Shiprocket IPO Oversubscribed 3.16x; Retail Bids Surge
Packages move along automated conveyor belts in a large logistics facility.
Key Highlights
Shiprocket’s IPO sees strong demand, oversubscribed 3.16x on day 2, with retail investors bidding 9.76 times their quota. IPO closes Friday.
The (IPO) for e-commerce enablement platform Shiprocket saw its total subscription reach 3.16 times on Thursday, the second day of bidding. The company aims to raise Rs 1,617.5 crore through this offering.
Shiprocket received bids for 29,82,12,684 shares against the 9,44,36,030 shares on offer, according to data from the (NSE).
Breakdown
- investors: Subscribed 9.76 times their allotted portion.
- Non-institutional investors: Subscribed 4.84 times.
- (QIBs): Quota booked 3 percent.
On Tuesday, Shiprocket had already secured Rs 727.41 crore from anchor investors. The IPO is set to close on Friday, with its price band established between Rs 92 and Rs 97 per share.
Issue Structure and Funding Use
The issue comprises a fresh issuance of equity shares worth up to Rs 885.50 crore, alongside an offer-for-sale () of shares totaling up to Rs 732 crore. Proceeds from the fresh issue will fund marketing, technology infrastructure enhancements, debt repayment, potential acquisitions, and general corporate needs.
- OFS Participants: Lightrock, Tribe Capital, Moore Strategic Ventures, Agility International Investment, Gautam Kapoor, Saahil Goel, and Vishesh Khurana.
Shiprocket’s post-issue market valuation is projected around Rs 7,058 crore at the upper end of its price band. The company, backed by Temasek and Zomato, has grown from a shipping service into a broad e-commerce platform for direct-to-consumer brands and SMEs.
Its operations include Core Business (domestic shipping and applications) and Emerging Business (cargo and fulfilment, cross-border shipping, advertising, marketing, capital solutions, and hyperlocal deliveries). Shares are scheduled for listing on the and NSE on August 19.