E-commerce enablement platform Shiprocket has filed its Red Herring Prospectus for an initial public offering worth Rs 1,617.48 crore, reducing the issue size by nearly 31% from the Rs 2,342.35 crore proposed in its earlier updated draft prospectus. The IPO is scheduled to open for subscription on August 12 and close on August 14, with a price band of Rs 92-97 per share, valuing the Gurugram-based company at approximately Rs 7,000 crore at the upper end of the range.
The revised offer comprises a fresh issue of Rs 885.5 crore — down from the previously proposed Rs 1,100 crore — and an offer for sale worth Rs 731.98 crore by existing shareholders, sharply reduced from the roughly Rs 1,242 crore originally planned. Under the offer for sale, co-founders Saahil Goel and Gautam Kapoor will each sell shares worth Rs 61 crore, while fellow co-founder Vishesh Khurana will offload shares worth Rs 20 crore. Among institutional investors, Lightrock will be the largest seller, divesting shares worth around Rs 271.7 crore, followed by Tribe Capital and March Capital. Notably, Bertelsmann India Investments, Shiprocket's largest shareholder with a 21.3% stake, has withdrawn from the offer for sale entirely after being included in the draft prospectus, while Eternal (formerly Zomato), which holds a 6.85% stake, and Temasek are not selling any shares in this issue.
Financially, Shiprocket reported a 24% year-on-year increase in operating revenue to Rs 2,024 crore in FY26, up from Rs 1,632 crore in FY25, with merchant solutions remaining the company's primary revenue driver at Rs 2,008.1 crore. However, the company's net loss widened by roughly 6.8% to Rs 79.2 crore, compared with Rs 74.5 crore the previous year — a reversal after losses had narrowed sharply from Rs 595.2 crore in FY24. The company's EBITDA loss improved marginally to Rs 16.6 crore from Rs 17.2 crore, and operating cash flow, which turned positive in FY25, improved further to Rs 52.6 crore in FY26.
Founded in 2017 by Gautam Kapoor, Saahil Goel, Vishesh Khurana and Akshay Ghulati, Shiprocket began as a logistics aggregator partnering with third-party delivery providers including Delhivery, FedEx, Aramex, Xpressbees, DTDC and Shadowfax, before expanding into a broader e-commerce enablement platform offering checkout, payments, fulfilment, cross-border shipping and merchant credit services to Indian MSMEs and larger retailers. The company plans to deploy IPO proceeds toward marketing and technology investment, debt repayment, potential acquisitions and general corporate purposes. Shiprocket's listing will mark another milestone in the steady stream of Indian logistics and e-commerce infrastructure startups moving from venture-backed growth to public markets, joining recent listings across the sector even as the company's own FY26 numbers illustrate that scale has not yet translated into consistent profitability.
