Shiprocket lists at 35 per cent premium on market debut

Shiprocket. Picture sourced from X.

Shares of e-commerce enablement platform Shiprocket Ltd on Wednesday listed 35 per cent higher against the issue price of Rs 97.

The company's stock started trading at Rs 129.50, up 33.50 per cent from the issue price on the BSE. At the NSE, the stock made its market debut at Rs 131, a premium of 35 per cent.

The company commanded a market valuation of Rs 9,901.60 crore.

The initial share sale of Shiprocket Ltd was subscribed 99.38 times on the last day of bidding on Friday. The Rs 1,617.5-crore IPO had a price band of Rs 92-97 per share.

The issue had a fresh issuance of equity shares worth up to Rs 885.50 crore and an Offer for Sale (OFS) of shares aggregating up to Rs 732 crore.

The company plans to use proceeds from the fresh issue to invest in marketing initiatives and strengthen technology infrastructure across its core and emerging businesses. Funds will also be used to repay or prepay certain borrowings, pursue potential acquisitions and meet general corporate purposes.

Backed by Temasek and Zomato, Shiprocket has evolved from a shipping service provider into a full-stack e-commerce enablement platform serving direct-to-consumer brands and micro, small and medium enterprises.

The company operates across two segments Core Business and Emerging Business.

Its core business includes domestic shipping and shipping applications, while its emerging businesses comprise cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions and hyperlocal deliveries.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.