Shiprocket shares made a strong stock market debut on Wednesday, listing at Rs 131 on the NSE against the IPO price of Rs 97.
The Rs 1,617.5-crore IPO received a strong investor response, with the issue subscribed 99.38 times.
Highlights
- Shiprocket shares listed at Rs 131 on the NSE, a 35% premium to the issue price.
- On the BSE, the stock debuted at Rs 129.50, up 33.50%.
- Shiprocket’s IPO price was fixed at Rs 97 per share.
- The company commanded a market valuation of Rs 9,901.60 crore.
- The Rs 1,617.5-crore IPO was subscribed 99.38 times.
- Shiprocket is backed by Temasek and Zomato.
Story
New Delhi, August 19: Shares of e-commerce enablement platform Shiprocket Ltd made a strong stock market debut on Wednesday, listing as much as 35 per cent above the company’s IPO issue price of Rs 97 per share.
On the NSE, Shiprocket shares debuted at Rs 131 apiece, representing a premium of 35 per cent over the issue price. On the BSE, the stock started trading at Rs 129.50, up 33.50 per cent.
Following the listing, the company commanded a market valuation of Rs 9,901.60 crore.
Shiprocket IPO Received Strong Demand
Shiprocket’s Rs 1,617.5-crore initial public offering received strong investor interest during the subscription period. The public issue was subscribed 99.38 times on the final day of bidding.
The company had fixed a price band of Rs 92-97 per share for the IPO.
The issue consisted of a fresh issuance of equity shares worth up to Rs 885.50 crore along with an Offer for Sale (OFS) of shares aggregating up to Rs 732 crore.
How Will Shiprocket Use IPO Funds?
Shiprocket plans to use proceeds from the fresh issue for marketing initiatives and strengthening its technology infrastructure across both its core and emerging businesses.
Part of the funds will also be used to repay or prepay certain borrowings. The company also plans to pursue potential acquisitions and use a portion of the proceeds for general corporate purposes.
What Does Shiprocket Do?
Backed by Temasek and Zomato, Shiprocket has expanded from being primarily a shipping services provider into a full-stack e-commerce enablement platform.
The company serves direct-to-consumer brands as well as micro, small and medium enterprises.
Shiprocket operates through two broad segments — Core Business and Emerging Business. Its core operations include domestic shipping and shipping applications.
The emerging business segment includes cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions and hyperlocal deliveries.
The strong listing comes after heavy demand for the IPO, with investors giving the e-commerce enablement company’s public issue a subscription of nearly 100 times.
