- Price band
- ₹92 – ₹97
- Issue size
- ₹1,617 Cr
- Lot size
- 154 sh
- Bidding
- 12 – 14 Aug
- Grey market
- —
Face value ₹10.00
55% fresh capital
Lists 19 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Shiprocket runs an e-commerce enablement platform that aggregates third-party couriers for Indian online sellers. It owns no delivery fleet, and served 214,769 active merchants in FY26, who processed 202.08 million transactions. Revenue rose from Rs 1,315.98 Cr in FY24 to Rs 1,632.01 Cr in FY25, a rise of 24.01%, and to Rs 2,024.14 Cr in FY26, a further 24.03%, while the EBITDA loss was Rs 251.51 Cr, then Rs 17.16 Cr, then Rs 13.25 Cr. The company has not reported an annual profit: the loss after tax was Rs 595.18 Cr in FY24, Rs 74.45 Cr in FY25 and Rs 79.25 Cr in FY26. The Rs 1,617.48 Cr issue was priced at Rs 92-97 and listed on 19 August 2026 at Rs 131.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Scaling fast, not yet earning
55% of the scoring model was backed by disclosed data for Shiprocket, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Loss-making in the latest full year
The company reported a net loss of ₹79.3 Cr in FY26. P/E is undefined, so valuation is scored on sales instead of earnings.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2011 · Gurugram, Haryana, India (registered office: New Delhi) · 1,470 employees
Shiprocket runs an e-commerce enablement platform used by Indian online sellers to ship and manage orders. Its core product aggregates third-party courier companies — 42 active courier partners as of 31 March 2026 — so a merchant can book a shipment, track it, handle returns and reconcile cash-on-delivery through one interface instead of contracting carriers individually. Around that it sells fulfilment-centre storage, cross-border shipping (ShiprocketX), a one-click checkout product (Fastrr), advertising and marketing tools, hyperlocal delivery, and loan referrals to NBFC lending partners. Customers are mainly micro, small and medium sellers and direct-to-consumer brands in categories such as beauty and personal care, apparel and footwear, home décor and electronics. The platform served 214,769 active merchants in FY26, who processed 202.08 million transactions. Shiprocket owns no delivery fleet.
Shiprocket charges mostly per transaction — a fee per shipment, per order fulfilled or per delivery attempt — with some products (Early COD, Shiprocket Secure, Fastrr checkout) priced as a percentage of order value. Revenue from operations was ₹2,024.14 Cr in FY26, of which the core domestic shipping business contributed ₹1,485.41 Cr and emerging lines ₹538.73 Cr. The structural constraint is that it buys the delivery it resells: cost of merchant solutions, largely payments to courier partners, was 73.82% of revenue from operations in FY26 (74.32% in FY25, 76.52% in FY24). That leaves a thin gross spread, and the company has not reported an annual profit — the FY26 restated loss was ₹79.25 Cr. Its top five couriers carried 84.50% of shipments.
The company on paper
- Legal name
- Shiprocket Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 28 Sep 2011
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U72900DL2011PLC225614
- Sector
- Industrials · E-commerce enablement: courier aggregation, fulfilment and checkout software for online sellers
- Employees
- 1,470
- Registered office
- Gurugram, Haryana, India (registered office: New Delhi)
- Website
- shiprocket.in
The numbers
Financial performance
Revenue has compounded at 24.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
55% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹886 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹732 Cr
- Total issue size
- ₹1,617 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹97.00
- Listed at
- ₹131.00
- Listing gain
- up 35.0%
- Since listing
- down 3.8%
- Against the issue price
- up 30.0%
Trading at ₹126.07 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 154
- At cut-off price
- ₹97.00
- Amount blocked
- ₹14,938
One lot is 154 shares at ₹14,938. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~2%
chance of one lot, per application
- Retail subscription
- 48.29×
- Applicants per share available
- 48.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹131.00
listed at, 35.0% against the issue price
- Issue price
- ₹97.00
- Premium said
- —
- If allotted 154 shares
- ₹5,236
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 24.01% in FY25, from Rs 1,315.98 Cr in FY24 to Rs 1,632.01 Cr, and a further 24.03% in FY26, to Rs 2,024.14 Cr.
- The EBITDA loss was smaller in FY25 than in FY24, and smaller again in FY26: Rs 251.51 Cr on revenue of Rs 1,315.98 Cr (19.11% of it), Rs 17.16 Cr on Rs 1,632.01 Cr (1.05%) and Rs 13.25 Cr on Rs 2,024.14 Cr (0.65%).
- Cost of merchant solutions, largely payments to courier partners, was 76.52% of revenue from operations in FY24, 74.32% in FY25 and 73.82% in FY26 - lower in FY25 than in FY24, and lower again in FY26.
- Net worth was Rs 1,284.16 Cr in FY24, Rs 1,491.23 Cr in FY25 and Rs 1,524.29 Cr in FY26, rising 16.12% and then 2.22%. Total borrowings over the same three years were Rs 213.28 Cr, Rs 244.67 Cr and Rs 242.01 Cr, equal to 16.61%, 16.41% and 15.88% of net worth.
What to weigh against it
- The company has not reported an annual profit. The loss after tax was Rs 595.18 Cr in FY24, Rs 74.45 Cr in FY25 and Rs 79.25 Cr in FY26; the FY26 loss was Rs 4.80 Cr, or 6.45%, larger than FY25's, while revenue was 24.03% higher (Rs 1,632.01 Cr to Rs 2,024.14 Cr).
- Cost of merchant solutions, largely payments to courier partners, took 73.82% of FY26 revenue from operations of Rs 2,024.14 Cr - Rs 1,494.22 Cr on those two figures.
- The top five courier partners carried 84.50% of shipments. The platform had 42 active courier partners as of 31 March 2026.
- Of the Rs 1,617.48 Cr issue, Rs 885.5 Cr was a fresh issue and Rs 731.98 Cr an offer for sale, the latter being 45.25% of the total.
Easy to miss in the prospectus
- The issue was subscribed 125.20 times by qualified institutional buyers, 92.58 times by non-institutional investors and 48.29 times by retail investors on the final day, 14 August 2026, and 102.27 times overall. It listed at Rs 131 against a band top of Rs 97 and last traded at Rs 118.84 on 23 October 2026 - 22.52% above the band top and 9.28% below the listing price.
- The gap between the loss after tax and the EBITDA loss was Rs 343.67 Cr in FY24 (Rs 595.18 Cr against Rs 251.51 Cr), Rs 57.29 Cr in FY25 (Rs 74.45 Cr against Rs 17.16 Cr) and Rs 66.00 Cr in FY26 (Rs 79.25 Cr against Rs 13.25 Cr).
- Core domestic shipping contributed Rs 1,485.41 Cr of FY26 revenue from operations of Rs 2,024.14 Cr (73.38%), with emerging lines at Rs 538.73 Cr (26.62%).
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Axis Capital Limited, BofA Securities India Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Shiprocket's own prospectus and to exchange disclosures, then cross-checked against 11 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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