Shiprocket files updated IPO papers with Sebi; eyes Rs 2,342 cr via public issue
Temasek-backed e-commerce enablement platform Shiprocket has filed updated draft papers with markets regulator Sebi to raise a little over Rs 2,342 crore through its initial public offering (IPO).
The IPO is a combination of a fresh issue of equity shares aggregating up to Rs 1,100 crore along with an offer for sale of Rs 1,242.3 crore by the selling shareholders, according to the updated draft red herring prospectus (UDRHP).
As part of the OFS, Lightrock, Tribe Capital, Bertelsmann, Arvind Ltd, Gautam Kapoor, Saahil Goel, and Vishesh Khurana will be diluting their stakes.
Going by the papers filed on Friday, the company plans to use the proceeds to support the growth of Shiprocket’s platforms by investing in marketing initiatives and strengthening its technology infrastructure for both its core and emerging businesses.
Also, a portion of the funds will be used to repay or prepay certain borrowings, along with the related interest. In addition, the company intends to deploy part of the proceeds towards inorganic growth through potential acquisitions and for general corporate purposes.
Shiprocket may pursue a pre-IPO placement of up to Rs 220 crore, which, if undertaken, would accordingly adjust the fresh issue size.
Backed by marquee investors like Temasek and Zomato, Shiprocket evolved from a shipping provider to a full-stack e-commerce enabler for direct-to-consumer (D2C) brands and MSMEs.
Shiprocket had filed its draft IPO papers with Sebi through the confidential filing route in May and subsequently received approval in November to launch the public issue. Following this approval, it was required to submit updated documents.
The company operates through two segments– Core Business and Emerging Business. The core business includes its domestic shipping platform and shipping apps, which provide end-to-end shipping solutions in India, including multi-modal transport, AI-based logistics allocation, order management and tracking tools.
The emerging business focuses on newer offerings such as cargo and fulfilment services, cross-border shipping, ads and marketing solutions, capital solutions and hyperlocal deliveries, aimed at helping merchants expand and scale their operations.
The company operates on an asset-light business model with a scalable technology platform at the core of its business, supplemented by an extensive network of ecosystem partners.
Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the public offering.