The initial public offering (IPO) of e-commerce enablement platform Shiprocket will open for subscription on 12 August and close on 14 August. The Shiprocket IPO price band has been fixed at ₹92–97 per share.
Shiprocket IPO GMP today is +30. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Shiprocket share was ₹127 apiece, which is 30.93% higher than the IPO price of ₹97.
Based on grey market activity over the past seven sessions, the IPO’s grey market premium (GMP) has trended upward, signalling expectations of a strong listing. According to market experts, the GMP has ranged between ₹14 and ₹30 during this period.
As much as 75% of the issue has been reserved for Qualified Institutional Buyers (QIBs), with 15% allocated to Non-Institutional Investors (NIIs) and the remaining 10% to retail investors.
The basis of Shiprocket IPO allotment is expected to be finalised on 17 August, with the company’s shares scheduled to list on the NSE and BSE on 19 August 2026.
For retail investors, the minimum investment at the upper end of the price band is ₹14,938, with a minimum bid of 154 shares.
Shiprocket IPO review
Swastika Investmart said that while Shiprocket remains loss-making, with a net loss of ₹79.2 crore in FY26, its cash flow from operations turned positive to ₹52.6 crore during the year. Given the company’s negative earnings, traditional P/E-based valuation is not meaningful. At around 3.2x EV/Sales based on FY26 figures, the IPO is valued at a discount to pure-play logistics technology peers such as Delhivery, which trades at around 4.0–4.5x EV/Sales.
The brokerage noted that the valuation is also below Shiprocket’s peak private-market valuation of $1.21 billion, or around ₹10,650 crore, in 2022. It said the issue is better suited to high-risk, growth-oriented investors with a two- to three-year investment horizon than to conservative, value-focused investors.
SBICAP Securities highlighted Shiprocket’s position as an e-commerce enablement platform and said the company is well placed to benefit from the growing B2C opportunity in India. Its revenue recorded a 24% CAGR between FY24 and FY26, while its adjusted PAT loss narrowed significantly from ₹351 crore in FY24 to ₹76 crore in FY26.
The brokerage added that Shiprocket plans to use around ₹210 crore from the fresh issue proceeds towards debt repayment, which is expected to significantly reduce leverage. Total debt could decline from ₹242 crore in FY26 to around ₹32 crore following the repayment, potentially supporting profitability by reducing interest costs. At the upper price band of ₹97, the issue is valued at around 3.1x FY26 EV/Sales based on the post-issue capital. SBICAP Securities has recommended subscribing to the issue at the cut-off price.
Shiprocket IPO subscription status
Shiprocket IPO subscription status was 7% on day 1, so far. The retail portion is subscribed 26%, and NII portion has been booked 8%, QIBs portion is yet to receive bids.
The company has received bids for 66,72,974 shares against 9,44,36,030 shares on offer at 10:12 IST, according to BSE data.
Shiprocket IPO details
The Shiprocket IPO comprises a fresh issue of 9.13 crore equity shares, aggregating ₹885.60 crore, and an offer for sale (OFS) of 7.55 crore equity shares, aggregating ₹731.98 crore. The OFS will include stake sales by both institutional and individual shareholders. LR India Fund I SARL SICAV-RAIF is expected to be the largest selling shareholder, with estimated proceeds of ₹258.49 crore, followed by Arvind Ltd., which is expected to realise around ₹161 crore.
Shiprocket’s co-founders, Gautam Kapoor and Saahil Goel, are also involved in the OFS, with each anticipated to earn about ₹144 crore from the sale of shares. Tribe Capital III LLC-Series 1 is projected to gain roughly ₹120 crore from the offering.
Shiprocket plans to use the net proceeds from the fresh issue to strengthen its technology platform, expand operations and support growth initiatives. The company has earmarked ₹294 crore for marketing and brand-building activities, while ₹211 crore will be invested in enhancing technology infrastructure and capabilities across its core and emerging business segments.
A further ₹210 crore will be used to repay or prepay certain borrowings, including accrued interest. The remaining proceeds will be deployed towards potential inorganic growth opportunities, including unidentified acquisitions, as well as general corporate purposes.
Axis Capital is the book-running lead manager to the issue, while KFin Technologies is the registrar.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
