Shiprocket IPO entered its second day of subscription on Thursday, August 13, following a strong response from investors on the opening day of bidding. The mainboard IPO will close on Friday, 14 August.
Shiprocket is a technology-driven e-commerce enablement platform that provides businesses with an integrated range of solutions to manage their online and offline commerce operations. Its offerings span shipping, checkout, payments, fulfilment, cross-border commerce, and customer experience, enabling merchants to streamline various aspects of their business.
The company initially started as a logistics-focused platform, helping businesses simplify their shipping processes through services such as automated pickups, real-time shipment tracking, secure deliveries, weight verification, and quicker cash-on-delivery settlements. Since then, Shiprocket has expanded its offerings to become a comprehensive technology platform catering to a wider range of e-commerce and commerce needs.
Shiprocket IPO subscription status
Shiprocket IPO witnessed a strong response on the opening day, with the issue receiving 97% subscription against the 9.44 crore shares available for bidding.
Retail investors emerged as the key drivers of demand, with the Retail Individual Investors (RIIs) portion subscribed 3.34 times. The category had 1.73 crore shares reserved for retail bidders.
The Non-Institutional Investors (NIIs) segment also saw healthy demand, with bids reaching 1.23 times the 2.60 crore shares earmarked for the category.
Qualified Institutional Buyers (QIBs) have been booked just 2% out of the 5.09 crore shares reserved for them.
Shiprocket IPO GMP today
Shiprocket IPO’s grey market premium (GMP) stood at ₹34. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price was ₹131 per share, implying a 35.05% premium over the issue price of ₹97.
The IPO’s GMP has shown an upward trend over the past seven sessions, indicating growing expectations of a strong listing performance.
Shiprocket IPO Review
Brokerage firm Anand Rathi has assigned a ‘subscribe for long-term’ rating to the Shiprocket IPO, saying that through a fully managed e-commerce infrastructure, it enables businesses to efficiently grow their operations. Additionally, successful scaling of the Emerging Businesses could create additional operating leverage over the long term.
The brokerage firm said, “We believe Shiprocket could benefit from the structural growth of India’s e-commerce ecosystem, with its profitable Core Business supporting growth while Emerging Businesses provide additional upside. However, the highly competitive and fragmented market remains a key concern.”
On the valuation front, the firm said that based on annualised FY26 earnings, the company is incurring losses at both operating and net levels; as such, PE could not be calculated, and the post-issue market capitalization of approximately ₹70,574 million, whereas Price to sales came at 2.7x and EV/Sales at 3.3x.
SBICAP Securities noted that Shiprocket, an e-commerce enablement platform, is strategically positioned to capitalise on the expanding B2C market in India. The company’s revenue grew at a 24% CAGR between FY24 and FY26, while its adjusted PAT loss narrowed sharply from ₹351 crore in FY24 to ₹76 crore in FY26.
The brokerage pointed out that Shiprocket intends to allocate nearly ₹210 crore of the fresh issue proceeds towards debt repayment, which could substantially lower its leverage. Following the repayment, total debt is expected to fall from ₹242 crore in FY26 to around ₹32 crore, potentially improving profitability through lower interest expenses. At the upper end of the price band at ₹97, the IPO is valued at approximately 3.1 times FY26 EV/Sales based on the post-issue capital. SBICAP Securities has recommended subscribing to the issue at the cut-off price.
Shiprocket IPO details
Shiprocket IPO has set an issue price band at ₹92 to ₹97 per share. The IPO consists of a fresh issue of 9.13 crore equity shares worth ₹885.60 crore, along with an offer for sale (OFS) of 7.55 crore shares aggregating ₹731.98 crore.
The OFS will see both institutional and individual shareholders offload their holdings. LR India Fund I SARL SICAV-RAIF is expected to be the largest selling shareholder, with estimated proceeds of ₹258.49 crore, followed by Arvind Ltd., which is likely to raise around ₹161 crore.
Shiprocket co-founders Gautam Kapoor and Saahil Goel will also participate in the OFS, with each expected to receive approximately ₹144 crore from their respective share sales. Tribe Capital III LLC-Series 1 is projected to garner nearly ₹120 crore through the offering.
The basis of allotment for the Shiprocket IPO is likely to be finalised on August 17, while the company’s shares are expected to make their debut on both the NSE and BSE on August 19, 2026.
Retail investors will need to invest a minimum of ₹14,938 at the upper end of the IPO price band, with the minimum lot size set at 154 shares.
Shiprocket intends to deploy the net proceeds from the fresh issue towards strengthening its technology platform, expanding its operations and funding various growth initiatives. Of the proceeds, ₹294 crore has been earmarked for marketing and brand-building efforts, while ₹211 crore will be utilised to upgrade technology infrastructure and capabilities across its existing and emerging business segments.
Of the total issue size, 75% has been reserved for Qualified Institutional Buyers (QIBs), while 15% has been set aside for Non-Institutional Investors (NIIs) and the remaining 10% for retail investors.
Axis Capital is serving as the book-running lead manager for the IPO, while KFin Technologies has been appointed as the registrar to the issue.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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