Shiprocket has cut the size of its initial public offering to Rs 1,617.5 crore from Rs 2,342.3 crore earlier, after existing shareholders reduced the number of shares they plan to sell.
The company has retained the fresh issue at Rs 885.5 crore, keeping the amount of growth capital it plans to raise unchanged. The offer-for-sale component has been reduced to Rs 732 crore from Rs 1,242.3 crore earlier.
The change means the reduction in the overall IPO size comes entirely from existing investors and founders scaling back their proposed stake sales. Shiprocket plans to use the proceeds from the fresh issue for technology, artificial intelligence and platform expansion, repayment of borrowings, acquisitions and general corporate purposes.
Shiprocket has fixed the IPO price band at Rs 92 to Rs 97 per share. The issue will open for subscription on Aug. 12.
Investors, Founders To Sell Shares
Lightrock, one of Shiprocket's largest shareholders participating in the offer for sale, will sell shares through the IPO.
Tribe Capital and Bertelsmann will also pare their holdings through the offer for sale.
Shiprocket co-founders Saahil Goel, Gautam Kapoor and Vishesh Khurana will also sell shares as part of the OFS.
Use Of IPO Proceeds
Shiprocket will use part of the Rs 885.5-crore fresh issue proceeds to repay borrowings.
The remaining proceeds will go towards technology and growth initiatives, acquisitions and general corporate purposes. The company's planned spending includes investments in technology, artificial intelligence and expansion of its platform.
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