Now Reading: Shiprocket IPO opens, nears full subscription on Day 1
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Shiprocket IPO opens, nears full subscription on Day 1
Shiprocket’s Rs 1,617.5-crore IPO has been subscribed 0.97 times on Day 1 (August 12), with retail investors bidding 3.34 times the reserved portion. The price band is Rs 92-97 per share, valuing…
The Story in Brief
Shiprocket’s Rs 1,617.5-crore IPO has been subscribed 0.97 times on Day 1 (August 12), with retail investors bidding 3.34 times the reserved portion. The price band is Rs 92-97 per share, valuing the company at about Rs 7,056 crore, a 30% discount from its last private round. Anchor investors, including Goldman Sachs and Nomura, put in Rs 727.41 crore at the upper price.
Proceeds will go into AI, debt repayment and acquisitions. CEO Saahil Goel told Business Standard the company aims to turn Shiprocket into a merchant operating system using conversational AI. The issue closes on August 14; shares list on August 19. Brokerages Geojit and SBI Securities have given ‘subscribe’ calls, pointing to the asset-light model and narrowing losses.
The Indian Opinion
Some will claim the 30% valuation cut from December 2024 proves the IPO is overpriced. But Shiprocket’s asset-light model, 2.14 lakh merchants and 24% revenue growth argue otherwise. Debt repayment and AI investment could narrow losses, PAT loss already fell from Rs 351 crore to Rs 76 crore in two years. The real test: can the AI push convert into profitable merchant accounts? Watch the first quarterly results after listing.
Sources (3): thehindubusinessline.com, thehindubusinessline.com (2), rediff.com
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
