Shiprocket IPO To Open On August 12, Issue Size Cut To ₹1,617 Cr
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Logistics major Shiprocket has filed the RHP to raise ₹1,617 Cr (about $170 Mn) via its IPO, a 30% reduction from the ₹2,342.3 Cr proposed in its updated DRHP.
The issue will open for subscription on August 12 and close on August 14. The company has fixed a price band of ₹92-97 per equity share for the public issue, valuing the company at around ₹7,000 Cr (about $736 Mn).
The IPO comprises a fresh issue of equity shares worth up to ₹885.5 Cr and an offer for sale (OFS) aggregating up to ₹732 Cr. In comparison, the company’s DRHP had proposed a fresh issue of ₹1,100 Cr and an OFS of about ₹1,242 Cr.
Cofounders Saahil Goel, Gautam Kapoor, and Vishesh Khurana will pare their stakes as part of the OFS. Goel and Kapoor will offload shares worth ₹61 Cr each, while Khurana will sell shares worth ₹20 Cr.
Among institutional investors, PE firm Lightrock will be the biggest seller in the OFS, offloading shares worth about ₹272 Cr. Silicon Valley-based Tribe Capital plans to sell shares worth ₹120 Cr.
Other investors participating in the OFS include March Capital, 500 Global, Agility Global and Moore Strategic Ventures. Notably, Bertelsmann India Investments and Arvind Ltd, which were part of the OFS in the UDRHP, are no longer selling shares.
(The story will be updated soon)
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