Now Reading: Shiprocket IPO fully subscribed on day 2, GMP at Rs 34
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Shiprocket IPO fully subscribed on day 2, GMP at Rs 34
Shiprocket's mainboard IPO crossed the full-subscription mark on its second day, with overall subscription at 1.25 times by Thursday morning. Retail investors led demand, subscribing 4.20 times their portion, while qualified institutional…
The Story in Brief
Shiprocket's mainboard IPO crossed the full-subscription mark on its second day, with overall subscription at 1.25 times by Thursday morning. Retail investors led demand, subscribing 4.20 times their portion, while qualified institutional buyers had covered only 2% of their quota. The grey market premium stood at Rs 34, suggesting a listing premium of 35% over the upper price band of Rs 97.
The company plans to use Rs 210 crore from the fresh issue for debt repayment, which could bring total debt down from Rs 242 crore to Rs 32 crore. SBICAP Securities has recommended subscribing at the cut-off price, citing narrowing losses and revenue growth. The IPO closes on August 14.
The Indian Opinion
Shiprocket's strong retail demand and falling losses are cheering, but the near-absence of institutional bids on day two is a yellow flag. The hype around GMP ignores that it is an unofficial, flaky signal. The real test: can debt repayment and tech spending actually turn a Rs 76 crore loss into profit? Watch the final subscription numbers from QIBs; that will tell us who really believes in this story.
Source: news.abplive.com
This story was synthesised by AI from the source linked above.
