E-commerce logistics platform Shiprocket made a strong debut on Indian stock exchanges on Wednesday, listing at a 35.05% premium at Rs 131 apiece on the NSE, according to Business Today. On the BSE, the stock opened at Rs 129.50, a 33.5% premium over the issue price of Rs 97.
Listing Performance
After listing, Shiprocket shares extended their gains. The stock touched a high of Rs 144 on the NSE, up 9.92% from its listing price, while it hit Rs 143.90 on the BSE against its opening price of Rs 129.50. Business Today noted that the listing marked one of the largest tech listings this year. IPO investors gained Rs 34 per share on paper, as the stock opened at Rs 131 against the issue price of Rs 97.
| Metric | NSE | BSE |
|---|---|---|
| Opening price | Rs 131 | Rs 129.50 |
| Premium over issue price | 35.05% | 33.5% |
| Intraday high | Rs 144 | Rs 143.90 |
IPO Subscription and Price Band
Shiprocket's Rs 1,617.48-crore IPO, open for subscription from August 12 to August 14, was subscribed 99.38 times overall. The company had fixed the price band at Rs 92-97 per equity share.
| Investor category | Subscription (times) |
|---|---|
| Qualified institutional buyers (QIB) | 122.80 |
| Non-institutional investors (NII) | 88.99 |
| Retail portion | 46.42 |
| Overall | 99.38 |
The QIB portion received the strongest demand, with 122.80 times subscription. The NII portion was subscribed 88.99 times, while the retail portion was oversubscribed 46.42 times.
Shiprocket's IPO was subscribed 99.38 times overall, with the QIB portion receiving 122.80 times subscription.
Anchor Investors and Use of Proceeds
Ahead of the public issue, Shiprocket raised Rs 727.41 crore from anchor investors through the allotment of 7.50 crore shares at Rs 97 per share, the upper end of the price band. Its investor base includes Temasek and Eternal. Shiprocket plans to deploy the IPO proceeds for marketing initiatives and strengthening its technology infrastructure. Part of the funds will also be used to repay debt, pursue potential acquisitions and meet general corporate requirements.
Company Overview
Founded in 2011, Shiprocket is a technology platform serving e-commerce merchants across logistics, checkout, payments, fulfilment and cross-border trade. The company enables merchants selling directly to consumers through their own websites, applications and social media platforms to manage various aspects of their e-commerce operations.
(Business Today's article includes a disclaimer that recommendations and views on the stock market and other asset classes given by experts are their own, and do not represent the views of The Times of India.)
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