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The ₹1,617.5-crore initial public offering (IPO) of Shiprocket, backed by Bertelsmann, Temasek, Tribe Capital and Eternal, will open for subscription on August 12 and close on August 14.
Ahead of the issue opening, Shiprocket has allotted 7.50 crore equity shares to anchor investors and raised ₹727.41 crore at the upper end of the price band.
The anchor book saw participation from several marquee institutional investors, including the New York State Teachers Retirement System, managed by Goldman Sachs Asset Management, Nomura Funds Ireland, Société Générale-ODI and ICICI Prudential Life Insurance Company, among others.
Shiprocket IPO: Should you subscribe?
SBI Securities: Subscribe
SBI Securities has recommended subscribing to the Shiprocket IPO, citing the company's position as an e-commerce enablement platform and its exposure to India's growing B2C market opportunity.
Between FY24 and FY26, Shiprocket's revenue grew at a compound annual growth rate (CAGR) of 24%, while its adjusted PAT loss narrowed from ₹351 crore in FY24 to ₹76 crore in FY26.
The brokerage said that Shiprocket plans to use around ₹210 crore of the fresh issue proceeds to repay debt. This is expected to significantly deleverage the balance sheet, with total debt projected to decline from ₹242 crore in FY26 to ₹32 crore post repayment.
The debt reduction could also support profitability through lower interest costs. At the upper price band of ₹97 per share, the IPO is valued at a FY26 EV/Sales multiple of 3.1x based on post-issue capital.
SBI Securities has recommended subscribing to the issue at the cut-off price.
Aditya Birla Capital: Subscribe
Aditya Birla Capital has also assigned a 'Subscribe' rating to the IPO, citing Shiprocket's market leadership in India's commerce enablement ecosystem, scalable merchant base, improving operating leverage and multiple monetisation opportunities across shipping, fulfilment, cross-border commerce, checkout and merchant solutions.
Shiprocket's revenue grew at a 24% CAGR between FY24 and FY26. Its core business accounted for 73.4% of FY26 revenue and grew at a 17% CAGR, while emerging businesses grew at a much faster 52.6% CAGR and contributed 26.6% of FY26 revenue.
The company's consolidated adjusted EBITDA margin improved from -9.7% in FY24 to 0.9% in FY26. The core business also saw its adjusted EBITDA margin expand from 6.7% to 12.6% over the same period.
Aditya Birla Capital expects Shiprocket to benefit from structural growth drivers such as rising e-commerce penetration, increasing MSME digitisation, growing direct-to-consumer adoption, expanding cross-border trade and India's recently signed free trade agreements (FTAs).
At the upper end of the price band, the IPO is valued at 3.6x FY26 EV/Sales, which the brokerage considers attractive compared with listed platform peers, given Shiprocket's market position, growth trajectory and improving profitability profile.
Shiprocket IPO details
Shiprocket has fixed the price band at ₹92-97 per share. Investors can bid for a minimum of 154 equity shares and in multiples thereafter.
At the upper end of the price band, the IPO is expected to raise ₹1,617.5 crore through a combination of a fresh issue of ₹885.5 crore and an offer for sale (OFS) of ₹731.9 crore by existing shareholders.
The company has reduced the size of its IPO from the proposed ₹2,342.3 crore outlined in its updated draft red herring prospectus (DRHP) filed in December 2025.
The earlier issue comprised a fresh issue of ₹1,100 crore and an OFS of ₹1,242.3 crore. Shiprocket, which filed its IPO papers through the confidential route, received approval from the Securities and Exchange Board of India (SEBI) in November 2025.
The OFS comprises stake sales by investors including Lightrock, Tribe Capital, Moore Strategic Ventures and Agility Investment, as well as individual shareholders Gautam Kapoor, Saahil Goel and Vishesh Khurana.
The company has also reserved shares worth up to ₹1 crore for eligible employees, who may be offered the shares at a discount to the final issue price.
Bertelsmann is Shiprocket's largest shareholder with a 21.32% stake, followed by Tribe Capital at 14.14%, Eternal at 6.85%, KDT Venture Holdings at 5.49% and Temasek-backed MacRitchie Investments at 5.29%.
Shiprocket operates a technology-driven e-commerce enablement platform offering logistics, checkout, payments, financing, fulfilment and cross-border commerce solutions to MSMEs and large retailers.
Of the fresh issue proceeds, ₹365.6 crore will be used to expand the company's core and emerging business platforms, while another ₹210 crore will go towards debt repayment. The company had outstanding borrowings of ₹244.5 crore as of July 10, 2026.
The remaining proceeds will be used for inorganic growth opportunities and general corporate purposes.
Shiprocket financials
Shiprocket reported a net loss of ₹79.2 crore in FY26, compared with ₹74.4 crore in FY25. The reported net loss was significantly lower than the ₹595.1 crore loss recorded in FY24.
Revenue continued to grow at a healthy pace, rising 24% year-on-year to ₹2,024.1 crore in FY26, following a similar 24% growth in FY25.
While the reported net loss increased marginally in FY26, brokerages have highlighted the improvement in adjusted profitability and operating margins as key positives for the company.
Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the issue.
The basis of allotment is expected to be finalised on August 17, while Shiprocket shares are likely to list on the stock exchanges on August 19.
