Shiprocket IPO kicks-off: Should you subscribe or avoid? Check price band, GMP & reviews

The initial public offering (IPO) of Shiprocket opens for subscription on Wednesday, August 12. The logistics solutions player is offering its shares in the range of Rs 92-97 and investors can apply for minimum 154 equity shares and its multiples thereafter. The issue will close for subscription Friday, August 14.

The Rs 1,617 crore-IPO of Shiprocket is includes a fresh share sale of Rs 885 crore and an offer-for-sale of up to Rs 732 crore. The net proceeds from the issue shall be utilized towards investment in growth of Shiprocket platform, marketing initiatives, investment in core infra, repayment of debut, funding inorganic growth opportunities and general corporate purposes.

Incorporated in 2011, Gurugram-based Shiprocket is an Indian e-commerce enablement company. It provides technology-driven solutions that help MSMEs, direct-to-consumer (D2C) brands, and large retailers manage and grow their online and offline businesses. Shiprocket was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.

Ahead of its IPO, Shiprocket raised Rs 727.14 crore from 50 anchor investors as it allocated 7,49,91,568 equity share for Rs 97 apiece. Its anchor book included names like SBI MF, HDFC MF, Magnum Hybrid Long-Short Fund, Nippon India MF, Kotak MF, Nomura, Goldman Sachs, Ashika Whiteoak, Bandhan MF, UTI MF, Mirae Asset MF, Motilal Oswal MF, Axis MF, Societe Generale, ICICI Pru MF and more.

Shiprocket reported a net loss of Rs 79.25 crore, with a revenue of Rs 2,077.42 crore for the financial year ended on December 31, 2026. It clocked a net loss of Rs 74.45 crore with a revenue of Rs 1,674.82 crore for the financial year 2024-25. At the current valuations, it commands a market capitalization of little more than Rs 7,050 crore.

Shiprocket has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will get only 10 per cent of the reservation in the issue. Last heard, it was commanding a grey market premium (GMP) of Rs 27-28 apeice, suggesting a listing pop of 28-29 per cent for investors.

Axis Capital, Kotak Mahindra Capital, JM Financial Ltd and BofA Securities India are the book running lead managers of Shiprocket IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on August 19, Wednesday. Here's what a host of brokerage firms say about the IPO of Shiprocket:

Geojit Investments
Rating: Subscribe for long-term
Shiprocket is valued at 3.6 times FY26 EV/Sales on a post-issue basis, which is at a discount to the listed peer. It has shown strong growth through expanding merchant adoption and a diversified platform across logistics, fulfilment, cross-border commerce, marketing, and financial services, said Geojit Investments.

"Shiprocket’s core business provides end-to-end domestic shipping and post-order logistics solutions. Its asset-light, technology-driven model supports scalability and efficiency, while debt reduction from IPO proceeds is expected to improve profitability. Hence, we recommend a ‘subscribe’ rating for medium to long-term investors," it added.

Arihant Capital Markets
Rating: Avoid
Shiprocket is positioned to benefit from the structural growth and digitisation of India’s ecommerce ecosystem, supported by its scalable asset-light model, diversified merchant base and expanding suite of higher-value services. The principal concern, however, is the absence of proven profitability, said Arihant Capital Markets.

The absence of an identifiable promoter and Rs 732 crore OFS component also present additional alignment considerations. The issue is not valued at a meaningful P/E given the company's losses. Considering Shiprocket’s strong growth potential and favourable e-commerce outlook, balanced against its unproven profitability, courier concentration and demanding valuation," it said with an 'avoid' rating.

Aditya Birla Money
Rating: Subscribe
"We recommend 'subscribe' to the IPO of Shiprocket, driven by its market leadership in India's commerce enablement ecosystem, scalable merchant franchise, improving operating leverage and multiple monetisation opportunities across shipping, fulfillment, cross-border commerce, checkout and merchant solutions," said Aditya Birla Money.

