Shiprocket’s ₹1,617.48-crore initial public offering ended with bids for about 99 times the shares on offer, led by qualified institutional buyers as the e-commerce logistics platform closed its three-day issue on Friday.
The IPO received bids for 937 crore shares against 9.44 crore shares available, taking the overall subscription to 99.3 times, according to Economic Times. QIB demand was the strongest, with that portion subscribed about 123 times.
The non-institutional investor portion was subscribed about 89 times, while the retail portion received around 46 times subscription. Employee demand reached about 55 times, according to the figures reported by Entrackr.
Shiprocket had fixed the IPO price band at ₹92-₹97 per share. The company reduced the issue size by about 31 per cent from the ₹2,342.35 crore proposed in its earlier draft prospectus, bringing the final offer to ₹1,617.48 crore.
The issue comprises a fresh share sale of ₹885.5 crore and an offer for sale of about ₹732 crore. Money raised through the fresh issue will remain with the company, while proceeds from the OFS will go to selling shareholders.
Shiprocket plans to use the fresh capital for business expansion, marketing and technology infrastructure, along with repayment of borrowings and potential acquisitions. The company has earmarked ₹205.8 crore for marketing and ₹159.8 crore for technology infrastructure and capabilities, while ₹210 crore is planned for repayment of borrowings.
The strong institutional response follows an anchor-investor round in which Shiprocket raised about ₹727 crore before the public issue opened. Large domestic mutual funds, including SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential, participated in the anchor book.
Shiprocket provides shipping, logistics and e-commerce enablement services to online sellers, MSMEs and larger businesses. Its platform connects merchants with logistics services while also offering tools covering fulfilment, payments and other e-commerce operations.
The company has expanded its business while remaining loss-making. Financial information cited in market coverage shows total income rising from ₹1,357.83 crore in FY24 to ₹2,077.42 crore in FY26, while the net loss declined sharply from ₹595.18 crore in FY24 to ₹79.25 crore in FY26.
The latest annual figures also show that the turnaround has not yet reached statutory profitability. Shiprocket's FY26 EBITDA remained negative, although adjusted EBITDA was positive after certain adjustments, according to financial information from its offer documents.
That distinction matters because the company's strong IPO subscription reflects investor demand for its growth prospects rather than an established record of net profitability. Shiprocket's ability to convert revenue growth into sustainable earnings will remain a key issue after listing.
The IPO also includes an offer for sale from existing shareholders. Investors including institutional funds and company founders are selling part of their holdings, meaning a portion of the issue proceeds does not go towards Shiprocket's expansion.
The company's IPO valuation also attracted attention because it was lower than its previous private-market valuation. Market reports have described the public offering as being priced at a substantial discount to the valuation from Shiprocket's December 2024 funding round.
Shiprocket is expected to finalise the basis of allotment on August 17. Shares are scheduled to be credited to successful applicants before the planned listing on the BSE and NSE on August 19.
The immediate focus will now shift from subscription demand to allotment and the stock's market debut. The nearly 99-times subscription indicates strong demand, but the eventual listing price will depend on market conditions and investor buying after the shares begin trading.
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