Shiprocket IPO listing: Shares of Shiprocket Limited witnessed a bumper listing in the Indian stock market on Wednesday, 19 August. Shiprocket share price listed at 35% premium over the IPO price of ₹97 per share.
Shiprocket share price opened at ₹131 apiece on NSE and ₹129.50 per share on BSE (33.51% premium). This means that the Shiprocket IPO listing delivered 35% gains to its IPO allottees.
The listing of Shiprocket IPO came in line with the market expectations. The GMP of Shiprocket IPO was ₹35, indicating an estimated listing price of ₹132, ahead of listing.
Shiprocket IPO details
The Shiprocket IPO was offered at a price band of ₹92- ₹97 per equity share. The issue comprised a fresh issue of 9.13 crore shares amounting to ₹885.60 crore, along with an offer for sale (OFS) of 7.55 crore shares worth ₹731.98 crore.
The company plans to utilise the net proceeds from the fresh issue to enhance its technology platform, scale operations and support various growth initiatives. Around ₹294 crore of the proceeds has been allocated towards marketing and brand-building activities, while ₹211 crore will be deployed to strengthen technology infrastructure and capabilities across its existing and new business verticals.
Under the IPO's reservation structure, 75% of the issue has been allocated to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and the remaining 10% to retail investors.
Axis Capital is the book-running lead manager for the issue, while KFin Technologies is acting as the registrar.
Shiprocket is a technology-led e-commerce enablement platform that offers businesses an integrated suite of solutions for managing their online and offline commerce activities. Its services cover shipping, checkout, payments, fulfilment, cross-border commerce and customer experience, helping merchants simplify and manage multiple aspects of their operations.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
