Shiprocket IPO Subscribed Nearly 2X On Day 2 So Far

Ecommerce enablement platform Shiprocket’s ₹1,617.5 Cr IPO was subscribed 1.97X by 12:42 IST on the second day of bidding today. 

The issue received bids for 18.58 Cr shares against the 9.44 Cr shares on offer, led by demand from retail investors, employees, and non-institutional investors (NIIs). 

Retail investors placed bids for 11.31 Cr shares against the 1.73 Cr shares reserved for the category, translating into a subscription of 6.52X. 

The NII portion was subscribed 2.70X, receiving bids for 7.03 Cr shares against the 2.60 Cr shares available for the category. 

Within the NII category, the portion reserved for investors bidding for more than ₹10 Lakh was subscribed 1.80X. The portion for investors bidding between ₹2 Lakh and ₹10 Lakh was booked 4.51X. 

Employees showed the strongest demand among the investor categories. The portion reserved for them was subscribed 9.53X after receiving bids for 11.48 Lakh shares against the 1.20 Lakh shares on offer.

However, participation from qualified institutional buyers (QIBs) remained muted. The category received bids for 12.57 Lakh shares against the 5.10 Cr shares reserved for it, translating into a subscription of 0.02X.

Shiprocket’s IPO ended the first day of bidding with a subscription of 0.97X. Investors had placed bids for 9.14 Cr shares against the 9.44 Cr shares on offer yesterday. 

Earlier this week, Shiprocket raised ₹727.4 Cr from anchor investors, including domestic mutual funds such as HDFC Mutual Fund and overseas investors such as Goldman Sachs, the New York State Teachers’ Retirement System, PGIM, and Societe Generale. Insurers, including ICICI Prudential Life Insurance, also participated in the anchor book.

Shiprocket has set a price band of ₹92 to ₹97 per share for the IPO which will close tomorrow. The issue values the company at about ₹7,000 Cr (about $733 Mn) at the upper end of the price band. 

The public issue comprises a fresh issue of equity shares worth up to ₹885.5 Cr and an OFS component of about ₹732 Cr.

Shiprocket reduced the IPO size by about 31% from the ₹2,342 Cr proposed in its UDRHP. The earlier offer comprised a fresh issue of ₹1,100 Cr and an OFS of ₹1,242 Cr.

As part of the OFS, cofounders Saahil Goel, Gautam Kapoor, and Vishesh Khurana will pare their stakes. PE firm Lightrock will be the largest selling shareholder.

The Delhi NCR-based company plans to use the proceeds from the fresh issue to strengthen its technology infrastructure, fund marketing initiatives, repay debt, and pursue potential acquisitions. A portion will also be used for general corporate purposes.

Prior to the IPO, Shiprocket raised a total of $420 Mn in funding from investors like Razorpay, PayPal Ventures, Info Edge Ventures, Temasek, among others. It became India’s 106th unicorn in 2022 after raising $33.5 Mn at a valuation of $1.2 Bn. 

On the financial front, Shiprocket’s net loss widened nearly 7% to ₹79.2 Cr in FY26 from ₹74.5 Cr in FY25. Its operating revenue rose 24% to ₹2,024 Cr from ₹1,632 Cr during the same period. 

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