Shiprocket IPO Crosses Full Subscription On Day 2 As Retail, NIIs Lead Bidding

The initial public offering (IPO) of Gurugram-based ecommerce logistics platform Shiprocket continued to witness strong investor interest on the second day of bidding, with the issue subscribed 1.56 times as of 1:51 pm on Thursday, according to NSE data.

The IPO received bids for 14.77 crore equity shares against 9.44 crore shares on offer. Retail investors remained the biggest contributors, with their reserved portion subscribed 5.22 times, while the non-institutional investor (NII) category was booked 2.12 times.

Demand from qualified institutional buyers (QIBs) remained relatively muted at the time, with the overall subscription largely driven by strong participation from retail and high-net-worth investors.

GMP Indicates Strong Listing Expectations

Shiprocket shares were also trading at a healthy premium in the unofficial grey market ahead of the expected listing.

According to market trackers InvestorGain and IPO Watch, the IPO's grey market premium (GMP) stood at around 35% on August 13. At the upper price band of ₹97 per share, this translates into a premium of about ₹34, implying an indicative grey market price of around ₹131.

However, grey market premiums are unofficial indicators based on market sentiment and do not guarantee listing gains.

Issue Details And Use Of Proceeds

The ₹1,617.5 crore IPO opened for subscription on August 12 and will close on August 14. The company has fixed the price band at ₹92-97 per share.

The public issue comprises a fresh issue worth ₹885.5 crore and an offer for sale (OFS) of ₹732 crore by existing shareholders.

Ahead of the IPO, Shiprocket raised ₹727.41 crore from 50 anchor investors by allotting 7.5 crore shares at ₹97 apiece. The anchor book included investors such as Nomura, Ashoka WhiteOak, Goldman Sachs and Societe Generale, along with several domestic mutual funds and insurance companies.

The company plans to use ₹365.6 crore from the fresh issue towards marketing initiatives and technology investments, while ₹210 crore has been earmarked for repayment or prepayment of borrowings. The remaining proceeds will be used for potential acquisitions and general corporate purposes.

Financial Performance

Shiprocket reported a net loss of ₹79.2 crore in FY26, compared with a loss of ₹74.4 crore in FY25. Despite the higher loss, revenue from operations rose 24% year-on-year to ₹2,024.1 crore from ₹1,632 crore, reflecting continued business expansion.

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