Shiprocket cuts IPO to ₹1,617cr from ₹2,342cr, sets ₹92-97 band
Business
Shiprocket, the e-commerce logistics startup backed by big names like Temasek and Eternal, is scaling down its IPO plans, now aiming to raise ₹1,617 crore instead of the earlier ₹2,342 crore.
Shares will be priced between ₹92 and ₹97 each when the IPO opens next week.
If all goes well at the top end of that range, Shiprocket could see a valuation of about ₹7,057 crore ($741.75 million).
Shiprocket splits ₹886cr fresh, ₹732cr OFS
The new offer splits into a fresh issue of ₹886 crore and an offer-for-sale (OFS) worth ₹732 crore.
Major investors like LR India Fund are offloading shares worth ₹272 crore, with Tribe Capital selling another ₹120 crore.
Even Shiprocket's co-founders (Gautam Kapoor, Saahil Goel, and Vishesh Khurana) are cashing out a combined ₹142 crore.