Shiprocket
- Issue price
- ₹ 97
- Issue size
- ₹ 1,617.48 Cr.
- Min. investment
- ₹ 14,938
- Listing price
- ₹ 131
- Subscribed
- 99.38x
- Lot size
- 154 shares
- P/E
- -ve
- RoNW
- -5.20%
- RoCE
- -2.65%
- EPS
- ₹ -ve
- NAV
- ₹ 23.96
- Promoter stake
- Nil
About
Shiprocket was started in 2011. It is an Indian e-commerce enablement company. It gives technology-based solutions that help small and medium businesses, direct-to-consumer brands and large retailers run and grow their online and offline business. As per the Redseer Report, Shiprocket was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25. The company began as a shipping platform. Its main services are domestic shipping and shipping software, with features such as instant pickup, order tracking, safe delivery, weight check and faster cash-on-delivery settlement. Over the years it has added many more services. These include fulfilment centres, cargo and heavy logistics, omnichannel commerce through Shiprocket Omuni, international shipping with customs help, advertising and marketing tools, checkout and payment solutions, business loans and hyperlocal delivery. For international orders it runs five major shipping lanes linking India with the United States, the United Kingdom, Canada, Europe and Singapore. Through these routes it served customers in 146 countries in FY2026. The company mostly earns through usage-based pricing. Merchants pay according to how much they use the platform, such as the number of shipments, the number of transactions or the value of orders processed.
Timeline
- doneOpens12 Aug
- doneCloses14 Aug
- doneAllotment17 Aug
- doneRefunds18 Aug
- doneDemat credit18 Aug
- doneListing19 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 36.5 on 13 Aug 2026
- Lowest
- ₹ 14 on 6 Aug 2026
- First quoted
- ₹ 14 on 6 Aug 2026
Subscription
How many times each investor group bid for its share, as of 19 Aug 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 154 | ₹ 14,938 |
| Retail (Max) | 13 | 2,002 | ₹ 1,94,194 |
| S-HNI (Min) | 14 | 2,156 | ₹ 2,09,132 |
| B-HNI (Min) | 67 | 10,318 | ₹ 10,00,846 |
Company overview
Financials
| Assets | 2,504.77 | 2,308.62 | 2,051.22 |
| Total Income | 2,077.42 | 1,674.82 | 1,357.83 |
| Profit After Tax | −79.25 | −74.45 | −595.18 |
| EBITDA | −16.56 | −17.16 | −495.89 |
| NET Worth | 1,524.29 | 1,491.23 | 1,284.16 |
| Total Borrowing | 242.01 | 244.67 | 213.28 |
Strengths
- As per the Redseer Report, it was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.
- Losses have come down sharply. Loss after tax was Rs 595.18 crore in FY2024, Rs 74.45 crore in FY2025 and Rs 79.25 crore in FY2026.
- The operating loss is now almost nil. EBITDA improved from a loss of Rs 495.89 crore in FY2024 to a loss of just Rs 16.56 crore in FY2026.
- Sales keep growing. Total income went up from Rs 1,357.83 crore in FY2024 to Rs 2,077.42 crore in FY2026.
- The business is no longer only shipping. It now covers fulfilment centres, cargo, omnichannel through Shiprocket Omuni, international shipping, marketing tools, payments, business loans and hyperlocal delivery.
- The pricing model is usage based. Merchants pay as per the number of shipments, transactions or order value, so income grows as the merchant grows.
- The balance sheet is comfortable. Net worth was Rs 1,524.29 crore against total borrowing of Rs 242.01 crore as on 31 March 2026.
Risks
- The company is still making losses. It reported a loss of Rs 79.25 crore in FY2026, so there is no P/E to compare with. The loss was slightly higher than the Rs 74.45 crore loss of FY2025.
- Return ratios are negative. RoCE was -2.65% and RoNW was -5.20% in FY2026.
- There is no identifiable promoter. The company is professionally managed and public shareholding is shown as 100%, so there is no promoter group holding a lock-in stake after listing.
- A large part of the issue is an offer for sale. Out of Rs 1,617.48 crore, about Rs 732 crore is OFS through which existing investors are selling.
- The company depends on outside courier and logistics partners for actual delivery. It does not control the delivery fleet, so service quality and cost are partly in other hands.
- Customer acquisition needs heavy spending. Rs 205.80 crore of the fresh issue is kept only for marketing, and another Rs 365.60 crore for platform growth.
- Competition is strong. It faces Delhivery, Ecom Express and other logistics players, and large marketplaces are also building their own in-house shipping.
- Business is linked to online shopping volumes. Any slowdown in e-commerce, or a change in how big platforms treat third-party sellers, will affect shipment numbers.
- Part of the money is set aside for buying companies that have not been named yet.
What the money is for
| Investment in the growth of Shiprockets platforms-Investment in marketing initiatives primarily for Emerging Business and for Core Business | 365.6 |
| Investment in marketing initiatives primarily for the Emerging Business and for the Core Business | 205.8 |
| Investment in technology infrastructure and capabilities primarily for the Emerging Business and for the Core Business | 159.8 |
| Repayment / prepayment, in full or in part, of certain borrowings availed of by the Company including payment of the interest accrued thereon | 210 |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | — |
Anchor investors
50 anchors put in ₹ 727.42 Cr., including 31 mutual funds.
