Shiprocket IPO Day 2: Subscribed 1.72x so far, GMP signals 35% listing gains, — Should you subscribe?

India’s leading e-commerce enablement platform, Shiprocket, has entered Day 2 of its IPO with strong investor interest. So far, the overall issue has been subscribed 1.72 times against the 9.44 crore shares on offer. The retail portion stood out, attracting 5.76 times subscription against 1.73 crore shares reserved for retail investors.

In the grey market, its shares are commanding a 35% premium one the upper issue price of Rs 97, market sentiment points toward a potentially strong listing gain.

Analysts have also maintained a ‘SUBSCRIBE’ call on the IPO, highlighting Shiprocket’s strong positioning to tap into India’s rapidly expanding e-commerce ecosystem.


Backed by marquee investors such as Temasek and Eternal, Shiprocket aims to raise Rs 1,617.59 crore through the public issue. The IPO is priced in the range of Rs 92–Rs 97 per equity share.

Shiprocket has already raised Rs 727.41 crore from anchor investors ahead of the IPO. The company allotted 7.50 crore equity shares at Rs 97 apiece, the upper end of the price band. Notably, 66.76% of the anchor allocation, or 5 crore shares, was picked up by 13 domestic mutual funds through 31 schemes. The strong participation underscores significant institutional interest in the IPO.

The basis of allotment is expected to be finalised on August 17, with Shiprocket shares scheduled to list on the NSE and BSE on August 19, 2026.

The IPO consists of a fresh issue of 9.13 crore equity shares worth Rs 885.60 crore and an offer for sale (OFS) of 7.55 crore shares valued at Rs 731.98 crore. The OFS will see a mix of institutional and individual shareholders offload their holdings. LR India Fund I SARL.l.SICAV-RAIF is expected to be the largest selling shareholder, with estimated proceeds of Rs 258.49 crore, followed by Arvind Ltd., which is expected to realise around Rs 161 crore.

Shiprocket’s co-founders Gautam Kapoor and Saahil Goel are also participating in the OFS and are each expected to realise approximately Rs 144 crore from the share sale. Meanwhile, Tribe Capital III LLC-Series 1 is estimated to receive around Rs 120 crore.

For retail investors, the minimum investment at the upper end of the price band is Rs 14,938, requiring a minimum bid of 154 shares.

Axis Capital Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is acting as the registrar.

Shiprocket IPO Subscription Status

Shiprocket’s IPO continued to witness strong investor interest on Day 2, with the overall issue subscribed 1.72 times as of 1:45 am, against 9.44 crore shares on offer.

Retail investors led the subscription activity, with the Retail Individual Investors (RIIs) category subscribed 5.76 times. The segment has 1.73 crore shares reserved for retail investors.

The Non-Institutional Investors (NIIs) category was also oversubscribed, receiving bids for 2.31 times the 2.60 crore shares allocated to the segment.

Meanwhile, Qualified Institutional Buyers (QIBs) showed a relatively cautious response, with the category subscribed 2% against the 5.09 crore shares reserved for institutional investors.

Shiprocket IPO GMP Today

Shiprocket’s grey-market premium (GMP) continues to signal strong investor sentiment. The IPO GMP currently stands at Rs 34 per share, representing a premium of around 35% over the upper end of the IPO price band of Rs 97.

At the current GMP, Shiprocket’s estimated listing price is around Rs 131 per share, implying a potential listing gain of approximately 35% if the grey-market trend remains unchanged.

How Shiprocket Plans to Use IPO Proceeds

Shiprocket plans to deploy the net proceeds towards strengthening its technology platform, expanding operations, and accelerating growth initiatives. The company has earmarked Rs 294 crore for marketing and brand-building activities, while Rs 211 crore will be invested in enhancing technology infrastructure and capabilities across its emerging and core business segments.

Around Rs 210 crore will be utilised for repayment or prepayment of certain borrowings, including accrued interest. The remaining funds will be directed towards potential inorganic growth opportunities, including unidentified acquisitions, along with general corporate purposes.

About Shiprocket

Shiprocket is a technology-led e-commerce enablement platform that helps businesses manage online and offline commerce through an integrated suite of solutions. The company supports merchants with shipping, checkout, payments, fulfilment, cross-border trade, and customer experience tools.

The company began as a shipping-focused platform, helping businesses simplify logistics through features such as automated pickups, shipment tracking, secure deliveries, weight verification, and faster cash-on-delivery settlements. Over the years, it has expanded into a broader commerce ecosystem.

Its offerings now include fulfilment centres, cargo and heavy logistics solutions, omnichannel commerce through Shiprocket Omuni, international shipping support with customs assistance, advertising and marketing services, checkout and payment solutions, business financing, hyperlocal delivery, and other merchant-focused tools.

As of the six months ended September 30, 2025, Shiprocket served more than 145,000 active merchants who processed over 97 million transactions and reached more than 42 million customers. The platform recorded a repeat customer rate of 64.56%, highlighting strong merchant engagement.

The company caters to businesses across segments and sizes, including more than 8,500 high-volume "Power Merchants."

What Analysts Say About the Shiprocket IPO

Aditya Birla Money Research: Subscribe

Aditya Birla Money Research has recommended subscribing to the Shiprocket IPO, pointing to the company's leadership in India's commerce enablement ecosystem, scalable merchant base, improving operating leverage and multiple monetisation opportunities.

The brokerage highlighted Shiprocket's presence across shipping, fulfilment, cross-border commerce, checkout and merchant solutions. It also noted that the company's core business contributed 73.4% of FY26 revenue and grew at a 17% CAGR, while emerging businesses grew much faster at 52.6% CAGR, accounting for 26.6% of FY26 revenue.

Aditya Birla Money Research believes Shiprocket can benefit from structural trends such as rising e-commerce penetration, MSME digitisation, D2C adoption, expanding cross-border trade and India's recently signed free trade agreements. At Rs 97, it values the IPO at around 3.6x FY26 EV/Sales, which it considers attractive relative to comparable platform peers.

BP Wealth: Subscribe

BP Wealth has also assigned a 'SUBSCRIBE' rating. The brokerage sees Shiprocket as well positioned to benefit from India's favourable e-commerce environment and the growth of direct commerce. It highlighted the company's 24% revenue CAGR between FY24 and FY26, improving operating leverage and increasing merchant wallet share.

However, profitability remains a key monitorable. BP Wealth noted that the positive Rs 53 crore cash flow from operations in FY26 was supported partly by non-cash share-based payment expenses and favourable working-capital movements. Despite these considerations, the brokerage believes Shiprocket's market leadership, asset-light model and long-term growth prospects provide a credible path towards sustainable profitability.

Geojit: Subscribe for Medium- to Long-Term Investors

Geojit Equity Research has also recommended a 'Subscribe' rating, particularly for medium- to long-term investors. At the upper price band, Geojit estimates Shiprocket's valuation at around 3.6x FY26 EV/Sales on a post-issue basis, which it considers a discount to a listed peer.

The brokerage highlighted Shiprocket's diversified platform spanning logistics, fulfilment, cross-border commerce, marketing and financial services. Its asset-light, technology-driven model is seen as supportive of scalability and efficiency, while the use of IPO proceeds for debt reduction could help improve profitability.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)