Shiprocket IPO Subscribed 35% On Day 1; Retail, Employee Quotas Fully Booked
Ecommerce enabler Shiprocket’s IPO was subscribed 0.35X within the first few hours of bidding today, led by demand from retail…
Ecommerce platform Shiprocket's initial public offering (IPO) saw a strong subscription rate of 35% in the first hours of trading, driven by retail investor demand and employee participation. As of 11:57 IST, investors had placed bids for 3.29 crore shares, exceeding the 9.44 crore shares available for sale. The retail investor quota was fully subscribed at 1.35X, while the employee quota received a more robust 2.48X in bids.
Non-institutional investors (NIIs) also contributed a 35% subscription, with the larger share reserved for investors bidding more than ₹10 lakh only partially filled at 0.18X. Qualified institutional buyers (QIBs) showed little interest, placing only 8,624 shares against the available 5.10 crore. The IPO, priced between ₹92 and ₹97 per share, valued the company at ₹7,000 crore ($733 million).
The issue size has been trimmed by about 30% from the initially proposed ₹1,100 crore fresh issue and ₹1,242 crore OFS. Shiprocket's founders are offloading a portion of their shares, with Lightrock leading the biggest sale. The funds will be used for tech upgrades, marketing, acquisitions, debt repayment, and general corporate expenses.
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