Shiprocket is positioned to benefit from structural tailwinds including rising e-commerce penetration, increasing MSME digitisation, growing D2C adoption, expanding cross-border trade and India's recently signed FTAs. The issue appears attractive relative to comparable platform peers, supported by Shiprocket's market leadership, strong growth trajectory, and improving profitability profile, it said.

Swastika Investmart
Rating: Neutral
Shiprocket's net income remains in negative territory but cash flow from operations turned positive at Rs 52.6 crore in FY26. Since the company is currently loss-making, traditional P/E valuation remains negative, said Swastika Investmart.

"Shiprocket is priced at a noticeable discount compared to pure-play logistics tech peers like Delhivery and lower than its own peak private valuation at Rs 10,650 crore in 2022. The issue is best suited for high-risk, growth-oriented portfolios with a 2- to 3-year horizon rather than conservative value investors," it added.

SBI Securities
Rating: Subscribe
Shiprocket operates as an e-commerce enablement platform and stands to benefit from the B2C market opportunity in India. Over the FY24-FY26 period, the company recorded Revenue CAGR of 24.0%, and narrowed its PAT loss (Adj) to Rs 76 crore in FY26. The issue is valued at FY26 EV/Sales multiple of 3.1 times based on post-issue capital, said SBI Securities.

"Going ahead, the company plans to utilize part of its fresh issue proceeds towards debt repayment of Rs 210 crore, which shall aid in significant deleveraging of its balance sheet (total debt to reduce from Rs 242 crore in FY26 to Rs 32 crore post-repayment), and improvement in profitability on the back of interest cost savings. We recommend investors to 'subscribe' to the issue," it added.

Sushil Finance
Rating: Avoid
Shiprocket remains loss-making across FY24-FY26, with no fiscal reporting positive EPS or RoNW, meaning its improving losses do not yet establish a sustained path to profitability. The IPO structure also warrants caution, with the Offer for Sale of Rs 721.99 crore nearly matching the Rs 885.50 crore fresh issue, said Sushil Finance.

"Several venture investors and its three co-founders are selling shares, indicating significant early-investor and insider monetisation at the IPO stage. A cautious approach may therefore be warranted, with investors advised to watch for sustained profitability in the Emerging Business segment and greater clarity on post-listing insider holdings before taking a meaningful exposure," it added.

BP Equities
Rating: Subscribe
"Considering its market leadership, strong growth prospects, asset-light model, and favourable long-term e-commerce outlook, we believe Shiprocket is well positioned to benefit from India's structural e-commerce growth. We assign a 'subscribe' rating to the issue," said BP Equities.

Master Capital Services
Rating: Subscribe for long-term
"Shiprocket is well positioned to benefit from the growing demand for integrated e-commerce solutions through its end-to-end technology platform, diversified Merchant offerings, strong presence across logistics and fulfilment, Direct Commerce and cross-border segments, and consumption-based model. Investors may consider the IPO as a potential long-term investment opportunity," said Master Capita.

Ventura Securities
Rating: Subscribe
Shiprocket is India’s largest horizontal e-commerce enablement platform by revenue, offering variety of services. solutions. Its asset-light, consumption-based model leverages over 250 ecosystem partners and serves merchants across India and international markets. It benefits from strong network effects, with a large consumer and transaction database supporting AI-powered solutions, said Ventura.

"Growth is expected to be driven by India’s expanding direct-commerce market, emerging businesses, international expansion and acquisitions. In FY26, revenue grew 24.03 per cent, while adjusted EBITDA turned positive. However, risks include dependence on third-party logistics partners and concentration in its core business," it said with a 'subscribe' rating.

Kunvarji Wealth Services
Rating: Subscribe
"We recommend to subscribe this IPO, Given the higher risk profile, the IPO may appeal to investors with a higher risk appetite. It has established a niche in the ecommerce ecosystem with its end-to-end, merchant-first, API-led technology platform. While it has delivered steady top-line growth, it continues to report losses at the bottom line," said Kunvarji Wealth.