Ahead of IPO, Shiprocket Raises Rs 727 Cr From Anchor Investors

New Delhi: E-commerce enablement platform Shiprocket Ltd on Tuesday raised Rs 727.41 crore from anchor investors ahead of its initial public offering (IPO), which opens for subscription on Wednesday.

The company allotted 7.5 crore equity shares to anchor investors at Rs 97 apiece, the upper end of its IPO price band, according to a circular uploaded on the BSE website.

Among the investors participating in the anchor book included New York State Teachers Retirement System, managed by Goldman Sachs Asset Management, Nomura Funds Ireland Public Ltd Company, Societe Generale, ICICI Prudential Life Insurance Company, Tata AIA Life Insurance Company and Axis Max Life Insurance.

Other investors included SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, UTI Mutual Fund, Motilal Oswal Mutual Fund and Bandhan Mutual Fund.

The Rs 1,617.5-crore Shiprocket IPO will open for subscription on August 12 and close on August 14. The company has fixed a price band of Rs 92-97 per share for its IPO.

The issue comprises a fresh issuance of equity shares worth up to Rs 885.50 crore and an offer-for-sale (OFS) of shares aggregating up to Rs 732 crore.

Existing shareholders, including Lightrock, Tribe Capital, Moore Strategic Ventures, Agility International Investment, Gautam Kapoor, Saahil Goel and Vishesh Khurana, will sell shares through the OFS.

The company plans to use proceeds from the fresh issue to invest in marketing initiatives and strengthen technology infrastructure across its core and emerging businesses. Funds will also be used to repay or prepay certain borrowings, pursue potential acquisitions and meet general corporate purposes.

At the upper end of the price band, the company will have a post-issue market valuation of around Rs 7,058 crore.

Backed by investors including Temasek and Zomato, Shiprocket has evolved from a shipping service provider into a full-stack e-commerce enablement platform serving direct-to-consumer brands and micro, small and medium enterprises.

The company operates across two segments – Core Business and Emerging Business. Its core business includes domestic shipping and shipping applications, while its emerging businesses comprise cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions and hyperlocal deliveries.

Shiprocket’s shares are proposed to be listed on the BSE and NSE on August 19.

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