Shiprocket shares make a strong Dalal Street debut; stock lists at 35%, sees post listing gains

Shares of Shiprocket made a strong Dalal Street debut on Wednesday as the new-age logistics and delivery solutions provider was listed at Rs 131 on NSE, a premium of 35.01 per cent over its issue price of Rs 97. However, the stock settled with a premium of 33.51 per cent over the issue price at Rs 129.50 on BSE Ltd.

As of the listing price, retail investors who got a single lot of 154 equity shares made a profit of more than Rs 5,200 on their investment of  Rs 14,938. Similarly, HNI investors, who got 14 lots consisting of 2,156 equity shares, made a profit of Rs 73,300 on their investment of 2.07 lakh.

The IPO of Shiprocket was open for bidding between August 12 and August 14. It had offered its shares in the price band of Rs 92-97 per share with a lot size of 154 shares. The company eyed to raise a total of Rs 1,617 crore via IPO, which included a fres share sale of Rs 885 crore and offer-for-sale (OFS) of up 7.54 equity shares worth Rs 732 crore.

The issue was overall subscribed a solid 99.38 times with more than 47.91 lakh applications, fetching bids for over Rs 91,000 crore. The portion for qualified-institutional bidders (QIBs) was subscribed a whopping 122.80 times. The quotas for non-institutional investors (NIIs) and retail bidders were subscribed at 88.99 times and 46.42 times, respectively. Employee portion was booked 55.51 times only.

The grey market premium (GMP) of Shiprocket has seen a sharp recovery despite muted bidding as the sentiments in the broader markets improve. Last heard, it was commanding a premium of Rs 32-34 per share, suggesting a listing pop of 33-35 per cent for the investors. Its GMP stood around Rs 37 apiece, on the last day of bidding.

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.

Axis Capital, Kotak Mahindra Capital, JM Financial Ltd and BofA Securities India were the book running lead managers of Shiprocket IPO and Kfin Technologies was the registrar of the issue.