Shiprocket, the Delhi NCR-based logistics startup, raised ₹727.4 crore from anchor investors ahead of its initial public offering (IPO) subscription starting August 12. The company allotted 7.5 crore equity shares at ₹97 per share, the upper end of its price band. The IPO is valued at about ₹7,000 crore and will close on August 14, comprising a fresh issue of ₹885.5 crore and an offer for sale of ₹732 crore, according to inc42.com.
The anchor round saw participation from thirteen domestic mutual funds, which acquired over 5 crore shares, representing 66.8% of the total allocation. Notable mutual funds included HDFC Mutual Fund, Nippon Life, Kotak Mahindra, Mirae Asset, and SBI Mutual Funds. Insurance companies and pension funds such as ICICI Prudential Life Insurance, Tata AIG Life Insurance, Axis Max Life Insurance, and Edelweiss Life Insurance picked up 53.4 lakh shares, or 7.12% of the round. Other investors included Goldman Sachs, New York State Teachers Retirement System, PGIM, Societe Generale, and Susquehanna Pacific, inc42.com reported.
The ₹1,617 crore IPO size was reduced by 30% from the originally proposed fresh issue of ₹1,100 crore and offer for sale of ₹1,242 crore, as per the updated draft red herring prospectus. Shiprocket’s valuation at the upper price band stands at approximately ₹7,000 crore, reflecting strong investor interest in the logistics sector. The participation of major domestic mutual funds and global investors underscores the market’s confidence in the company’s growth prospects, according to inc42.com.
The IPO subscription opens on August 12 and will close on August 14. Shiprocket’s public issue includes a fresh issue worth ₹885.5 crore and an offer for sale of ₹732 crore, marking a key milestone for the startup’s public market debut, inc42.com stated.