Shiprocket IPO Subscribed Nearly 2X on Second Day
Ecommerce enablement platform Shiprocket's initial public offering was subscribed nearly two times by midday on its second day of bidding. Demand was led by retail investors and employees.
Shiprocket, an Indian e-commerce enablement platform, saw its initial public offering (IPO) subscribed 1.97 times by midday on Wednesday, the second day of its bidding period. The company offered 9.44 million shares, with bids received for 18.58 million shares.
The subscription was driven by strong demand from retail investors, employees, and non-institutional investors (NIIs). Retail investors alone subscribed 6.52 times the shares allocated to their category. Employee participation was the highest, with their portion being subscribed 9.53 times. However, qualified institutional buyers (QIBs) showed minimal interest, subscribing only 0.02 times their allocated shares.
Earlier this week, Shiprocket raised ₹7.27 billion (approximately $87 million) from anchor investors, including HDFC Mutual Fund and Goldman Sachs. The IPO has set a price band of ₹92 to ₹97 per share, valuing the company at approximately ₹70 billion ($733 million) at the upper end.
The funds raised will be used to enhance Shiprocket's technology infrastructure, marketing initiatives, debt repayment, and potential acquisitions. The company, which achieved unicorn status in 2022, reported a net loss of ₹792 million ($9.5 million) in the last fiscal year, although its operating revenue increased by 24%.