Shiprocket IPO’s last-day institutional rush takes issue to nearly 100x; QIB portion subscribed 122.8x

For two days, Shiprocket’s ₹1,617-crore initial public offering (IPO) looked like it was missing its biggest audience: institutional investors. Then, on the final day, qualified institutional buyers (QIBs) arrived in force. Their last-day rush transformed the issue from a measured start into a blockbuster finish, with the IPO closing nearly 100 times subscribed.

The QIB portion, which had attracted bids for just 0.02 times the shares on offer on the first day and 0.03 times on the second, was subscribed 122.8 times by the close of bidding on Friday.

Overall, the Shiprocket IPO received bids for 938.53 crore shares against 9.44 crore shares on offer, translating into a subscription of 99.38 times. The company had fixed the IPO price band at ₹92-97 per share.

The non-institutional investor (NII) portion was subscribed 88.99 times, while the retail portion was subscribed 46.42 times. The employee quota was subscribed 55.51 times. In all, the issue of the logistics and e-commerce enablement platform attracted bids worth around ₹91,000 crore and 47.92 lakh applications.

As per the IPO structure, 75% of the net offer was reserved for QIBs, up to 15% for NIIs and up to 10% for retail investors.

Ahead of the IPO, Shiprocket had raised ₹727.41 crore from anchor investors. The anchor book included SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Life Insurance Company, Tata AIA Life Insurance Company, Nippon Life India Mutual Fund, Nomura Funds Ireland, Societe Generale and New York State Teachers Retirement System.

GMP points to strong debut

The strong subscription has also been accompanied by a firm grey-market signal. Shiprocket’s latest grey-market premium (GMP) stood at ₹33 against the upper price band of ₹97, implying an estimated listing price of ₹130 and a potential premium of around 34% over the issue price.

However, the GMP is unofficial and can change ahead of the company’s scheduled listing on August 19.

Shiprocket’s IPO comprises a fresh issue of ₹885.5 crore and an offer for sale (OFS) of ₹732 crore. A significant portion of the fresh capital will be used to expand the platform and strengthen its technology capabilities.

The company plans to deploy ₹365.6 crore towards platform growth and business expansion, while ₹205.8 crore has been earmarked for marketing initiatives. Another ₹159.8 crore will be spent on technology infrastructure and capabilities.

Shiprocket also plans to use ₹210 crore to repay or prepay outstanding borrowings, with the remaining proceeds earmarked for acquisitions and general corporate purposes.

Founded in 2011, Shiprocket operates an e-commerce enablement platform spanning logistics, shipping, fulfilment, payments and technology solutions. Its customer base includes MSMEs, direct-to-consumer brands and large retailers.

On the earnings front, Shiprocket reported a loss of ₹79.2 crore in FY26, compared with ₹74.4 crore in FY25. Revenue, however, increased to ₹2,077.4 crore from ₹1,674.8 crore during the same period.

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