Shiprocket
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 115.55×
- Big non-institutionalbNII · above ₹10 lakh
- 98.90×
- Small non-institutionalsNII · ₹2–10 lakh
- 66.47×
- Retail individualRII · up to ₹2 lakh
- 43.36×
- Employeesreserved quota
- 53.32×
Issue details
- IPO date
- 12 Aug 2026 – 14 Aug 2026
- Listing date
- 19 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹92 – ₹97
- Issue price
- ₹97 per share
- Lot size
- 154 shares
- Listing at
- BSE
- Total issue size
- ₹1,617 Cr
- ISIN
- INE0FOO01011
- CIN
- U72900DL2011PLC225614
- Registered office
- Plot No. B, Khasra No. 360 Sultanpur, New Delhi – 110 030, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,09,69,864 | 54.04% | 53.97% |
| NII (HNI) | 2,60,07,411 | 27.57% | 27.54% |
| bNII > ₹10L · within NII | 1,73,38,274 | — | 18.36% |
| sNII < ₹10L · within NII | 86,69,137 | — | 9.18% |
| Retail (RII) | 1,73,38,274 | 18.38% | 18.36% |
| Employee | 1,20,481 | — | 0.13% |
| Total issue | 9,44,36,030 | — | 100.00% |
Net offer to the public of 9,43,15,549 shares, out of a total issue of 9,44,36,030. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 154 shares per lot, in multiples, at ₹97
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 154 | ₹14,938 |
| Retail (max) | 13 | 2,002 | ₹1,94,194 |
| S-HNI (min) | 14 | 2,156 | ₹2,09,132 |
| S-HNI (max) | 66 | 10,164 | ₹9,85,908 |
| B-HNI (min) | 67 | 10,318 | ₹10,00,846 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹97 per share
| Metric | Pre-issue | Post-issue |
|---|
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 2,077.42 | 1,674.82 | 1,357.83 |
| Revenue from operations | 2,024.14 | 1,632.01 | 1,315.98 |
| Other income | 53.28 | 42.81 | 41.86 |
| Total expenses | 2,153.36 | 1,749.27 | 1,708.63 |
| Operating profit | -75.94 | -74.45 | -350.8 |
| Operating margin | -3.66% | -4.45% | -25.84% |
| Profit before tax | -79.25 | -74.45 | -595.18 |
| Profit after tax | -79.25 | -74.45 | -595.18 |
| PAT margin | -3.81% | -4.45% | -43.83% |
| Balance sheet | |||
| Total assets | 2,504.77 | 2,308.62 | 2,051.22 |
| Current assets | 1,016.56 | 1,254.62 | 702.16 |
| Current liabilities | 892.84 | 735.65 | 675.16 |
| Total liabilities | 980.46 | 817.37 | 765.04 |
| Net worth | 1,524.31 | 1,491.25 | 1,286.18 |
| Current ratio | 1.14× | 1.71× | 1.04× |
| Return on equity | -5.20% | -4.99% | -46.28% |
| Cash flow | |||
| Operating cash flow | 52.64 | 1.9 | -215.99 |
| Investing cash flow | 53.18 | -143.97 | 175.68 |
| Financing cash flow | -44.86 | 152.83 | -2.45 |
| Net cash flow | 60.96 | 10.75 | -42.77 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment in marketing initiatives primarily for Emerging Business and Core Business ₹206 Cr
The company intends to invest in marketing initiatives including performance and digital marketing, affiliate and influencer marketing, content assets, integrated campaigns, trade shows, merchant incentive programs, partnerships, and affiliate merchant networks to accelerate merchant acquisition and amplify digital presence across Core Business and Emerging Business segments.
2 Investment in technology infrastructure and capabilities primarily for Emerging Business and Core Business ₹160 Cr
The company proposes to invest in server and communication costs including cloud infrastructure, and recruitment of product and technology personnel to enhance technology capabilities, expand microservices architecture, improve data intelligence, shipping logistics intelligence, and develop cross-border commerce enablement solutions.
3 Repayment/prepayment of certain borrowings including interest accrued thereon ₹210 Cr
The company intends to repay or prepay certain borrowings availed from banks and financial institutions including overdraft facilities to reduce outstanding indebtedness and debt servicing costs, enabling utilization of internal accruals for further business growth and expansion.
