Eternal-backed Shiprocket files updated DRHP for Rs 2,342 crore IPO; key details

Ecommerce enablement platform Shiprocket Limited has filed its Updated Draft Red Herring Prospectus-I (UDRHP-I) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO). The total issue size aggregates up to Rs 2,342.3 crore.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 1,100 crore and an offer for sale (OFS) of up to Rs 1,242.3 crore by existing selling shareholders. The face value of each equity share is Rs 10. 

Major investors, Eternal Limited (formerly Zomato Limited), which holds a 6.85% stake, and MacRitchie Investments Pte. Ltd (Temasek) are not participating in the offer for sale.

The Offer for Sale will see participation from several early backers and founders. Bertelsmann Nederland B.V. will offload shares aggregating up to Rs 85.43 crore, while Tribe Capital III, LLC (Series 1) plans to sell shares worth up to Rs 120 crore. Arvind Limited is set to sell shares worth up to Rs 161 crore. Other investor selling shareholders include 500 Startups III, L.P. (up to Rs 27 crore), LR India Fund I S.a.r.l. (up to Rs 258.49 crore), and MCP3 SPV LLC (up to Rs 95 crore).

Among the individual selling shareholders, founders Saahil Goel and Gautam Kapoor will each sell equity shares aggregating up to Rs 144 crore, while Vishesh Khurana will divest shares worth up to Rs 36.93 crore.

The company, in consultation with its Book Running Lead Managers (BRLMs), may consider a pre-IPO placement of specified securities aggregating up to Rs 220 crore. If this placement is undertaken prior to filing the Red Herring Prospectus, the amount raised will be reduced from the fresh issue size.

Shiprocket operates as an end-to-end, merchant-first technology platform enabling e-commerce transactions for India’s MSMEs and digital retailers. Its operations are divided into two main segments: the Core Business, which includes its Domestic Shipping platform and Shipping Apps, and the Emerging Business, which covers cross-border trade, cargo, fulfilment, and checkout solutions. According to the Redseer Report, Shiprocket is the largest new-age end-to-end horizontal e-commerce enablement platform in India by revenue from operations for Fiscal 2025.

Financially, the company reported a revenue from operations of Rs 1,632 crore for fiscal 2025, a growth from Rs 1,316 crore in fiscal 2024. The company significantly narrowed its losses to Rs 74.45 crore in fiscal 2025, compared to a loss of Rs 595.18 crore in the previous fiscal year.

Axis Capital Limited, BofA Securities India Limited, JM Financial Limited, and Kotak Mahindra Capital Company Limited are the book running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.