Shiprocket, a platform focused on logistics and e-commerce enablement, has made a significant adjustment to its initial public offering (IPO), trimming the size by 31% as detailed in its red herring prospectus (RHP). The revised fresh issue amount now stands at Rs 1,617.48 crore, down from the initial Rs 2,342.35 crore proposed in the UDRHP. The IPO is expected to open for subscription on August 12 and close on August 14, with the anchor book available starting August 11. The established price band has been set between Rs 92 and Rs 97 per share. At the upper limit of this band, Shiprocket’s valuation will approximate Rs 7,057 crore or $743 million.
Highlights
Details of the Reduced Fresh Issue Size
The RHP reveals that the fresh issue is now sized at Rs 885.5 crore, reduced from the previously proposed Rs 1,100 crore. Additionally, the offer also consists of an offer for sale (OFS) amounting to Rs 731.98 crore from existing shareholders, which has also been reduced from earlier plans.
Leading OFS Participants
The OFS will be spearheaded by Lightrock, intending to sell shares worth Rs 271.7 crore. Tribe Capital and March Capital (represented through MCP3 SPV LLC) will follow, planning to offload shares worth Rs 120 crore and Rs 55.53 crore, respectively. Other notable selling shareholders include 500 Startups, Agility Global, and Moore Strategic Ventures. Co-founders Gautam Kapoor and Saahil Goel have each lowered their OFS to Rs 61 crore, while Vishesh Khurana aims to sell shares valued at Rs 20 crore.
Significant Changes in OFS Participants
It is noteworthy that Arvid Ltd and Bertelsmann India Investments, previously part of the OFS in the earlier UDRHP, have chosen not to participate in the revised RHP.
Usage of Proceeds from the Fresh Issue
The proceeds from the fresh issue will primarily be allocated to the expansion of its platform across core and emerging businesses. Specifically, Rs 365.6 crore is designated for growth initiatives, which includes Rs 205.8 crore earmarked for marketing and Rs 159.8 crore for enhancing technology infrastructure and capabilities. Additionally, Rs 210 crore will be directed towards repaying borrowings, while the remaining funds will aid in supporting inorganic growth through acquisitions and general corporate purposes.
Management of the IPO Process
The IPO is being managed by prominent institutions including Axis Capital, BofA Securities, JM Financial, and Kotak, with KFin Technologies taking on the role of registrar.
As outlined in the RHP, Bertelsmann India Investments holds the position of the largest shareholder in the company with a 21.32% stake, followed by Tribe Capital at 14.14%. Eternal, previously Zomato, possesses 6.85%, and Temasek has a stake of 5.29%. Co-founders Saahil Goel and Gautam Kapoor each own 4.84%, while the ESOP pool accounts for 5.97% of the overall shareholding in the company.
Financial Performance Overview
Financially, the company based in Gurugram has reported a remarkable 24% year-on-year increase in operating revenue, reaching Rs 2,024 crore in FY26, up from Rs 1,632 crore in FY25. However, its net loss has also escalated by 6.8%, now standing at Rs 79 crore for the same reporting period.