Shiprocket’s Rs 1,617.5-Cr IPO Subscribed 3.16 Times on Day 2

New Delhi: The initial public offering of e-commerce enablement platform Shiprocket Ltd was subscribed 3.16 times on the second day of bidding on Thursday.

The Rs 1,617.5-crore IPO received bids for 29,82,12,684 shares against 9,44,36,030 shares on offer, as per NSE data.

The category for retail investors was subscribed 9.76 times, while the non-institutional investors segment drew 4.84 times subscription. The Qualified Institutional Buyers (QIBs) quota was booked 3 per cent.

Shiprocket Ltd on Tuesday raised Rs 727.41 crore from anchor investors.

The IPO will close on Friday. 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 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.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)