Shiprocket IPO
Shiprocket LtdMainboard
This IPO has listed.
- Open date
- 12 Aug 2026
- Close date
- 14 Aug 2026
- Min. Investment
- ₹14,938
- Lot Size
- -
- Fresh Issue
- ₹885.50 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers122.80x
- Non-Institutional Investors88.99x
- Retail-Individual Investors46.42x
- Total99.38x
Schedule
- Completed: IPO open date12 Aug 2026
- Completed: IPO close date14 Aug 2026
- Completed: Allotment date17 Aug 2026
- Completed: Funds unblock or debit18 Aug 2026
- Completed: Tentative listing date19 Aug 2026
Financials of Shiprocket IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 1315.98 | 1632.01 | 2024.14 |
| Total Expenses | 1962.25 | 1749.27 | 2156.67 |
| Profit Before Tax | - | - | - |
| Total Profit | -592.41 | -74.45 | -79.25 |
Shiprocket IPO Strengths & Risks
- Profitable and scalable Core Business with Operating Leverage.
- Expanding platform network effects driving merchant growth and service adoption.
- Leveraging scale to optimize our business performance
- Self-serve platform offering enterprise-grade experience drawing organic traffic.
- Diversified merchant base minimizing revenue concentration risk.
- Full transaction accountability enhancing merchant trust and retention.
- AI, data and automation-driven platform for operational efficiency.
- Modular and open platform enabling rapid expansion.
- Experienced leadership team and strong corporate governance
- Risks Relating to the Business: The company has Restated Loss for the year of Rs.792.45 million, Rs.744.49 million and Rs.5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. If the company is unable to generate adequate revenue growth and manage its expenses, the company may continue to incur significant losses.
- Risks Relating to the Business: The company may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments, which could hinder the growth of its business and prevent it from achieving expected returns on such acquisitions or investments. Failures to realize the economic benefit of such acquisitions could result in substantial impairment charges.
- Risks Relating to the Business: The company has relied on the judgment of its management when ascertaining the company's funding requirements and the proposed deployment of Net Proceeds. Its funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and the company's management and Board will have broad discretion over the use of the Net Proceeds. The company has not entered into any definitive arrangements to utilize the Net Proceeds of the Offer.
- Risks Relating to the Business: The company's results of operations and cash flows are significantly impacted by the operational results and business decisions of its Merchants, the web traffic they are able to generate, and the company's ability to attract Merchants through online channels, all of which are beyond the company's control.
- Risks Relating to the Business: The company may faces challenges in growing its Cross-border business due to the company's limited experience in such international markets, and will be reliant on its ecosystem partners to grow such business.
- Risks Relating to the Business: The company does not have exclusive arrangements with its logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to the company's competitors, refuse to renew their contracts with it, or expand their offerings to provide the services its offer. Any of the foregoing could have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company may faces challenges expanding into new business verticals or product categories, potentially leading to the incurrence of substantial expenditure and/or delayed returns on investment, which could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has incurred negative cash flows from operations, with net cash used in operating activities of Rs. 2,159.92 million in Fiscal 2024, while the company has positive cash flows from operations, with net cash flows from operating activities of Rs.526.37 million and Rs.18.97 million in Fiscals 2026 and 2025, respectively. Negative cash flows may adversely impact its liquidity and prospects.
- Risks Relating to the Business: The company's Statutory Auditors has reported an emphasis of matter in the auditors' report for Fiscal 2024. Further, there are modifications reported for certain matters specified in the Report on Other Legal and Regulatory Requirements relating to daily backup of books of account and audit trail for Fiscals 2026, 2025 and 2024.
- Risks Relating to the Business: In relation to its Fulfilment business, the company has entered into lease agreements and warehouse management agreements for the fulfilment centres owned by the company's customers. Failures to manage these fulfilment centres in a cost-effective manner and maintain or renew lease agreements or warehouse management agreements on favourable terms may have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company may utilize a portion of the Net Proceeds to undertake inorganic growth for which the target may not be identified. In the event that its Net Proceeds to be utilized towards inorganic growth initiatives are insufficient for the cost of the company's proposed inorganic acquisition, its may have to seek alternative forms of funding.
- Risks Relating to the Business: There are outstanding legal proceedings against the Company, Subsidiaries, Directors and Key Managerial Personnel. Any adverse decision in such proceedings may render it/them liable to liabilities/ penalties and may adversely affect the company's business, cash flows and reputation.
- Risks Relating to the Business: The company may not be able to compete successfully against current and future competitors.
