Shiprocket IPO To Open On August 12, Issue Size Cut To ₹1,617 Cr

Shiprocket has filed its RHP to ₹1,617 Cr via its IPO, a 30% reduction from the ₹2,342.3 Cr proposed in its updated DRHP.

The issue reflects how new-age tech companies are recalibrating fundraising strategies to align with prevailing public market conditions and investor expectations.

The IPO comprises a fresh issue of equity shares worth up to ₹885.5 Cr and an offer for sale (OFS) aggregating up to ₹732 Cr.

Logistics major shiprocket has filed the RHP to raise ₹1,617 Cr (about $170 Mn) via its IPO, a 30% reduction from the ₹2,342.3 Cr proposed in its updated DRHP. 

The issue will open for subscription on August 12 and close on August 14. The company has fixed a price band of ₹92-97 per equity share for the public issue, valuing the company at around ₹7,000 Cr (about $736 Mn).

The IPO comprises a fresh issue of equity shares worth up to ₹885.5 Cr and an offer for sale (OFS) aggregating up to ₹732 Cr. In comparison, the company’s UDRHP had proposed a fresh issue of ₹1,100 Cr and an OFS of about ₹1,242 Cr.

Cofounders Saahil Goel, Gautam Kapoor, and Vishesh Khurana will pare their stakes as part of the OFS. Goel and Kapoor will offload shares worth ₹61 Cr each, while Khurana will sell shares worth ₹20 Cr. 

Among institutional investors, PE firm Lightrock will be the biggest seller in the OFS, offloading shares worth about ₹272 Cr.  Silicon Valley-based Tribe Capital plans to sell shares worth ₹120 Cr. 

Other investors participating in the OFS include March Capital, 500 Global, Agility Global and Moore Strategic Ventures. Notably, Bertelsmann India Investments and Arvind Ltd, which were part of the OFS in the UDRHP, are no longer selling shares. 

Bertelsmann India Investments is the largest shareholder in the company with a 21.3% stake. Other large shareholders not paring their stakes include Zomato’s parent company Eternal, which owns a 6.85% stake in Shiprocket as of the date of filing the RHP. 

The Gurugram-based startup plans to use the proceeds from the fresh issue to invest in technology infrastructure, marketing initiatives, potential acquisitions, debt repayment and other general corporate purposes.

Founded in 2017 by Goel, Kapoor, Khurana and Akshay Ghulati, Shiprocket started as a logistics aggregation platform and has since expanded into a full-stack ecommerce enablement player, offering services across shipping, warehousing, checkout, payments, marketing and cross-border commerce. 

On the financial front, Shiprocket reported a 24% increase in its operating revenue to ₹2,024 Cr in FY26 from ₹1,632 Cr in the previous year. However, its net loss widened over 6% to ₹79.2 Cr during the fiscal from ₹74.5 Cr in FY25.

Most of its income was generated through the sale of services, namely merchant solutions, which fetched Shiprocket ₹2,008.1 Cr in FY26, while around ₹16 Cr was earned from the sale of traded goods. 

Its expenses during the year stood at ₹2,153.4 Cr, up 23% YoY from ₹1,749.2 reported in FY25. Notably, a bulk of its expenses went toward the cost of merchant solutions, which rose 23% YoY to ₹1,494.1 Cr. 

Once listed, Shiprocket will join listed logistics and fulfilment players such as Shadowfax and Delhivery on the bourses. Its IPO comes at a time when new-age tech IPOs have regained momentum, even as several players like Zepto, Flipkart and PhonePe have their public issues on hold. 

Source: Inc42 - Startups