Shiprocket IPO fully subscribed on 2nd day amid retail oversubscription
Shiprocket, the Gurugram-based e-commerce logistics platform, saw its IPO snapped up fast, fully subscribed as of 10:30am on August 13, only the second day of bidding.
The demand was strong: bids came in for 12,77,71,798 equity shares versus the 9,44,36,030 shares on offer.
Retail investors really showed up, oversubscribing their portion by 4.57 times.
Shiprocket priced ₹92-97, will raise ₹1,617.5cr
Priced between ₹92 and ₹97 per share, Shiprocket's IPO wraps up on Friday. Shares are buzzing in the gray market with a premium of 35%, hinting at a possible price of ₹131 each.
The company plans to raise ₹1,617.5 crore and will use funds for marketing, tech upgrades, debt repayment, and some future acquisitions.
Despite a 24% jump in revenue this year (₹2,024.1 crore), Shiprocket posted a net loss of ₹79.2 crore, so they're hoping this fresh capital helps turn things around.