| SBI INNOVATIVE OPPORTUNITIES FUND | 36,08,220 | 35 | 4.81% |
| MAGNUM HYBRID LONG SHORT FUND | 41,23,658 | 40 | 5.5% |
| HDFC BALANCED ADVANTAGE FUND | 10,33,648 | 10.03 | 1.38% |
| HDFC TRANSPORTATION & LOGISTICS FUND | 25,63,484 | 24.87 | 3.42% |
| HDFC BUSINESS CYCLE FUND | 10,33,648 | 10.03 | 1.38% |
| HDFC MULTI CAP FUND | 18,60,628 | 18.05 | 2.48% |
| HDFC INNOVATION FUND | 6,20,158 | 6.02 | 0.83% |
| HDFC TECHNOLOGY FUND | 6,20,312 | 6.02 | 0.83% |
| NIPPON INDIA SMALL CAP FUND | 51,54,534 | 50 | 6.87% |
| NIPPON INDIA INNOVATION FUND | 25,77,344 | 25 | 3.44% |
| KOTAK TRANSPORTATION & LOGISTICS FUND | 10,30,876 | 10 | 1.37% |
| KOTAK CONSUMPTION FUND | 15,46,314 | 15 | 2.06% |
| KOTAK TECHNOLOGY FUND | 10,30,876 | 10 | 1.37% |
| KOTAK SERVICES FUND | 12,88,672 | 12.5 | 1.72% |
| KOTAK PIONEER FUND | 28,35,140 | 27.5 | 3.78% |
| 360 ONE ALTERNATIVES VCC-360 ONE INDIA EQUITY FUND | 46,39,096 | 45 | 6.19% |
| INDIA ACORN ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 46,39,096 | 45 | 6.19% |
| PUBLIC SECTOR PENSION INVESTMENT BOARD-IIFL ASSET MANAGEMENT LTD. | 46,39,096 | 45 | 6.19% |
| GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO | 36,07,912 | 35 | 4.81% |
| GOLDMAN SACHS ETF TRUST-GOLDMAN SACHS INDIA EQUITY ETF | 5,15,592 | 5 | 0.69% |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM-MANAGED BY GOLDMAN SACHS ASSET MANAGEMENT,LP | 5,15,592 | 5 | 0.69% |
| MIRAE ASSET AGGRESSIVE HYBRID FUND | 40,20,478 | 39 | 5.36% |
| MIRAE ASSET INFRASTRUCTURE FUND | 6,18,618 | 6 | 0.82% |
| UTI SMALL CAP FUND | 26,05,988 | 25.28 | 3.48% |
| UTI INNOVATION FUND | 10,02,232 | 9.72 | 1.34% |
| MOTILAL OSWAL LARGE CAP FUND | 20,61,906 | 20 | 2.75% |
| MOTILAL OSWAL CONSUMPTION FUND | 15,46,314 | 15 | 2.06% |
| BANDHAN BUSINESS CYCLE FUND | 3,79,764 | 3.68 | 0.51% |
| BANDHAN INNOVATION FUND | 6,64,664 | 6.45 | 0.89% |
| BANDHAN FOCUSED FUND | 25,63,792 | 24.87 | 3.42% |
| ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. | 16,08,684 | 15.6 | 2.15% |
| TATA AIA LIFE INSURANCE CO.LTD.-SMALL CAP DISCOVERY FUND (ULIF 071 22/05/23 SCF 110) | 16,08,684 | 15.6 | 2.15% |
| MAX LIFE INSURANCE CO.LTD.-ULIF 01815/02/13 PENSPRESER 104-PENSION PRESERVER FUND | 10,318 | 0.1 | 0.01% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 01715/02/13 PENSMAXIMI 104-PENSION MAXIMISER FUND | 1,03,180 | 1 | 0.14% |
| MAX LIFE INSURANCE CO.LTD.-ULIF 00625/11/05 PENSBALANC 104-PENSION BALANCED FUND | 10,318 | 0.1 | 0.01% |
| AXIS MAX LIFE INSURANCE LTD.-ULGF 00217/04/06 GRATBALANC 104-GROUP GRATUITY BALANCED FUND | 20,790 | 0.2 | 0.03% |
| AXIS MAX LIFE INSURANCE LTD.-UMFPH-HIGH GROWTH PENSION FUND | 41,272 | 0.4 | 0.06% |
| AXIS MAX LIFE INSURANCE LTD.-UHG2S-INDIA CONSUMPTION OPPORTUNITIES FUND | 30,954 | 0.3 | 0.04% |
| CATHAY LIFE INSURANCE CO.,LTD.-CATHAY LIFE INSURANCE CO.,LTD.-CATHAY LIFE HIGH GROWTH FUND 3 | 6,95,926 | 6.75 | 0.93% |
| AXIS MAX LIFE INSURANCE CO.LTD.-ULIF00225/06/04 LIFEBALANC 104-BALANCED FUND | 6,95,926 | 6.75 | 0.93% |
| PGIM INDIA SMALL CAP FUND | 12,86,824 | 12.48 | 1.72% |
| PGIM INDIA MULTI CAP FUND | 3,21,860 | 3.12 | 0.43% |
| BARODA BNP PARIBAS SMALL CAP FUND | 5,15,655 | 5 | 0.69% |
| EDELWEISS LARGE CAP FUND | 2,57,789 | 2.5 | 0.34% |
| EDELWEISS RECENTLY LISTED IPO FUND | 2,57,866 | 2.5 | 0.34% |
| ITI FLEXI CAP FUND | 5,15,597 | 5 | 0.69% |
| SUSQUEHANNA PACIFIC PTY.LTD. | 5,15,597 | 5 | 0.69% |
| EDELWEISS TOKIO LIFE INSURANCE CO.LTD.-EQUITY MIDCAP FUND-SFIN ULIF001107/10/16ETLIMITEDCAP 147 | 5,15,482 | 5 | 0.69% |
| UNION CONSUMPTION FUND | 5,15,597 | 5 | 0.69% |
| SOCIETE GENERALE-ODI | 5,15,597 | 5 | 0.69% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- JM Financial Ltd., Axis Capital, Kotak Mahindra Capital Company Limited, Bofa Securities India Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.