Shares of e-commerce logistics platform Shiprocket made a strong debut on the stock exchanges on Wednesday, listing at a premium of around 35% over its issue price amid strong investor demand for the company’s initial public offering.On the NSE, Shiprocket shares opened at Rs 131 apiece, a 35.05% premium over the issue price of Rs 97. On the BSE, the stock listed at Rs 129.50, marking a 33.5% premium, marking one of the largest tech listings this year.The stock extended its gains after listing. Shiprocket touched a high of Rs 144 on the NSE, up 9.92% from its listing price, while it hit Rs 143.90 on the BSE against its opening price of Rs 129.50.Shiprocket’s Rs 1,617.48-crore IPO, which was open for subscription from August 12 to August 14, was subscribed 99.38 times overall.The qualified institutional buyers (QIB) portion received the strongest demand, with 122.80 times subscription. The non-institutional investor (NII) portion was subscribed 88.99 times, while the retail portion was oversubscribed 46.42 times.The company had set the IPO price band at Rs 92-97 per equity share.Ahead of the public issue, Shiprocket raised Rs 727.41 crore from anchor investors through the allotment of 7.50 crore shares at Rs 97 apiece, the upper end of the price band. Its investor base includes Temasek and Eternal.
Where Shiprocket will use IPO funds
Shiprocket plans to use the IPO proceeds for marketing initiatives and strengthening its technology infrastructure. Part of the funds will also be used to repay debt, pursue potential acquisitions and meet general corporate requirements.Founded in 2011, Shiprocket is a technology platform serving e-commerce merchants across logistics, checkout, payments, fulfilment and cross-border trade.The company enables merchants selling directly to consumers through their own websites, applications and social media platforms to manage various aspects of their e-commerce operations.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
