Shiprocket IPO Sees Strong Retail Demand On Day 1; GMP Signals 32% Listing Premium

The initial public offering (IPO) of Ecommerce enablement platform Shiprocket was subscribed 0.35 times within the first few hours of bidding on Wednesday, with strong participation from retail investors and employees offsetting muted demand from qualified institutional buyers (QIBs).

As of 2:15 pm, investors had bid for 4 crore shares against 9.44 crore shares on offer, according to data from the National Stock Exchange (NSE).

The retail investor portion was subscribed 2 times, with bids for 2.81 crore shares against 1.73 crore shares reserved for the category. The employee quota was subscribed 2.73 times, receiving bids for 3.29 lakh shares against 1.20 lakh shares on offer.

Demand from non-institutional investors (NIIs) remained moderate, with the category subscribed 0.46 times. Within the segment, the portion reserved for applications above ₹10 lakh was subscribed 0.18 times, while the ₹2 lakh-₹10 lakh category was booked 0.70 times.

Qualified institutional buyers (QIBs) showed limited participation during the early hours, bidding for just 8,624 shares against 5.10 crore shares reserved for them.

Issue Details And GMP

The ₹1,617.48 crore IPO opened for subscription on August 12 and will close on August 14.

The issue comprises a fresh issue of ₹885.50 crore and an offer for sale (OFS) worth ₹731.98 crore. The company has fixed the price band at ₹92-97 per share, with investors required to apply for a minimum of 154 shares, translating into an investment of ₹14,938 at the upper end of the price band.

According to InvestorGain and IPO Watch, the IPO was commanding a grey market premium (GMP) of around 32% on August 12.

At the upper price band of ₹97, the GMP implies an estimated listing price of around ₹128, or a premium of approximately ₹31 per share. Grey market premiums are unofficial indicators based on market sentiment and do not guarantee listing gains.

Fund Utilisation And Share Sale

Shiprocket plans to use the proceeds from the fresh issue to strengthen its technology infrastructure, fund marketing initiatives, pursue strategic acquisitions, repay debt and meet general corporate expenses.

As part of the OFS, co-founders Saahil Goel, Gautam Kapoor and Vishesh Khurana will reduce their holdings, while private equity investor Lightrock will be the largest selling shareholder, offloading shares worth around ₹272 crore.

Ahead of the IPO, the company raised ₹727.4 crore from anchor investors, including HDFC Mutual Fund, Nippon Life, Kotak Mahindra, ICICI Prudential Life Insurance, Tata AIG Life Insurance, Goldman Sachs, PGIM and the New York State Teachers Retirement System.

Financial Performance

Shiprocket reported a 24% increase in operating revenue to ₹2,024 crore in FY26, compared with ₹1,632 crore in the previous financial year.

However, its net loss widened nearly 7% to ₹79.2 crore from ₹74.5 crore in FY25.

The Delhi NCR-based company has raised around $420 million from investors, including Temasek, Razorpay, PayPal Ventures and Info Edge Ventures, and became India's 106th unicorn in 2022 after raising funding at a valuation of $1.2 billion.