- Risks Relating to the Business: We have integrated and will continue to integrate artificial intelligence and machine learning technology in our platform, and such technologies present operational, compliance and reputational risks, which, if they were to materialize, could adversely affect our business, cash flows and results of operations.
- Risks Relating to the Business: The company's Revenue from Operations - Core Business as a % of Revenue from Operations amounted to 73.38%, 80.02% and 82.42% in Fiscals 2026, 2025 and 2024, respectively. Any disruption in the company's Core Business offerings could adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale, and the Selling Shareholders shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
- Risks Relating to the Business: There have been certain instances of delays in payment of employee related statutory dues by the Company and Subsidiaries. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company may not be able to renew leases or control rent increases at its Corporate and Registered Offices or regional offices on commercially reasonable terms, or at all, which could have an adverse impact on the company's operations, cash flows and results of operations.
- Risks Relating to the Business: The company is exposed to credit risks associated with providing its lending partners with a capped first-loss default guarantee on loan disbursements provided to the company's Merchants.
- Risks Relating to the Business: In Fiscals 2024 and 2023, the company invested in certain of its Merchants. As the company was unable to recognise expected returns on such investments, its recorded cost towards Changes in fair value of equity & preference instruments carried at FVTOCI amounting to Rs.52.98 million in Fiscal 2024, which adversely affected the company's results of operations and financial condition. In addition, its made an investment of Rs.130.88 million in Fiscal 2026 and Rs.25.00 million in Fiscal 2025 in two companies that are not the company's Merchants, which was classified as fair value through profit or loss ("FVTPL"). Any future fair value changes on such investment will be recognized as profit or loss and could adversely affect its results of operations.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the Redseer Report which has been exclusively commissioned and paid for by the company in relation to the Offer and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
- Risks Relating to the Business: If the company is unable to retain existing Merchants or attract new Merchants to its platform, and increase sales to both new and existing Merchants, or if the company faces increased customer acquisition costs ("CAC") when attracting new Merchants, its business, financial condition, cash flows and results of operations could be adversely affected.
- Risks Relating to the Business: The company's Merchants' experience and satisfaction depend upon the interoperability of its platform across devices, operating systems and third-party applications that the company does not control. Any changes or upgrades to such operating systems or third-party applications could reduce the functionality of its platform.
- Risks Relating to the Business: There may be discrepancies in corporate filings made by it from time to time. The company cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future and that its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: The company relies on various third-party vendors, including logistics and fulfilment centre providers, communication platforms, cloud infrastructure providers, shopping carts, social media platforms and marketplaces, payment gateways, ERPs, developers, credit providers and fulfilment service providers in the operation of its business, and its Cost of Merchant Solutions contributed to 69.39%, 69.34% and 58.94% of total expenses in Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the company's relationships with, or disruption of the services provided by, such vendors could adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: If the company does not continue to innovate and further develop its platform and offerings in a manner that responds to it Merchants' evolving needs, or if the company is unable to keep pace with technological developments, its may not be able to compete and the company's business may be adversely affected.
- Risks Relating to the Business: A significant portion of the company's Merchants are Micro, Small and Medium Enterprises. An increase in Merchant turnover could increase its customer acquisition costs and adversely impact the company's results of operations, cash flows and prospects.
- Risks Relating to the Business: Software errors, interruptions, failures, bugs, defects, or outages of the company's technology platform could impair its ability to effectively provide the company's offerings, which could adversely affect its business and reputation.
- Risks Relating to the Business: Any actual or perceived cyberattacks, including denial of service attacks and data breaches, could interrupt the company's operations and expose it to significant liability, thereby adversely affecting the company's reputation, brand, business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's success depends on the continuing efforts of its Key Managerial Personnel, Senior Management Personnel and qualified personnel. If the company fails to hire, retain or motivate such individuals, its business could suffer.
- Risks Relating to the Business: The "Shiprocket" brand, the trademark of which is owned by the company, critical to its ability to acquire new Merchants and grow the company's business. Its brand and reputation could be harmed by complaints and negative publicity regarding the Company or products.
- Risks Relating to the Business: The company's inability to collect receivables and defaults in payment from its Merchants could adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company may incur additional liabilities from lost or damaged packages or delayed shipments to the extent such losses are not covered by the company's insurance policies, which would adversely affect its results of operations, cash flows and profitability.
- Risks Relating to the Business: The scale of the company's business has increased significantly in recent years as a result of strategic acquisitions and organic growth, with Revenue from Operations increasing by 24.03% to Rs.20,241.41 million in Fiscal 2026 from Rs.16,320.12 million in Fiscal 2025, and by 24.02% to Rs.16,320.12 million in Fiscal 2025 from Rs.13,159.76 million in Fiscal 2024. Its may not be able to sustain such growth rates, and the company's historical growth rates should not be taken as indicative of its future growth prospects.
