Shiprocket Shares Make Strong Debut, List At 35% Premium On NSE

Logistics aggregator Shiprocket made a strong debut on the stock exchanges on August 19, with its shares listing broadly in line with expectations signalled by the grey market ahead of the debut.

The shares listed at Rs 131 on the National Stock Exchange (NSE) under the symbol SHIPROCKET, representing a 35.05 per cent premium over the issue price of Rs 97. On the BSE, the stock listed at Rs 129.50 under the scrip code 544871, a 33.51 per cent premium.

Shiprocket's market capitalisation rose to Rs 9,422 crore after listing, up Rs 2,364.50 crore, or 33.5 per cent, from Rs 7,057.50 crore at the issue price.

Ahead of the listing, Shiprocket commanded a grey market premium (GMP) of Rs 35. At this GMP, the stock was expected to list at around Rs 132, implying a 36.08 per cent gain over the upper end of the issue’s price band.

Shiprocket is an e-commerce enablement platform that provides logistics, fulfilment, shipping, checkout, payments, cross-border shipping, advertising and other technology-led services to micro, small and medium enterprises, direct-to-consumer brands and retailers.

Shiprocket says, citing Redseer report in its red herring prospoectus (RHP), that it was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25. The company started as a shipping platform and has since expanded into fulfilment, cargo, omnichannel commerce, international shipping and merchant-focused services.

Shiprocket IPO Details

Shiprocket raised Rs 1,617.48 crore through its initial public offering (IPO). It comprised a fresh issue of 91.30 million shares aggregating to Rs 885.50 crore and an offer for sale of 75.46 million shares worth Rs 731.98 crore.

The IPO opened for subscription on August 12 and closed on August 14. The company had offered its shares in the price band of Rs 92-97 per share. The lot size was 154 shares, requiring a minimum investment of Rs 14,938 for retail investors at the upper price band.

The basis of allotment was finalised on August 17. Refunds were initiated and shares were credited to successful investors' demat accounts on August 18, ahead of the August 19 listing.

The IPO included a reservation of up to 1,13,636 shares for employees, who were offered a discount of Rs 9 per share to the issue price.

Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital were the book-running lead managers to the issue. Kfin Technologies was the registrar.

Shiprocket IPO Objectives

Shiprocket plans to use the net proceeds from the fresh issue largely to fund growth, technology investments and debt repayment.

The company has allocated Rs 365.60 crore to strengthen its platforms, with a major portion going towards marketing its Emerging Business and Core Business segments. It has set aside another Rs 205.80 crore for marketing initiatives across the two segments.

The logistics aggregator plans to invest Rs 159.80 crore in technology infrastructure and capabilities, again with a focus on its Emerging Business and Core Business operations.

The company has also proposed to use Rs 210 crore for repayment or prepayment, either fully or partly, of certain borrowings, including accrued interest. The IPO objects also include funding inorganic growth through unidentified acquisitions and meeting general corporate purposes.

Shiprocket IPO Subscription Details

Shiprocket's IPO was subscribed 102.28 times at the close of bidding. The qualified institutional buyers (QIBs) category, excluding anchor investors, was subscribed 125.20 times.

The non-institutional investors (NII) category was subscribed 92.58 times. Within the NII segment, big NII investors applying for more than Rs 10 lakh were subscribed 103.18 times, while small NII investors applying for less than Rs 10 lakh were subscribed 71.39 times.

The retail investor category was subscribed 48.38 times, while the employee portion was subscribed 58.85 times.

Overall, the issue received 4.79 million applications. Investors bid for 938.66 million shares against 91.77 million shares offered to the public.

Shiprocket IPO Financials

Shiprocket continues to report losses despite strong growth in revenue. The company’s total income rose 24 per cent to Rs 2,077.42 crore in FY26 from Rs 1,674.82 crore in FY25 and Rs 1,357.83 crore in FY24.

Its net loss, however, widened to Rs 79.25 crore in FY26 from Rs 74.45 crore in FY25. The loss was still significantly lower than the Rs 595.18 crore loss reported in FY24.

Earnings before interest, tax, depreciation and amortisation (Ebitda) remained negative at Rs 16.56 crore in FY26, as against a negative Ebitda of Rs 17.16 crore in FY25 and Rs 495.89 crore in FY24.

Shiprocket’s net worth increased to Rs 1,524.29 crore in FY26 from Rs 1,491.23 crore in FY25 and Rs 1,284.16 crore in FY24. Net debt stood at Rs 242.01 crore as of March 31, 2026, broadly unchanged from Rs 244.67 crore a year earlier.

The company’s return on capital employed (ROCE) stood at -2.65 per cent, while return on net worth (RoNW) was -5.20 per cent as of March 31, 2026.

How Shiprocket Makes Money

Shiprocket was incorporated in 2011 and initially focused on providing shipping technology to online merchants. It has since expanded into a broader e-commerce enablement platform.

Its services now include domestic shipping, fulfilment centres, cargo and heavy logistics, omnichannel commerce through Shiprocket Omuni, international shipping, customs support, advertising and marketing tools, checkout and payment solutions, business loans and hyperlocal delivery.

The company operates international shipping lanes connecting India with the US, UK, Canada, Europe and Singapore. It served customers in 146 countries during FY26.

Shiprocket follows a usage-based pricing model, with merchants paying based on factors such as shipments, transactions or the value of orders processed.

The company has positioned its Emerging Business segment as an important growth area, with products designed to help merchants improve sales, customer conversion and overall business growth.

Shiprocket’s business has improved significantly since FY24, but the company is still making losses.