Shiprocket, an ecommerce enablement platform, opened 35% above its issue price on its first day of trading in Mumbai, signaling strong investor demand despite a lower-than-expected valuation.
The stock listed at ₹131 on the National Stock Exchange, a 35.05% premium over its ₹97 issue price. On the Bombay Stock Exchange, it debuted at ₹129.50, a 33.51% gain. At the NSE price, the company’s market capitalization reached ₹9,531 crore, or about $995 million.
IPO details and investor returns
Shiprocket had set a price band of ₹92 to ₹97 per share, aiming for a valuation of roughly ₹7,000 crore at the upper end. That was nearly 30% below the ₹10,000 crore valuation it secured in its last funding round in December 2024.
The ₹1,617.5 crore initial public offering included a fresh issue of ₹885.5 crore and an offer for sale of ₹732 crore. The final size was smaller than the ₹1,100 crore fresh issue and ₹1,242 crore OFS originally proposed in its draft prospectus.
The IPO was oversubscribed 99.38 times, with investors bidding for 938.53 crore shares against the 9.44 crore shares available. Qualified institutional buyers drove demand, subscribing to their portion 122.8 times.
Returns varied sharply for early backers. 500 Global, an early investor, sold shares in the OFS at a 77.6 times gross return. Lightrock and Moore Strategic Ventures, however, exited at a loss.
Related: Ecommerce firms ramp up AI tools for sellers
Business model and financials
Founded in 2011 by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket provides tools for small businesses, direct-to-consumer brands, and social commerce retailers. Its platform covers shipping, fulfillment, analytics, marketing automation, and personalization. It also connects merchants with nonbanking financial companies for financing.
Revenue grew 24% to ₹2,024.1 crore in the fiscal year ending March 2026, up from ₹1,632 crore the previous year. Net loss widened 7% to ₹79.2 crore from ₹74.4 crore in FY25.
Nearly all of its revenue—₹2,008.1 crore—came from merchant solutions in FY26. Sale of traded goods contributed just ₹16 crore.
Shiprocket’s listing follows other logistics companies like Shadowfax and Delhivery, which have also gone public in recent years. The sector has drawn attention as ecommerce growth slows and investors scrutinize unit economics more closely. Profitability remains elusive for many, even as revenue climbs.
With the stock trading above its issue price, the debut offers a rare bright spot in a market where several recent IPOs have struggled to hold their valuations. Whether the momentum lasts may depend on how quickly Shiprocket can narrow its losses while scaling its platform.
