Goldman Sachs backs D-street debutante Shiprocket, buys over 40 lakh shares

Goldman Sachs FDS Goldman Sachs India EQ Portfolio bought 40.24 lakh shares of Shiprocket at Rs 131 apiece on Wednesday, August 19, according to NSE bulk-deal data, as the e-commerce logistics company made its debut on the stock exchanges.

The NSE bulk-deal data shows that Goldman Sachs FDS Goldman Sachs India EQ Portfolio purchased 40,24,040 Shiprocket shares at Rs 131 apiece, translating into a transaction value of approximately Rs 52.71 crore.

Goldman Sachs was also among Shiprocket’s anchor investors ahead of the IPO. During the anchor investor allocation, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio bought 36,07,912 shares at Rs 97 apiece, for a total investment of approximately Rs 35 crore.


Goldman Sachs ETF Trust – Goldman Sachs India Equity ETF, and the New York State Teachers Retirement System, managed by Goldman Sachs Asset Management L.P., each bought 5,15,592 shares at Rs 97 apiece, worth approximately Rs 5 crore each.

Shiprocket made its D-Street debut on August 19 after raising Rs 1,617.48 crore through its IPO. The issue was priced in the Rs 92–97 band, with the final issue price at Rs 97. The stock listed at Rs 131 on the NSE, a 35% premium to its IPO price.

Post listing, the stock continued its northward march and jumped 19% from the listing price to hit an intraday high of Rs 156 apiece before ending its maiden trading session at Rs 143.10 apiece. The stock ended 9.24% higher than its listing price and 47.53% above its IPO issue price.

Analysts see long-term upside in Shiprocket

Analysts remain positive on Shiprocket after its listing, citing its end-to-end technology platform, diversified merchant offerings, presence across logistics and fulfilment, direct commerce and cross-border segments, and improving financial performance.

“Shiprocket is well positioned to benefit from the growing demand for integrated e-commerce solutions through its end-to-end technology platform, diversified merchant offerings, strong presence across logistics and fulfilment, direct commerce and cross-border segments, and consumption-based model,” said Ravi Singh, Chief Research Officer at Master Capital Services.

“Investors who have received allotted shares may book partial profit at listing at a premium and keep the rest for the long term. Those who did not get shares in the IPO may consider buying when the price comes down,” Singh said.

Shivani Nyati, Head of Wealth at Swastika Investmart, meanwhile, advised allottees to book gains or partially book profits and hold the rest for the longer-term platform story, with a stop-loss at Rs 110.

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