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₹97 - 97
Shiprocket Ltd
E-Commerce/App based AggregatorIPO
₹97 - 97
Shiprocket is an end to end, new-age, merchant-first, and application programming interfaces-led technology platform designed to enable e-commerce transactions for India's MSMEs and digital retailers. Our Shiprocket platform simplifies e-commerce for Merchants who sell directly to end consumers through their own websites, apps or social media channels, through our various lines of business aimed at simplifying logistics, checkout, payments, fulfilment, and cross-border trade, enabling Merchants to sell online and offline efficiently and at scale. We operate on an asset-light business model with a scalable technology platform at the core of our business, supplemented by our extensive network of ecosystem partners.
Lot154Min Invest₹14,938Face Value₹10Issue Size₹1,617 CrFresh Issue₹886 CrOffer for Sale₹732 CrListing Price₹130CMP₹136
Timeline
12 Aug
Bidding opens
14 Aug
Bidding closes
17 Aug
Allotment
18 Aug
Refund & demat credit
19 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,617 Cr16.68 Cr shares
Fresh Issue₹886 Cr
Offer for Sale₹732 Cr
Face Value₹10
Lot Size154 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,9381-13 lots
sNII₹2,09,132from 14 lots
bNII₹10,00,846from 67 lots
Managers & Registrar
Lead ManagerAxis Capital Limited
Co-ManagerBofA Securities India Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrLR India Fund I S.a.r.l. SICAV-RAIFOTH2,80,10,103271.70Tribe Capital III, LLC - Series 1OTH1,23,71,134120.00MCP3 SPV LLCOTH57,24,74255.53Moore Strategic Ventures, LLCOTH52,94,22651.35Agility International Investment L.L.C.OTH21,79,89621.14500 Startups III, L.P.OTH16,80,30916.30Gautam KapoorINDVL62,88,65961.00Saahil GoelINDVL62,88,65961.00Vishesh KhuranaINDVL20,61,85520.00AFOS, LLCOTH55,62,88653.96Total7,54,62,469731.99
Objects of the Issue
- Investment in the growth of the Shiprocket's platforms primarily for our Emerging Business and for its Core Business
- Repayment / prepayment, in full or in part, of certain borrowings availed of by its Company including payment of the interest accrued thereon
- General corporate purposes
Anchor Book
Bid Date11-Aug-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 611 | 1,089 | 1,316 | 1,632 | 2,024 |
| Operating ProfitCr | -79 | -283 | -293 | -60 | -67 |
| OPM% | -13.0 | -26.0 | -22.3 | -3.7 | -3.3 |
| PBTCr | -64 | -359 | -595 | -74 | -79 |
| PATCr | -64 | -359 | -595 | -74 | -79 |
| EPS | -373 | -6 | -10 | -1 | -1 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 1 | 1 | 636 |
| ReservesCr | 1,332 | 1,641 | 1,226 | 1,431 | 888 |
| BorrowingsCr | 0 | 271 | 316 | 335 | 345 |
| Total AssetsCr | 1,618 | 2,387 | 2,051 | 2,309 | 2,505 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -43 | -138 | -216 | 2 | 53 |
| Investing Cash FlowCr | -1,210 | -92 | 176 | -144 | 53 |
| Financing Cash FlowCr | 1,281 | 110 | -2 | 153 | -45 |
| Net Cash FlowCr | 28 | -121 | -43 | 11 | 61 |
Strengths & Risks
Strengths · as stated in the DRHP
- Profitable and scalable Core Business with Operating Leverage.
- Expanding platform network effects driving merchant growth and service adoption.
- Leveraging scale to optimize our business performance
- Self-serve platform offering enterprise-grade experience drawing organic traffic.
- Diversified merchant base minimizing revenue concentration risk.
- Full transaction accountability enhancing merchant trust and retention.
Strategies · as stated in the DRHP
- Retain and grow our Merchant base.
- Continuously expand our product offerings and drive cross-sales.
- Invest in our Emerging Business to unlock growth for our Merchants' businesses and expand our TAM.
- Strengthen our ecosystem by growing our ecosystem network as well as through inorganic growth
- Continue investing in data and AI and launching intelligent products.
Risks · as stated in the DRHP
- The company has Restated Loss for the year of Rs.792.45 million, Rs.744.49 million and Rs.5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. If the company is unable to generate adequate revenue growth and manage its expenses, the company may continue to incur significant losses.
- The company may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments, which could hinder the growth of its business and prevent it from achieving expected returns on such acquisitions or investments. Failures to realize the economic benefit of such acquisitions could result in substantial impairment charges.
- The company has relied on the judgment of its management when ascertaining the company's funding requirements and the proposed deployment of Net Proceeds. Its funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and the company's management and Board will have broad discretion over the use of the Net Proceeds. The company has not entered into any definitive arrangements to utilize the Net Proceeds of the Offer.
- The company's results of operations and cash flows are significantly impacted by the operational results and business decisions of its Merchants, the web traffic they are able to generate, and the company's ability to attract Merchants through online channels, all of which are beyond the company's control.
- The company may faces challenges in growing its Cross-border business due to the company's limited experience in such international markets, and will be reliant on its ecosystem partners to grow such business.
- The company does not have exclusive arrangements with its logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to the company's competitors, refuse to renew their contracts with it, or expand their offerings to provide the services its offer. Any of the foregoing could have an adverse effect on the company's business, financial condition, cash flows and results of operations.