Shiprocket shares list at 35% premium after nearly 100x IPO subscription
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After garnering an overwhelming response to its ₹1,617-crore initial public offering (IPO), Shiprocket shares made a strong debut on the stock exchanges on Wednesday, despite a subdued broader market. Shares of the logistics and e-commerce enablement platform listed at ₹131 on the NSE, marking a 35.05% premium over the IPO price of ₹97 apiece.
On the BSE, the stock debuted at ₹129.50, up 33.51% over the IPO price, valuing the company at ₹9,422.13 crore.
The listing was broadly in line with Street expectations. Shiprocket commanded a grey market premium (GMP) of ₹35 ahead of its debut, indicating an estimated listing price of ₹132 and a premium of 36.08% over the issue price.
At the time of listing, the BSE Sensex and the Nifty 50 were both down around 0.2%, weighed down by weak global cues, rising crude oil prices and higher global bond yields.
The three-day Shiprocket IPO, which closed on August 14, was subscribed nearly 100 times, driven by a strong rush from qualified institutional buyers (QIBs) on the final day. The QIB portion, which was subscribed 0.02 times on the first day and 0.03 times on the second day, was subscribed 122.8 times by the end of the issue.
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.
Shiprocket's IPO comprised a fresh issue of ₹885.5 crore and an offer for sale (OFS) of ₹732 crore. A significant portion of the fresh issue proceeds 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.
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 India Mutual Fund, Nomura Funds Ireland, Societe Generale and the New York State Teachers' Retirement System.
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