[Update] Shiprocket IPO: Public Issue Subscribed 97% On Day 1

Update| August 12, 17:31 IST

Shiprocket’s public issue was subscribed 97% on the first day of bidding, receiving bids for 9.15 Cr equity shares against 9.44 Cr shares on offer. 

Up until now, retail investors have been the most bullish on the IPO. These investors have placed bids for  5.78 Cr shares against 1.73 Cr reserved for retail investors, translating to a 3.34X oversubscription.

Non-institutional investors (NIIs) have also been bullish on the public issues, oversubscribing their quota by 1.23X. These investors have bids for 3.19 Cr shares against the 2.60 Cr shares earmarked for them. 

Qualified institutional buyers (QIBs), on the other hand, have shown the most muted interest in the issue. This section of investors placed bids for 11.84 Lakh shares against 5.09 Cr shares reserved, translating to a mere 2% subscription.

Meanwhile, employee reserved quota got oversubscribed 5.2X by booking bids for 6.26 Lakh shares, up from 1.20 Lakh shares reserved for them. 

Original| August 12, 19:31 IST

Ecommerce enabler Shiprocket’s IPO was subscribed 0.35X within the first few hours of bidding today, led by demand from retail investors and employees. 

As of 11:57 IST, investors had placed bids for 3.29 Cr shares against the 9.44 Cr shares on offer, according to exchange data.  

The portion reserved for retail investors was subscribed 1.35X, with bids for 2.33 Cr shares against the 1.73 Cr shares available for the category.

The employee portion was subscribed 2.48X after receiving bids for 2.98 Lakh shares against the 1.20 Lakh shares reserved for employees.

Meanwhile, non-institutional investors (NIIs) placed bids for 92.30 Lakh shares against the 2.60 Cr shares on offer, translating into a subscription of 0.35X.

Within the NII category, the portion reserved for investors bidding for more than ₹10 Lakh was subscribed 0.18X. The portion for investors bidding between ₹2 Lakh and ₹10 Lakh was booked 0.70X.

Qualified institutional buyers (QIBs) showed negligible interest during the early hours of bidding, placing bids for only 8,624 shares against the 5.10 Cr shares available for the category. 

Shiprocket’s ₹1,617 Cr IPO will close on Friday (August 14). The company has set a price band of ₹92 to ₹97 per share, valuing the company at about ₹7,000 Cr (about $733 Mn) at the upper end of the band. 

The IPO comprises a fresh issue of equity shares worth up to ₹885.5 Cr and an offer for sale (OFS) of up to ₹732 Cr. Notably, the company cut the issue size by about 30% compared to the ₹1,100 Cr fresh issue and the ₹1,242 Cr OFS proposed in its updated DRHP. 

As part of the OFS, cofounders Saahil Goel, Gautam Kapoor and Vishesh Khurana will pare their stakes. PE firm Lightrock will be the biggest selling shareholder, offloading shares worth about ₹272 Cr. 

Yesterday, Shiprocket raised ₹727.4 Cr from anchor investors including domestic mutual funds  like HDFC Mutual Fund, Nippon Life, Kotak Mahindra, among others, insurance companies, and pension funds like ICICI Prudential Life Insurance Company, Tata AIG Life Insurance, Axis Max Life Insurance, and Edelweiss Life Insurance. The anchor round also saw participation from Goldman Sachs, New York State Teachers Retirement System, PGIM, Societe Generale, and more.  

The Delhi NCR-based company plans to use the proceeds from the fresh issue to strengthen its technology infrastructure, fund marketing initiatives, pursue potential acquisitions, repay debt and meet other general corporate expenses. 

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 grew nearly 7% to ₹79.2 Cr in FY26 from ₹74.5 Cr in the previous fiscal. Operating revenue increased 24% to ₹2,024 Cr from ₹1,632 Cr in FY25. 

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