Shiprocket shares debut 35% above IPO price
Shares of e-commerce enablement platform Shiprocket Ltd made a strong market debut on Wednesday, listing around 35 per cent above the IPO issue price of Rs 97.
On the BSE, the stock opened at Rs 129.50, a premium of 33.50 per cent over the issue price.
On the NSE, Shiprocket shares debuted at Rs 131, representing a 35 per cent premium.
Following the listing, the company commanded a market valuation of Rs 9,901.60 crore.
Shiprocket's initial public offering (IPO) was subscribed 99.38 times on the final day of bidding on Friday.
The Rs 1,617.5-crore IPO had a price band of Rs 92-97 per share. The issue comprised a fresh issue of equity shares worth up to Rs 885.50 crore and an offer for sale (OFS) of shares worth up to Rs 732 crore.
The company plans to use proceeds from the fresh issue to fund marketing initiatives and strengthen its technology infrastructure across its core and emerging businesses.
The funds will also be used to repay or prepay certain borrowings, pursue potential acquisitions and meet general corporate requirements.
Backed by Temasek and Zomato, Shiprocket has evolved from a shipping service provider into a full-stack e-commerce enablement platform serving direct-to-consumer (D2C) brands and micro, small and medium enterprises (MSMEs).
The company operates across two segments — Core Business and Emerging Business.
Its core business includes domestic shipping and shipping applications, while its emerging businesses include cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions and hyperlocal deliveries.