4 Funding inorganic growth through unidentified acquisitions and general corporate purposes —
The company proposes to utilize funds for potential acquisitions that are complementary to existing offerings, unlock new addressable markets, have strong unit economics, and demonstrate scalable technology-driven models. General corporate purposes include rental expenses, consultant fees, vendor services, employee expenses, and other ordinary business activities.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Shiprocket
Incorporated as Bigfoot Retail Solutions Private Limited in September 2011 and renamed to Shiprocket Limited in 2024-2025, the company operates a comprehensive e-commerce enablement platform serving MSMEs and Large Retailers. Shiprocket generates revenue through two business segments: Core Business (domestic shipping and shipping apps at 73.38% of FY2026 revenue) and Emerging Business (cross-border solutions, omnichannel, checkout, marketing solutions, and hyperlocal delivery at 26.62% of FY2026 revenue). The company earns revenue primarily through consumption-based pricing models linked to merchant usage, with Revenue from Operations of ₹20,241.41 million in FY2026, growing from ₹16,320.12 million in FY2025. The company has made strategic acquisitions including Glaucus (fulfillment technology), Pickrr (logistics aggregator), and Shiprocket Omuni (omnichannel platform) to strengthen its offerings.
Management
Saahil Goel
MD
Strengths
As stated in the offer document
Profitable and Scalable Core Business with Operating Leverage
The company's Core Business has been profitable since Fiscal 2022, with Revenue from Operations - Core Business increasing by a CAGR of 17.02% from Fiscal 2024 to Fiscal 2026. The platform-based business model allows rapid expansion without physical infrastructure constraints.
Expanding Platform Network Effects Driving Merchant Growth and Service Adoption
The company analyzes data from more than 155 million end consumers served and more than 730 million unique transactions processed between October 2016 and March 2026. The RTO product identified shipments as high-risk with 83.01% accuracy in Fiscal 2026.
Leveraging Scale to Optimize Business Performance
The company is the largest new-age end-to-end horizontal e-commerce enablement platform (in terms of revenue from operations) registered in India in Fiscal 2026. The company served 214,769 Active Merchants in Fiscal 2026.
Self-Serve Platform Offering Enterprise-grade Experience Drawing Organic Traffic
The company's self-serve platform achieved 96.73% of merchant onboarding completed without any intervention from support team for the Core Business in Fiscal 2026. The platform offers enterprise-grade technology comparable to those designed for larger enterprises.
Diversified Merchant Base Minimizing Revenue Concentration Risk
The company's top 1, 5, and 20 Merchants contributed 2.83%, 7.43% and 17.65% of Revenue from Operations respectively in Fiscal 2026, demonstrating limited dependence on any single Merchant.
Full Transaction Accountability Enhancing Merchant Trust and Retention
The company serves as a trust layer between Merchants and ecosystem partners, managing dispute resolution and financial reconciliation. The company compensated Merchants ₹531.11 million in Fiscal 2026 for lost, damaged or stolen shipments.
AI, Data and Automation-Driven Platform for Operational Efficiency
The company's EDD Prediction System leverages AI and ML technologies to predict delivery date estimates with 78.51% accuracy in Fiscal 2026. The platform handles 11.71 billion API hits monthly in 2026 with 100.00% platform uptime.
Modular and Open Platform Enabling Rapid Expansion
The company's platform is designed for open integrations, allowing third-party developers to build and customize solutions through APIs. The platform enables Merchants to extend functionality based on their specific business needs.
Experienced Leadership Team and Strong Corporate Governance
The company is led by experienced executives with strong backgrounds in e-commerce, logistics, and technology. The Managing Director and CEO has 21 years of experience in the e-commerce industry and was awarded ET 40 under 40 by the Economic Times in 2023.
Risk factors
As stated in the offer document
Significant Operating Losses and Dependence on Revenue Growth
The company had restated losses of ₹792.45 million, ₹744.49 million and ₹5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. The company may continue to incur operating losses as it invests in expanding operations, product portfolio, merchant base, and partner network, with no assurance of achieving profitability.
Acquisition Integration and Impairment Risk
The company recorded significant impairment losses of ₹1,767.42 million in goodwill and ₹753.15 million in intangible assets in Fiscal 2024 due to underperformance of acquired entities. Goodwill represents 36.54% of total assets as of March 31, 2026, creating substantial impairment risk if acquisitions fail to deliver expected returns.
Dependence on Merchant Business Performance and Transaction Volumes
The company operates on a consumption-based model where revenue is directly linked to merchant sales and transaction volumes. Any decline in merchant sales due to macroeconomic conditions, business failures, or reduced web traffic could materially impact the company's revenue and financial performance.
Non-Exclusive Logistics Partner Dependencies
The company relies on 42 active courier partners with no exclusive arrangements, where top five partners handle 84.50% of total shipment volumes. Partners may prioritize competitors, terminate relationships, or expand to compete directly with the company's services, potentially disrupting operations and service quality.
