Shiprocket IPO: Solid GMP, decent valuations but analysts split; here's why

Swastika said Shiprocket IPO is best suited for high-risk, growth-oriented portfolios with a 2-3-year horizon rather than conservative value investors.

Shiprocket IPO: In a buzzing week for primary markets, another mega issue by Shiprocket is set to open for bidding on Wednesday (August 12). The Rs 1,617-crore initial public offering (IPO) has analysts divided on whether to apply or not even as they find its valuations compelling. For those concerned, the pitfall lies in its loss-making nature, which is not suitable for conservative value investors. 

 

Over the FY24-FY26 period, the company recorded a revenue CAGR of 24 per cent, and narrowed its adjusted loss from Rs 351 crore in FY24 to Rs 76 crore in FY26. That said the company's cash flow from operations turned positive at ₹52.6 crore as of March 31, 2026. 

 

At ~3.2x EV/Sales (FY26), Shiprocket is priced at a noticeable discount compared to pure-play logistics tech peers like Delhivery (~4.0x–4.5x EV/Sales) and lower than its own peak private valuation of $1.21 billion (~₹10,650 crore) in 2022, said analysts at Swastika Investmart.   Also Read | Table Space files DRHP with Sebi for ₹800 crore fresh issue, OFS

 

It further added that the issue is best suited for high-risk, growth-oriented portfolios with a 2-3-year horizon rather than conservative value investors, said the brokerage. 

 

On the flip side, SBI Securities recommended a 'Subscribe' tag as it expects reduction in debt to aid profitability going ahead.

 

"The company plans to utilise part of its fresh issue proceeds towards debt repayment of ~Rs 210 crore, which shall aid in significant deleveraging of its balance sheet (total debt to reduce from Rs 242 crore in FY26 to Rs 32 crore post-repayment), and improvement in profitability on the back of interest cost savings," it said. 

 

SBI Securities recommend investors to 'Subscribe' to the issue at the cut-off price.

 

Shiprocket IPO details

The mainboard offering is a mix of fresh issue of ₹885 crore and an offer for sale (OFS) of ₹732 crore. The price band for Shiprocket IPO has been set at ₹92-97 per share. Investors can apply for the offer in lots of 154 shares and multiples thereof. 

 

The fresh proceeds raised are proposed to be used for investment in the growth of platforms, repayment of certain borrowings and interest accrued along with funding inorganic growth acquisitions and general corporate purposes.  Also Read | Shiprocket bets IPO proceeds on AI as it expands beyond core shipping biz

 

Shares of the company are slated to list on BSE and NSE next week on August 19. 

 

Shiprocket IPO GMP

The grey market premium (GMP) for Shiprocket is at a solid ₹27 apiece. This means that Shiprocket shares are trading at ₹124 in the unofficial market. At the prevailing GMP, investors can expect a listing pop of 27.84 per cent.

 

Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital Company are the book-running lead managers for the offer.  

 

Disclaimer: Views and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.