Shiprocket IPO closes today, GMP signals 36% listing gain
What's the story
Shiprocket, one of India's leading e-commerce enablement platform, has witnessed a stellar response for its IPO. The public offering was subscribed nearly 27 times on its third and final day, with the retail portion being oversubscribed by a whopping 30.5 times against the reserved shares for retail investors. The company plans to raise ₹1,617.59 crore through this public issue priced at ₹92-₹97 per equity share.
Investor interest
Strong anchor demand ahead of IPO
Shiprocket has already raised ₹727.41 crore from anchor investors ahead of the IPO. The company allotted 7.50 crore equity shares at ₹97 each, the upper end of the price band.
Notably, 66.76% of this anchor allocation was picked up by 13 domestic mutual funds through 31 schemes.
This strong participation underscores significant institutional interest in Shiprocket's public offering amid a bullish gray market signal, with shares trading at a premium of 36% over the upper issue price of ₹97.
Offer details
Fresh issue and OFS components in Shiprocket's public offering
The Shiprocket IPO comprises a fresh issue of 9.13 crore equity shares worth ₹885.6 crore and an offer for sale (OFS) of 7.55 crore shares valued at ₹731.98 crore.
Shiprocket's co-founders, Gautam Kapoor and Saahil Goel, are also participating in the OFS. They are each expected to realize approximately ₹144 crore from their share sale.
Shiprocket plans to use the net proceeds from its IPO to strengthen its technology platform, expand operations, and accelerate growth initiatives.
Growth potential
Technology-led e-commerce enablement platform at a glance
Shiprocket is a technology-led e-commerce enablement platform that helps businesses manage online and offline commerce through an integrated suite of solutions.
The company supports merchants with shipping, checkout, payments, fulfillment, cross-border trade, and customer experience tools.
It has expanded into a broader commerce ecosystem over the years with offerings such as fulfillment centers, cargo/heavy logistics solutions, omnichannel commerce, international shipping support, advertising/marketing services, business financing, and hyperlocal delivery, among others.