Negative Cash Flow History and Working Capital Risk
The company had negative cash flows from operations of ₹2,159.92 million in Fiscal 2024, though positive in recent years. Continued negative cash flows could adversely impact liquidity and ability to fund operations and growth plans.
Auditor Qualifications and Internal Control Deficiencies
Statutory auditors reported emphasis of matter in Fiscal 2024 regarding share-based payment restatements and ongoing modifications related to audit trail features and daily backup requirements. These control weaknesses could lead to operational errors, compliance issues, or regulatory penalties.
Outstanding Legal Proceedings and Regulatory Exposure
The company faces various legal proceedings including criminal cases with aggregate amounts of ₹129.12 million involved. Adverse rulings could result in significant liabilities, penalties, and reputational damage affecting business operations.
Cybersecurity and Data Protection Compliance Risk
The company processes significant merchant and consumer data and is subject to evolving data protection laws including the Digital Personal Data Protection Act. Any data breaches, cyberattacks, or non-compliance could result in substantial liabilities, regulatory penalties, and reputational damage.
Technology Platform Reliability and Performance Risk
The company's multitenant cloud-based platform serves all merchants simultaneously, meaning software errors, bugs, or outages could affect the entire merchant base. Platform disruptions could lead to merchant compensation demands, business loss, and reputational harm.
High Vendor Concentration and Third-Party Dependencies
Top 10 vendors contribute 55.24% of total expenses, with significant reliance on ecosystem partners for logistics, payments, and technology services. Vendor failures, service disruptions, or unfavorable contract changes could materially impact operations and costs.
Company Analysis
from RHPShiprocket is an e-commerce enablement platform that provides domestic shipping solutions, omnichannel tools, and emerging business services to merchants across India.
Incorporated as Bigfoot Retail Solutions Private Limited in September 2011 and renamed to Shiprocket Limited in 2024-2025, the company operates a comprehensive e-commerce enablement platform serving MSMEs and Large Retailers. Shiprocket generates revenue through two business segments: Core Business (domestic shipping and shipping apps at 73.38% of FY2026 revenue) and Emerging Business (cross-border solutions, omnichannel, checkout, marketing solutions, and hyperlocal delivery at 26.62% of FY2026 revenue). The company earns revenue primarily through consumption-based pricing models linked to merchant usage, with Revenue from Operations of ₹20,241.41 million in FY2026, growing from ₹16,320.12 million in FY2025. The company has made strategic acquisitions including Glaucus (fulfillment technology), Pickrr (logistics aggregator), and Shiprocket Omuni (omnichannel platform) to strengthen its offerings.
Objects of the Issue
- Funding capex and investments in technology infrastructure and capabilities primarily for Emerging Business and Core Business [●] (amount to be disclosed at pricing) p.148
- Funding acquisitions and strategic investments [●] (amount to be disclosed at pricing) p.161
- General corporate purposes including working capital and debt repayment [●] (amount to be disclosed at pricing) p.133
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹16,174.85 million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹8,855.00 million
- Offer for Sale
- Up to [●] Equity Shares aggregating up to ₹7,319.85 million
- Price Band
- [●] to [●] per Equity Share (to be disclosed)
- Lot Size
- [●] Equity Shares (minimum bid lot to be disclosed)
- Face Value
- ₹10 per Equity Share
Business Model
Shiprocket operates on a consumption-based pricing model where revenue is linked to merchant usage. In its Core Business, merchants access logistics partners through the platform to deliver goods within India and utilize value-added shipping apps. For the Emerging Business, the company offers cross-border solutions (Shiprocket X), omnichannel management (Shiprocket Omuni), checkout optimization, marketing solutions, and hyperlocal delivery (Shiprocket Quick). Revenue is generated through service fees on transactions, with Cost of Merchant Solutions (payments to ecosystem partners) representing 69.39% of total expenses in FY2026.
Business Segments
SWOT Analysis
- • High cash burn and operating losses(p.36)
- • Significant goodwill impairment from acquisitions(p.37)
- • Integration challenges from acquisitions(p.37)
- • Dependence on merchant-driven transactions(p.40)
- • High vendor concentration(p.53)
- • Internal control and audit deficiencies(p.43)
- • India e-commerce market growth(p.60)
- • Emerging Business expansion(p.41)
- • Cross-border/international market penetration(p.41)
- • No exclusive logistics partnerships(p.42)
- • Intense competition from larger players(p.46)
- • Macroeconomic risks and India-specific challenges(p.69)
- • E-commerce industry cyclicality(p.70)
- • Regulatory and foreign investment restrictions(p.68)
- • Data privacy and cybersecurity compliance requirements(p.64)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Saahil Goel | Co-founder/MD & CEO | — | — |
| Gautam Kapoor | Co-founder/Executive Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.