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Shiprocket IPO

Mainboard • Equity • Fresh capital cum OFS

Shiprocket logo
LISTEDMAINBOARDEquity

Shiprocket

Price band
₹92 – ₹97
Lot size
154 shares
Min investment
₹14,938
Issue size
₹1,617.48 Cr

About the company

Shiprocket was started in 2011. It is an Indian e-commerce enablement company. It gives technology-based solutions that help small and medium businesses, direct-to-consumer brands and large retailers run and grow their online and offline business. As per the Redseer Report, Shiprocket was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25. The company began as a shipping platform. Its main services are domestic shipping and shipping software, with features such as instant pickup, order tracking, safe delivery, weight check and faster cash-on-delivery settlement. Over the years it has added many more services. These include fulfilment centres, cargo and heavy logistics, omnichannel commerce through Shiprocket Omuni, international shipping with customs help, advertising and marketing tools, checkout and payment solutions, business loans and hyperlocal delivery. For international orders it runs five major shipping lanes linking India with the United States, the United Kingdom, Canada, Europe and Singapore. Through these routes it served customers in 146 countries in FY2026. The company mostly earns through usage-based pricing. Merchants pay according to how much they use the platform, such as the number of shipments, the number of transactions or the value of orders processed.

Shiprocket is an e-commerce enablement platform that helps MSMEs, D2C brands and retailers run their online business. As per the Redseer Report it was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.

IPO details

Issue price
₹97
Price band
₹92 – ₹97
Face value
₹10
Lot size
154
Min investment
₹14,938
Issue size
₹1,617.48 Cr
Sale type
Fresh capital cum OFS
Listing on
BSE, NSE
BSE scrip code
7882
NSE symbol
SHIPROCKET.NS
Employee discount
Rs 9.00 per share

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)1154₹14,938
Retail (Max)132,002₹1,94,194
S-HNI (Min)142,156₹2,09,132
B-HNI (Min)6710,318₹10,00,846

Investor reservation

CATEGORYRESERVED
QIBNot less than 75% of the Net Offer
RetailNot more than 10% of the Net Offer
NIINot more than 15% of the Net Offer

Objects of the issue

1Investment in the growth of Shiprockets platforms-Investment in marketing initiatives primarily for Emerging Business and for Core Business365.60
2Investment in marketing initiatives primarily for the Emerging Business and for the Core Business205.80
3Investment in technology infrastructure and capabilities primarily for the Emerging Business and for the Core Business159.80
4Repayment / prepayment, in full or in part, of certain borrowings availed of by the Company including payment of the interest accrued thereon210.00
5Funding inorganic growth through unidentified acquisitions and general corporate purposes

Financials

Rs. Crore • restated
METRIC31 Mar 202631 Mar 202531 Mar 2024
Assets2,504.772,308.622,051.22
Total Income2,077.421,674.821,357.83
Profit After Tax-79.25-74.45-595.18
EBITDA-16.56-17.16-495.89
NET Worth1,524.291,491.231,284.16
Total Borrowing242.01244.67213.28

Key performance indicators

P/E Ratio
-ve
EPS (₹)
-ve
RoCE
-2.65%
RoNW
-5.20%
NAV (₹)
23.96

✓ Strengths

• As per the Redseer Report, it was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.
• Losses have come down sharply. Loss after tax was Rs 595.18 crore in FY2024, Rs 74.45 crore in FY2025 and Rs 79.25 crore in FY2026.
• The operating loss is now almost nil. EBITDA improved from a loss of Rs 495.89 crore in FY2024 to a loss of just Rs 16.56 crore in FY2026.
• Sales keep growing. Total income went up from Rs 1,357.83 crore in FY2024 to Rs 2,077.42 crore in FY2026.
• The business is no longer only shipping. It now covers fulfilment centres, cargo, omnichannel through Shiprocket Omuni, international shipping, marketing tools, payments, business loans and hyperlocal delivery.
• The pricing model is usage based. Merchants pay as per the number of shipments, transactions or order value, so income grows as the merchant grows.
• The balance sheet is comfortable. Net worth was Rs 1,524.29 crore against total borrowing of Rs 242.01 crore as on 31 March 2026.

⚠ Risks

• The company is still making losses. It reported a loss of Rs 79.25 crore in FY2026, so there is no P/E to compare with. The loss was slightly higher than the Rs 74.45 crore loss of FY2025.
• Return ratios are negative. RoCE was -2.65% and RoNW was -5.20% in FY2026.
• There is no identifiable promoter. The company is professionally managed and public shareholding is shown as 100%, so there is no promoter group holding a lock-in stake after listing.
• A large part of the issue is an offer for sale. Out of Rs 1,617.48 crore, about Rs 732 crore is OFS through which existing investors are selling.
• The company depends on outside courier and logistics partners for actual delivery. It does not control the delivery fleet, so service quality and cost are partly in other hands.
• Customer acquisition needs heavy spending. Rs 205.80 crore of the fresh issue is kept only for marketing, and another Rs 365.60 crore for platform growth.
• Competition is strong. It faces Delhivery, Ecom Express and other logistics players, and large marketplaces are also building their own in-house shipping.
• Business is linked to online shopping volumes. Any slowdown in e-commerce, or a change in how big platforms treat third-party sellers, will affect shipment numbers.
• Part of the money is set aside for buying companies that have not been named yet.

Promoters & holding

Pre-issue promoter holding
Nil
Post-issue promoter holding
Nil

Shiprocket has no identifiable promoter. The company is professionally managed and the entire shareholding is classified as public, both before and after the issue.

Data refreshed 07 Nov 2026, 05:06 pm IST. GMP is unofficial market sentiment, not investment advice.