Ventures, Agility International Investment, Gautam Kapoor, Saahil Goel, and Vishesh Khurana are selling through the OFS. Bids can be placed for a minimum of 154 shares.
On Tuesday, the company raised ₹727.41 crore from anchor investors, allotting 7.5 crore shares at ₹97 apiece. The anchor book included New York State Teachers Retirement System, managed by Goldman Sachs Asset Management, Nomura Funds Ireland, Societe Generale, ICICI Prudential Life Insurance, Tata AIA Life Insurance, and Axis Max Life Insurance. Other participants were SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, UTI Mutual Fund, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund.
Up to 75% of the net offer is reserved for qualified institutional buyers, 15% for non-institutional bidders, and 35% for retail investors. Eligible employees may bid for shares worth up to ₹1 crore at a discount of ₹9 per share.
Shiprocket, backed by Temasek and Zomato, has evolved from a shipping service provider into a full-stack e-commerce enablement platform for direct-to-consumer brands and micro, small, and medium enterprises. It operates across two segments: core business (domestic shipping and shipping applications) and emerging business (cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions, and hyperlocal deliveries).
Of the net proceeds, the company plans to invest in marketing initiatives and strengthen technology infrastructure across its core and emerging businesses. Funds will also repay or prepay certain borrowings, pursue potential acquisitions, and meet general corporate purposes.
SBI Securities recommended a subscribe rating at the cut-off price. Over FY24–FY26, Shiprocket recorded a revenue CAGR of 24% and narrowed its adjusted PAT loss from ₹351 crore in FY24 to ₹76 crore in FY26. At the upper price band of ₹97, the issue is valued at an FY26 EV/Sales multiple of 3.1x on post-issue capital, SBI Securities said. The firm noted that part of the fresh issue proceeds will repay about ₹210 crore in debt, reducing total debt from ₹242 crore in FY26 to ₹32 crore post-repayment, which should improve profitability through interest cost savings.
Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital are the book-running lead managers. Shiprocket's shares are proposed to list on the BSE and NSE on August 19.
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