Shiprocket's ₹1,617.5-crore IPO to open Aug 12; price band fixed at ₹92-97

The e-commerce enablement platform will open its public offering on August 12, with the issue valuing the company at up to ₹7,056 crore

E-commerce enablement platform Shiprocket will open its initial public offering (IPO) on August 12, pricing shares at ₹92 to ₹97 apiece. Investors must bid for a minimum of 154 shares and in multiples thereof.

 

Shiprocket aims to raise up to ₹1,617.5 crore through its IPO, including a fresh issue of ₹885.5 crore and an offer for sale of ₹731.9 crore by existing shareholders. The company plans to use the proceeds from the fresh issue to invest in marketing and technology, repay debt, pursue acquisitions, and for general corporate purposes.

 

The shares are proposed to be listed on the BSE and the National Stock Exchange of India. Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital are the book-running lead managers to the issue.

 

 

The IPO is being conducted through the book-building process, with at least 75 per cent of the net offer reserved for qualified institutional buyers. The company may allocate up to 60 per cent of that portion to anchor investors ahead of the issue, in line with Sebi regulations.

 

Under Sebi's book-building rules, 15 per cent of the net offer is reserved for non-institutional investors and 10 per cent for retail investors, while a portion of the qualified institutional buyer allocation is set aside for mutual funds.

 

The IPO includes an employee reservation worth up to ₹1 crore. Eligible employees may receive a discount of up to ₹9 a share.

 

Lightrock, the largest selling shareholder in the IPO, is offloading shares worth ₹272 crore but is expected to realise only about 0.72 times its investment on the stake being sold, according to the offer documents. McKinsey, through AFOS, and Moore Strategic Partners are also selling below cost, with estimated returns of 0.59 times and 0.67 times, respectively.

 

Co-founders Saahil Goel, Gautam Kapoor and Vishesh Khurana will each sell a portion of their holdings through the offer for sale. Goel and Kapoor are each offloading shares worth about ₹61 crore, while Khurana is selling shares worth ₹20 crore.

 

Bertelsmann India Investments, Shiprocket's largest shareholder, has withdrawn from the offer for sale after being included in the draft prospectus. Eternal, formerly Zomato, and Temasek are also not selling shares in the IPO.

 

At the upper end of the price band, Shiprocket would be valued at ₹7,056 crore, marking a roughly 30 per cent decline from its ₹10,000 crore valuation when it last raised capital in December 2024.