Shiprocket IPO: E-commerce enablement platform raises ₹727 crore from anchor investors; ₹1,618-crore issue opens today

Logistics and e-commerce enablement platform Shiprocket raised ₹727.41 crore from anchor investors a day ahead of the opening of its ₹1,618-crore initial public offering (IPO) today. The three-day issue to close on August 14, and shares are expected to be listed on the BSE and NSE on August 19.

In an exchange filing, Shiprocket said it has finalised the allocation of 74,991,568 equity shares to anchor investors at the upper price band of ₹97 per share.

Some of the marquee investors participating in the anchor book include New York State Teachers Retirement System, managed by Goldman Sachs Asset Management LLP; Nomura Funds Ireland Public Limited Company; Societe Generale–ODI; ICICI Prudential Life Insurance Company; Tata AIA Life Insurance Company; Axis Max Life Insurance; Public Sector Pension Investment Board–IIFL Asset Management; SBI Mutual Fund; HDFC Mutual Fund; and Nippon Life India Mutual Fund.

Other investors include Kotak Mahindra Mutual Fund; Ashoka WhiteOak; Goldman Sachs Funds; Mirae Asset Mutual Fund; UTI Mutual Fund; Motilal Oswal Mutual Fund; and Bandhan Mutual Fund.

Of the total allocation to anchor investors, 66.76% were allotted to 13 domestic mutual funds through 31 schemes. Another 7.12%, were allocated to life insurance companies and pension funds.

Backed by Temasek, Tribe Capital, Bertelsmann and Eternal, Shiprocket’s 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 shares worth ₹731.98 crore by existing shareholders.

The company plans to use the net proceeds from the fresh issue primarily to accelerate business expansion and strengthen its technology platform. Around ₹365.60 crore will be invested in platform growth and business expansion initiatives, while ₹205.80 crore has been earmarked for marketing initiatives across its core and emerging businesses. Another ₹159.80 crore will be deployed towards technology infrastructure and capabilities.

Shiprocket will also use ₹210 crore to repay or prepay certain outstanding borrowings. The remaining proceeds will be used to fund inorganic growth opportunities through acquisitions and for general corporate purposes.

At the upper end of the price band, retail investors will have to invest a minimum of ₹14,938 for one lot of 154 shares. Under the issue structure, 75% of the issue has been reserved for qualified institutional buyers (QIBs), up to 15% for non-institutional investors (NIIs) and up to 10% for retail investors.

Founded in 2011, Shiprocket is an e-commerce enablement platform offering logistics, shipping, fulfilment, payments and technology solutions to micro, small and medium enterprises (MSMEs), direct-to-consumer (D2C) brands and large retailers. According to a Redseer report cited in the company’s draft prospectus, Shiprocket was India’s largest new-age end-to-end e-commerce enablement platform by revenue in FY25.

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