Shiprocket takes off on debut
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Bengaluru witnessed a significant surge in the stock market yesterday as Shiprocket, a logistics firm backed by Temasek, made its debut and soared by as much as 48.6 per cent. The e-commerce sector in India is projected to experience a compound annual growth rate of 20 per cent to 25 per cent between 2025 and 2030, according to analysts. This growth is anticipated to be fueled by increased internet access, the broader adoption of digital payments, and a growing demand in smaller cities and towns.
Shiprocket's shares opened at 142 rupees, surpassing the issue price of 97 rupees. The company's integrated logistics platform caters to shipping, fulfilment, and payments, positioning it against competitors like Delhivery and Blue Dart Express. Its asset-light, technology-driven model is designed for scalability and efficiency, with debt reduction expected to boost profitability following the IPO.
The IPO, among India's largest technology listings this year, was met with strong demand, being subscribed 99.4 times. Retail investors subscribed to 46.4 times their allocation, while institutional investors participated at a rate of 122.8 times. The funds raised will be allocated towards technology and product development, strategic acquisitions, expansion of the fulfillment and logistics network, and general corporate purposes.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
