The initial share sale of e-commerce enablement platform Shiprocket Ltd was subscribed 99.38 times on the last day of bidding on Friday.
The Rs 1,617.5-crore IPO attracted bids for 9,38,51,66,560 shares against 9,44,36,030 shares on offer, according to NSE data.
The Qualified Institutional Buyers (QIBs) bid for 122.80 times the shares reserved for them. The non-institutional investors segment was subscribed 88.99 times, while the retail quota was booked 46.42 times.
Shiprocket Ltd on Tuesday raised Rs 727.41 crore from anchor investors.
The price band for the Shiprocket IPO was fixed at Rs 92-97 per share.
The issue comprises a fresh issuance of equity shares worth up to Rs 885.50 crore and an offer-for-sale (OFS) of shares aggregating up to Rs 732 crore.
The company plans to use proceeds from the fresh issue to invest in marketing initiatives and strengthen technology infrastructure across its core and emerging businesses. Funds will also be used to repay or prepay certain borrowings, pursue potential acquisitions and meet general corporate purposes.
At the upper end of the price band, the company will have a post-issue market valuation of around Rs 7,058 crore.
Backed by Temasek and Zomato, Shiprocket has evolved from a shipping service provider into a full-stack e-commerce enablement platform serving direct-to-consumer brands and micro, small and medium enterprises.
The company operates across two segments – Core Business and Emerging Business.
Its core business includes domestic shipping and shipping applications, while its emerging businesses comprise cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions and hyperlocal deliveries.
Shiprocket shares are proposed to be listed on the BSE and NSE on August 19.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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