Shiprocket IPO: E-commerce enablement platform Shiprocket has scaled back its initial public offering by 31%, reducing the total issue size to Rs 1,617.48 crore from the Rs 2,342.35 crore proposed earlier.
The public issue will open for subscription on August 12 and close on August 14. Shiprocket has set a price band of Rs 92 to Rs 97 per share. At the upper end of the band, the Gurugram-based company is expected to command a valuation of about Rs 7,057 crore, or approximately $743 million.
Shiprocket IPO: Fresh issue and shareholder sale both reduced
The revised IPO consists of a fresh issue of shares worth Rs 885.5 crore and an offer for sale, or OFS, of Rs 731.98 crore by existing shareholders.
Shiprocket had earlier proposed raising Rs 1,100 crore through the fresh issue. The reduction means the company will now receive less primary capital than initially planned, while the overall size of the shareholder sale has also been lowered.
Lightrock is set to be the largest selling shareholder in the OFS, with shares worth Rs 271.7 crore on offer. Tribe Capital is expected to sell shares valued at Rs 120 crore. March Capital, through MCP3 SPV LLC, is also among the participating shareholders.
Other investors and individual shareholders will sell part of their holdings through the issue. The available information does not disclose a reason for the reduction in the IPO size.
Where Shiprocket plans to deploy the capital
Shiprocket intends to direct a significant portion of the fresh capital towards strengthening its platform and supporting the expansion of its existing and emerging businesses.
The company has earmarked Rs 365.6 crore for growth initiatives. This includes Rs 205.8 crore for marketing and Rs 159.8 crore for technology infrastructure and related investments.
Another Rs 210 crore will be used to repay borrowings. The remaining proceeds are expected to support acquisitions, other forms of inorganic expansion and general corporate requirements.
Allocation shows that Shiprocket is balancing expenditure on growth with paying off debt, yet keeping itself flexible for acquisitions.
Investors and issue managers
Bertelsmann India Investments remains Shiprocket’s largest shareholder. Tribe Capital holds a 14.14% stake, while Eternal, formerly known as Zomato, owns 6.85%.
Co-founders Saahil Goel and Gautam Kapoor each hold a 4.84% stake in the company.
Axis Capital, BofA Securities, JM Financial and Kotak are managing the public issue. KFin Technologies will serve as the registrar.
Revenue rises, but losses widen
Shiprocket reported a 24% year-on-year increase in operating revenue during FY26, compared with operating revenue of Rs 1,632 crore in FY25.
However, the net loss for the company increased by 6.8 percent to Rs 79 crores during the same period. The above figures indicate that Shiprocket continued to grow in its operations but was still operating at losses before the public issue.
The August IPO will give public-market investors an opportunity to assess Shiprocket’s growth plans, financial position and proposed use of capital at a time when the company has chosen to proceed with a substantially smaller issue than originally planned.
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