Shiprocket IPO was subscribed 48.71 times, led by strong NII and retail demand.
QIB participation surged on the final day, with the institutional portion booked 12.25 times.
Shiprocket IPO GMP indicates a potential 38% listing premium ahead of market debut.
Shiprocket IPO Subscribed Nearly 49 Times On Final Day; GMP Signals 38% Listing Premium
NII investors led the subscription, while QIB demand picked up sharply on the final day. The grey market premium indicates a potential listing gain of around 38%
Shiprocket IPO Subscribed Nearly 49 Times On Final Day; GMP Signals 38% Listing Premium
Summary
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The initial public offering (IPO) of e-commerce logistics platform Shiprocket attracted strong investor demand on the final day of bidding, with the issue subscribed 48.71 times as of 3:11 pm on Friday, led by non-institutional investors (NIIs) and a sharp jump in qualified institutional buyer (QIB) participation.
According to NSE data, the IPO received bids for 459.97 crore equity shares against 9.44 crore shares on offer.
The NII portion witnessed the highest demand, with the category subscribed around 60 times. Within the segment, applications above ₹10 lakh were subscribed 55.65 times, while the ₹2 lakh-₹10 lakh category was booked 39.49 times.
The retail investor portion was subscribed 28.99 times, with bids for 50.26 crore shares against 1.73 crore shares reserved. The employee quota was subscribed 34 times.
Demand from QIBs accelerated significantly on the final day after a slow start, with the category subscribed 12.25 times, compared with just 3% at the end of the second day.
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Grey Market Signals Strong Listing
Shiprocket's shares continued to command a healthy premium in the unofficial grey market.
The grey market premium (GMP) stood at around ₹37 per share, implying a premium of nearly 38% over the upper end of the IPO price band of ₹97. Based on the current GMP, the stock is estimated to list at around ₹134 per share, although grey market trends are unofficial and do not guarantee listing gains.
The ₹1,617.5 crore 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 worth ₹731.98 crore.
Ahead of the public issue, the company raised ₹727.41 crore from anchor investors, with domestic mutual funds accounting for nearly 67% of the anchor allocation.
The basis of allotment is expected to be finalised on August 17, while the shares are scheduled to list on the BSE and NSE on August 19.
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Shiprocket plans to use the fresh issue proceeds to strengthen its technology platform, expand operations, repay borrowings, fund marketing and brand-building initiatives, and pursue potential acquisitions.