Shiprocket IPO’s subscription quite literally skyrocketed as the IPO concluded its bidding process on August 14, achieving an overall subscription of 102.28 times.
The book-build issue was oversubscribed on its second day of bidding, and the active investor response was reflected in the unlisted markets as well, with its shares trading at a premium of 35%.
The Shiprocket IPO comprised two components, a fresh issuance worth Rs 885.50 crore and an offer-for-sale of Rs 731.98 crore. Its share price band was fixed at Rs 92 to Rs 97.
Shiprocket IPO: QIBs rush on last day
By the end of the bidding window, Shiprocket IPO’s was oversubscribed 102.28 times, as it received investor bids for 938 crore shares against the offer of 9.44 crore shares. The Qualified Institutional Investor (QIB) portion, which was undersubscribed on the first and second day, gained strong momentum on the last day of bidding, being oversubscribed 125.20 times.
The non-institutional investor (NII) segment also saw a sturdy response, being oversubscribed 92.58 times, while the retail applicant portion was oversubscribed 48.38 times. The employee quota, which was offered at a discount of Rs 9 to the issue price, was oversubscribed 58.85 times.
In all, the Shiprocket IPO received bids worth Rs 91,000 crore with a total of 47.92 lakh applications.
Shiprocket IPO: Subscription snapshot Day 3
The Shiprocket IPO attracted heavy investor interest, achieving an overall subscription of 102.28x on its final day of bidding.
| Investor Category | Subscription (Day 2) |
| Qualified Institutional Buyers (QIBs) | 125.20x |
| Non-Institutional Investors (NIIs) | 92.58x |
| Retail Individual Investors (RIIs) | 48.38x |
| Employees | 58.85x |
| Overall | 102.28x |
Shiprocket IPO: GMP signals strong gains
In the grey markets, the e-commerce and logistics company’s premium was last reported at Rs 34, suggesting an estimated listing price of Rs 131, on the upper end of the price band. This amounts to a gain of 35% over the issue price and translates into a profit of Rs 5,236 per lot.
However, it is important to note that GMP is not an official metric to determine the listing price and fluctuates based on market mood and sentiment.
Shiprocket IPO: Subscription timeline
The Shiprocket IPO, which opened for public bidding on August 12 and closed on August 14, is expected to complete its share allotment process by August 17. On a tentative basis, investors are expected to receive their shares and the requisite refunds by August 18.
Shiprockets is expected to list on the stock exchanges on August 19. The investment bankers for the IPO are Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital, while KFin Technologies is the registrar to the issue.