E-commerce enablement platform Shiprocket, backed by Temasek, has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). Through the public issue, the company aims to raise a total of ₹2,342 crore.
Structure of the Proposed IPO
As outlined in the updated draft documents, the IPO will consist of a fresh issue of equity shares worth up to ₹1,100 crore and an offer for sale (OFS) amounting to ₹1,242.3 crore by existing shareholders. The OFS will see partial stake sales by investors including Lightrock, Tribe Capital, Bertelsmann, Arvind Ltd, Gautam Kapoor, Saahil Goel, and Vishesh Khurana.
Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital Company have been appointed as the book-running lead managers for the offering. The company proposes to list its equity shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Planned Use of Funds
According to the filings, Shiprocket plans to utilize the net proceeds from the fresh issue to support the expansion of its platform. Key focus areas include scaling marketing efforts and enhancing technology infrastructure across its core operations as well as newer business segments.
The company also intends to use a portion of the funds to repay or prepay certain outstanding borrowings along with accrued interest. In addition, proceeds may be allocated toward potential inorganic growth initiatives, including acquisitions, and for general corporate purposes.
The draft documents also note that Shiprocket may consider a pre-IPO placement of up to ₹220 crore. If undertaken, the size of the fresh issue would be reduced accordingly.
Company Overview
Shiprocket operates as a full-stack e-commerce enablement platform serving direct-to-consumer (D2C) brands and micro, small, and medium enterprises (MSMEs). The company functions through two primary segments: Core Business and Emerging Business.
The Core Business segment comprises its domestic shipping platform and related applications, offering end-to-end logistics solutions across India. These services include multi-modal transportation, artificial intelligence-driven logistics optimisation, and integrated systems for order management and shipment tracking. The Emerging Business segment, which encompasses marketing and automation solutions, recorded year-on-year growth of 41 percent in FY25, with revenues reaching ₹326 crore.
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