Shiprocket Extends Gains on Day 2, Trades Above Rs 150 After Stellar Debut

Mumbai, Aug 20: Shares of Shiprocket (SHIPROCKET) are extending their upward march on the second day of listing on Thursday, building on the stellar debut recorded a day earlier. The stock has touched an intraday high of Rs 156.90 and a low of Rs 148.44 on the NSE so far, and is currently trading around Rs 151.30, up Rs 7.85, or 5.47 per cent, over its previous close of Rs 143.45. The counter opened the session at Rs 149.90, with the volume-weighted average price so far working out to Rs 152.53. 

Day 2 Trade Activity 

Buying interest has remained steady through the morning session, though the order book shows sellers marginally in control at this stage, with 56.14 per cent of the total traded quantity on the sell side against 43.86 per cent on the buy side. Total quantity traded so far stands at 88,88,961 shares, split between 38,98,717 shares on the buy side and 49,90,244 shares on the sell side. The stock’s intraday chart shows a sharp spike soon after the opening bell to around Rs 156, before it eased to trade in a narrower band closer to Rs 150-152 through the ongoing session. With trade still under way, these levels remain subject to change as the session progresses. 

IPO Backgrounder 

Shiprocket’s initial public offering, sized at Rs 1,617.48 crore, was a combination of a fresh issue of 9.13 crore shares aggregating to Rs 885.55 crore and an offer for sale of 7.55 crore shares worth Rs 731.94 crore. The issue was priced at Rs 97 apiece, at the top end of the Rs 92-97 price band, with a lot size of 154 shares. This meant a minimum retail investment of Rs 14,938 for one lot, while the maximum retail application of 13 lots, or 2,002 shares, required Rs 1,94,194. 

The IPO opened for subscription on August 12 and closed on August 14, with the allotment finalised on August 17 and refunds processed by August 18. Axis Capital was the book running lead manager for the issue, while KFin Technologies served as the registrar. Of the net offer, 75 per cent, or 12.49 crore shares, was reserved for qualified institutional buyers, including 44.97 per cent set aside for anchor investors. Non-institutional investors were allocated 15 per cent of the net offer, while retail investors got 10 per cent. The company also carved out up to 1,13,636 shares for its employees, offered at a Rs 9 discount to the issue price. The total issue size worked out to 16,67,61,566 shares, with the stock carrying a face value of Rs 10 and trading under ISIN INE0FOO1011, BSE scrip code 544871 and NSE symbol SHIPROCKET. 

Stellar Listing Day Debut 

Shiprocket shares listed on the NSE and BSE on August 19 at Rs 131, a premium of about 35 per cent over the issue price of Rs 97. The stock extended its rally through the debut session, touching an intraday high of Rs 156 before paring some gains to close at Rs 143.45, up Rs 46.45, or 47.89 per cent, over the issue price. The strong debut translated into a market capitalisation of roughly Rs 10,437.10 crore at the listing day closing price. Trading activity on debut day was brisk, with a traded value of Rs 22,40,02,350 across 8,75,736 trades. 

Outlook 

With trade still live on Thursday, the counter is holding on to a large part of Wednesday’s blockbuster gains and adding further, pointing to sustained investor appetite for the logistics-tech player even as the stock moves in a fairly volatile band typical of newly listed issues. Currently trading over 55 per cent above its issue price, the stock’s ability to sustain above the Rs 150 mark through the remainder of the session, or give up ground to profit-booking, will be watched closely. How Shiprocket’s price action settles by the closing bell is likely to set an early template for how the market treats other new-age logistics and e-commerce enablement listings queued up later this year. 

Source

•  https://www.nseindia.com/get-quote/equity/SHIPROCKET/Shiprocket-Limited