Shiprocket Secures ₹727.4 Crore from Anchor Investors Ahead of IPO
Logistics firm Shiprocket has raised ₹727.4 crore from anchor investors as it prepares for its public offering, which begins tomorrow. The company will offer shares at the upper end of its price band.
Logistics technology company Shiprocket has secured ₹727.4 crore (approximately $88 million) from anchor investors ahead of its initial public offering (IPO), scheduled to open on August 12. The company allotted 7.5 crore equity shares at ₹97 per share, the top of its price range.
Domestic mutual funds were significant participants, acquiring over 66.8% of the anchor allocation through 31 schemes. Key fund houses involved included HDFC Mutual Fund, Nippon Life, Kotak Mahindra, Mirae Asset, and SBI Mutual Funds. Insurance companies and pension funds, such as ICICI Prudential Life Insurance and Tata AIG Life Insurance, also participated, acquiring 7.12% of the anchor round.
International investors like Goldman Sachs and New York State Teachers Retirement System also joined the anchor round. Shiprocket's ₹1,617 crore IPO, which values the company at approximately ₹7,000 crore at the upper price band of ₹92-₹97, will close on August 14.
The IPO comprises a fresh issue of equity shares worth up to ₹885.5 crore and an offer for sale (OFS) of up to ₹732 crore. The total issue size has been reduced from earlier proposals. Shiprocket's co-founders and existing institutional investors will sell a portion of their holdings via the OFS. If listed, Shiprocket will be the third Indian logistics startup to go public, following Delhivery and Shadowfax.