- Risks Relating to the Business: If the company fails to maintain quality support services to its Merchants, the company's business, financial condition, cash flows and results of operations would be adversely affected.
- Risks Relating to the Business: If the company fails to deliver services in accordance with the contractual requirements of its contracts with Merchants, the company could be subject to significant costs or liability and its business, reputation, cash flows and results of operations could be adversely affected.
- Risks Relating to the Business: Failures to prevent or manage fraudulent transactions and illegal activities on the company's platform, including any violation of its policies or misuse of the company's platform by its Merchants, ecosystem partners, third-party vendors or employees, could harm the company's business and reputation and expose it to liability.
- Risks Relating to the Business: The market for technology solutions in the e-commerce industry is new and evolving, and if this market develops more slowly than its expects or declines, or develops in a way that the company does not expect, its business, financial condition, cash flows and results of operations could be adversely affected.
- Risks Relating to the Business: Some aspects of the company's platforms include open source software, and its use of open source software could negatively affect the company's business, results of operations, cash flows, financial condition, and prospects.
- Risks Relating to the Business: The company may not be able to price its offerings optimally, which can detract from the company's ability to attract new Merchants and retain existing Merchants.
- Risks Relating to the Business: The company may not be able to prevent others from unauthorized use of its intellectual property or may be subject to claims by third parties for alleged infringement, misappropriation, or other violation of their intellectual property or other proprietary rights, any of which could harm the company's business and competitive position.
- Risks Relating to the Business: The company incurred Rs.181.66 million, Rs.65.78 million and Rs.245.16 million for purchase of property, plant and equipment (including other intangible assets and capital advances) in Fiscals 2026, 2025 and 2024, respectively. Its may requires additional capital to support the growth of the company's business and its future capital needs may requires it to obtain additional loans and borrowings or issue equity or debt securities, which may impose restrictions on the company's business activities and dilute its shareholders' equity.
- Risks Relating to the Business: Any failures or significant weakness of the company's internal control systems could result in operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
- Risks Relating to the Business: The company collects and process significant information about its Merchants and end consumers and is subject to various laws, regulations, rules, policies and other obligations regarding cybersecurity, privacy, data protection and information security, and failures to comply with them could subject it to significant reputational, financial, legal and operational consequences.
- Risks Relating to the Business: The company has Total Borrowings of Rs.2,420.12 million as of March 31, 2026. If the company is unable to comply with repayment and other covenants in future financing agreements that its enters into, the company's business, financial condition and cash flows could be adversely affected.
- Risks Relating to the Business: If the company is unable to obtain, renew or maintain the statutory permits, approvals and licenses necessary for the operation of its business, financial condition, cash flows, results of operations and prospects could be materially and adversely affected.
- Risks Relating to the Business: The company has engaged in, and may continue to engage in, related party transactions, which could give rise to conflicts of interest.
- Risks Relating to the Business: The company's business may be adversely affected by labour unrest and union activities and any disputes with its workforce may disrupt the company's business operations.
- Risks Relating to the Business: The company tracks certain operational and non-GAAP measures with internal systems and tools and does not independently verify such measures. Certain of the company's operational measures are subject to inherent challenges in measurement and any real or perceived inaccuracies in such measures may adversely affect its business and reputation.
- Risks Relating to the Business: The company's insurance policies may not be sufficient to protect it from all business risks, and if the company's insurance coverage is inadequate, it may have an adverse effect on its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has no Contingent Liabilities as of March 31, 2026. If the company incurs contingent liabilities in the future and these materialize, they may affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's operating results are subject to seasonal fluctuations, which can adversely impact its business, cash flows, results of operations and profitability.
- Risks Relating to the Business: Certain of the company's Directors, Key Managerial Personnel and Senior Management Personnel have interests in the Company in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: If its cannot maintain the company culture and its values as the company's grow, its business and competitive position may be harmed.
- Risks Relating to the Business: Grant of ESOPs under its ESOP Schemes may result in a charge to the company's profit and loss account and, to that extent, affect its financial condition and cash flows.
- Risks Relating to the Business: The Company has issued securities during the preceding twelve months at a price that may be below the Offer Price.
- Risks Relating to the Business: The company's online marketing services/listings or reviews may constitute internet advertisement, which subjects its to laws, rules, and regulations applicable to advertising.
