Shiprocket soars 48% on debut, erases valuation cut

New Delhi: Shares of ecommerce logistics services provider Shiprocket jumped on their market listing Wednesday, opening at a 35% premium to the initial public issue price of ₹97. The shares ended trading 48% higher at ₹143.50 on the BSE, helping erase the valuation cut Shiprocket undertook ahead of the IPO.

Gurugram-based Shiprocket, which was valued at ₹10,000 crore in the private market when it raised capital in 2024, went public at a valuation of ₹7,056 crore. The closing market capitalisation on Wednesday was ₹10,441 crore.

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The company's ₹1,617 crore IPO, closed on August 14, was subscribed more than 99 times. The strong listing performance led to significant gains for some of the company's early backers. According to Shiprocket's prospectus, Bertelsmann - one of its earliest investors and the largest shareholder - invested about ₹170 crore in the company. As of Wednesday's closing price, its holding was worth ₹1,946 crore, translating into a paper return of nearly 11.5 times.

Bertelsmann did not sell any shares in the IPO.