3 weeks ago
Shiprocket IPO Opens with Mixed Brokerage Views on Subscription
Shiprocket is a company in India that helps small shops and online brands send their products to customers.
It built a big platform for shipping packages and helping businesses sell over the internet.
Recently, Shiprocket decided to sell some of its shares to the public for the first time, which is called an IPO.
Before the IPO, it collected Rs 727.14 crore from 50 big investors.
The company is growing fast, but it is still losing money.
Some financial experts say people should buy the shares because the company is growing quickly and getting cheaper to run.
Other experts say it is risky because the company has not made a profit yet.
The shares will start trading on the stock exchange on August 19.
Investors should think carefully before deciding whether to buy.
Shiprocket's IPO opened after it raised Rs 727.14 crore from 50 anchor investors at Rs 97 apiece.
The company posted a net loss of Rs 79.25 crore on revenue of Rs 2,077.42 crore for the fiscal year ended December 31, 2026.
A grey market premium of Rs 27-28 per share suggests a potential listing pop of 28-29 per cent.
Of nine brokerages cited, six recommended 'subscribe', two said 'avoid', and one gave a 'neutral' rating.
Shares are set to list on BSE and NSE on August 19, with 75 per cent of the offer reserved for QIBs and 10 per cent for retail investors.
- Who
- Shiprocket, a Gurugram-based e-commerce enablement company incorporated in 2011, along with its investors and several Indian brokerages.
- What
- Launch of Shiprocket's initial public offering, with brokerage firms split between 'subscribe' and 'avoid' ratings.
- Where
- India; the company is headquartered in Gurugram and its shares will list on BSE and NSE.
- When
- IPO currently open, with shares scheduled to list on BSE and NSE on August 19.
- Why
- To raise fresh capital — including Rs 210 crore earmarked for debt repayment — and to allow early investors and co-founders to sell shares through the offer for sale.
Subscribe (Bullish View)
Avoid (Bearish View)
Profitability
Subscribe (Bullish View)
Losses are narrowing, revenue grew 24 per cent in FY26, cash flow from operations turned positive at Rs 52.6 crore, and adjusted EBITDA turned positive.
Avoid (Bearish View)
Shiprocket remains loss-making across FY24-FY26 with no positive EPS or RoNW, so a sustained path to profitability is unproven.
Valuation
Subscribe (Bullish View)
At roughly 3.1-3.6 times FY26 EV/Sales, the valuation is at a discount to peers like Delhivery and below its 2022 peak private valuation of Rs 10,650 crore.
Avoid (Bearish View)
The issue is not valued at a meaningful P/E given the company's losses, making the valuation demanding.
Offer structure and insider selling
Subscribe (Bullish View)
Fresh issue proceeds will repay Rs 210 crore of debt, cutting total debt from Rs 242 crore to Rs 32 crore and improving profitability.
Avoid (Bearish View)
The Rs 721.99 crore offer-for-sale nearly matches the Rs 885.50 crore fresh issue, and venture investors and three co-founders selling shares signal insider monetisation.
Key facts
- Company
- Shiprocket
- Founded
- 2011
- Headquarters
- Gurugram, India
- Anchor book
- Rs 727.14 crore from 50 investors at Rs 97 per share
- Revenue (FY ended Dec 31, 2026)
- Rs 2,077.42 crore
- Net loss (FY ended Dec 31, 2026)
- Rs 79.25 crore
- Grey market premium
- Rs 27-28 per share
- Listing date
- August 19 on BSE and NSE
Quotes
Arihant Capital Markets
Investment analyst at Arihant Capital Markets, an Indian brokerage firm
“"We recommend ‘subscribe’ to the IPO of Shiprocket, driven by its market leadership in India’s commerce enablement ecosystem."”
businesstoday.in
“"Shiprocket’s core business provides end-to-end domestic shipping and post-order logistics solutions."”
businesstoday.in
Sources
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