Daijiworld Media Network – Mumbai

Mumbai, Aug 19: Shares of shipping aggregator Shiprocket made an impressive debut on the stock exchanges on Wednesday, listing at a premium of around 35% over its issue price amid strong investor demand.

The stock opened at Rs 131 per share on the NSE, representing a 35.05% premium over its issue price. On the BSE, Shiprocket shares debuted at Rs 129.50.

Following the listing, the stock gained further momentum. It touched a high of Rs 144 on the NSE, while the BSE-listed shares climbed to Rs 143.90.

Shiprocket's Rs 1,617.48-crore initial public offering (IPO) had received an overwhelming response from investors during its subscription period from August 12 to 14. The issue was subscribed 99.38 times overall.

Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 122.80 times. The non-institutional investor (NII) category was subscribed 88.99 times, while the retail portion received 46.42 times subscription.

The company had fixed the IPO price band at Rs 92 to Rs 97 per equity share. Ahead of the listing, Shiprocket raised Rs 727.41 crore from anchor investors through the allotment of 7.50 crore shares at Rs 97 apiece.

The company plans to utilise the IPO proceeds towards marketing activities and strengthening its technology infrastructure. A portion of the funds will also be used for debt repayment, potential acquisitions and general corporate purposes.

Founded in 2011, Shiprocket operates as a technology platform providing a range of e-commerce solutions, including logistics, checkout, payments, fulfilment and cross-border trade.

The platform enables merchants to sell products directly to consumers through their websites, applications and social media channels.

The company's backing by prominent investors, including Temasek and Eternal, also contributed to heightened investor interest ahead of its market debut.