Shiprocket IPO Subscribed 35% On Day 1; Retail, Employee Quotas Fully Booked
Ecommerce enabler Shiprocket's IPO was subscribed 35% on its first day of bidding, with strong demand from retail investors and employees, whose quotas were fully booked.
Ecommerce enabler Shiprocket's initial public offering (IPO) saw 35% subscription on its first day of bidding, according to exchange data. Retail investor and employee portions were fully booked, indicating early strong interest from these groups.
By late afternoon IST, investors had placed bids for 32.9 million shares against the 94.4 million shares on offer. The retail portion was subscribed 1.35 times, and the employee portion was subscribed 2.48 times.
Other investor categories, including non-institutional investors (NIIs) and qualified institutional buyers (QIBs), showed lower interest during the initial hours. The NII portion was subscribed 0.35 times, while QIBs showed negligible interest. Shiprocket's ₹1,617 crore IPO is set to close on Friday.
The company plans to utilize the net proceeds from the fresh issue for strengthening its technology infrastructure, funding marketing initiatives, pursuing acquisitions, and repaying debt. Shiprocket had previously raised $420 million in funding from investors like Razorpay and PayPal Ventures.