Shiprocket’s maiden voyage turns into a rocket ride
Shiprocket's initial public offering (IPO) sent its shares soaring 10% on the first day of trading, with investors celebrating a 35% premium over the IPO price. The company raised an impressive Rs 1,617.48 crore through the IPO, which was heavily subscribed 99 times during its three bidding days. The stock opened at Rs 129.50, quickly reaching Rs 144, a gain of over 48% from the issue price.
Analysts advised those who received allotments to book some profits while others should wait for dips before buying. Shiprocket's strong debut matches grey-market expectations, with shares trading at a 33-36% premium over the IPO price. The firm plans to use the net proceeds to bolster its technology platform, expand operations, and accelerate growth.
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