| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹92 to ₹97 | 154 | 12th Aug, 2026 – 14th Aug, 2026 | ₹1617 Cr |
Shiprocket Limited
Shiprocket Limited is an end-to-end, merchant-first and API-led e-commerce enablement platform providing integrated solutions across logistics, shipping, checkout, fulfilment, payments, and cross-border trade. The company is the largest new-age horizontal e-commerce enablement platform in India by FY26 revenue and caters to MSMEs and large retailers selling through online and offline channels. Its business is broadly divided into Core Business and Emerging Business. The Core Business, comprising Domestic Shipping and Shipping Apps, contributes 73.4% of FY26 revenue, offering access to logistics partners along with services such as tracking, COD remittance, shipment protection, returns and shipping management. The Emerging Business contributes the remaining 26.6% of revenue and includes Cargo and Fulfilment, Cross-border, Ads and Marketing Solutions and other merchant solutions such as Fastrr Checkout, Shiprocket Fintech and Shiprocket Quick. Shiprocket follows an asset-light, consumption-based model, with revenue linked to merchant usage, transaction volumes and GMV processed, and is supported by an ecosystem of over 250 partners across logistics, payments, technology, and fulfilment. In FY26, the platform served 214,769 active merchants, which processed 202.1 million transactions and reached 69.6 million end consumers, providing a strong base for expanding its share of merchant spending across the e-commerce value chain.
Objective of Shiprocket Limited
The company proposes to utilize the proceeds from the issue towards the following objects:
- Investment in the growth of Shiprocket’s platforms by way of: (a) investment in marketing initiatives primarily for its Emerging Business and Core Business; and (b) investment in technology infrastructure and capabilities primarily for its Emerging Business and Core Business.
- Repayment/prepayment, in full or in part, of certain borrowings availed of by the Company, including payment of the interest accrued thereon.
- Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Rationale To Shiprocket Limited
Investment Rationale
Large merchant ecosystem supports scalable growth and operating leverage
Shiprocket’s asset-light, technology-led model and large merchant ecosystem provide significant operating leverage and scope for scalable growth. Its Core Business has remained profitable since FY22, with revenue growing at a 17.0% CAGR during FY24-FY26, while Adjusted EBITDA increased from Rs. 72 crores to Rs. 187 crores, reflecting improving profitability as the business scales. As the largest new-age horizontal e-commerce enablement platform in India by FY26 revenue, Shiprocket served 214,769 active merchants, enabling it to aggregate demand across logistics and fulfilment partners and expand its service portfolio without significant investment in physical infrastructure. The scale of its merchant base also creates low-cost cross-selling opportunities, allowing the company to introduce new offerings such as same-day and next-day delivery, fulfilment, financing, and cross-border solutions to existing merchants. This is reflected in product adoption, with 75.5% of Power Merchants using more than two products and 58.3% using more than three products across Core and Emerging Businesses in FY26. Further, 96.7% of merchant onboarding was completed without support team intervention, supporting cost efficiency and reducing incremental acquisition costs. With low capital intensity and increasing wallet share from existing merchants, Shiprocket has the potential to improve unit economics and margins as transaction volumes and product penetration increase.
Platform network effects strengthen customer retention and acquisition efficiency
Shiprocket’s integrated platform benefits from data-driven network effects, where a growing merchant and consumer base generates higher transaction volumes and richer data, enabling the company to continuously improve its technology, logistics offerings and merchant experience. The platform has processed over 730 million unique transactions and served more than 155 million end consumers since inception, providing extensive data on consumer behaviour, order patterns and shipping trends. This data increasingly supports AI-led capabilities, with its RTO (Return to Origin) product achieving 83.0% accuracy in identifying high-risk shipments and its checkout platform pre-filling 92.8% of shipping addresses in FY26. These capabilities can improve merchant conversion, fulfilment efficiency and customer experience, strengthening merchant retention. The platform also benefits from a self-serve, digital-first model, with 96.7% of Core Business merchants onboarded without support intervention. This has helped drive organic traffic of ~2.3 million monthly visitors and reduce Core Business customer acquisition cost from Rs. 4,101 in FY24 to Rs. 2,829 in FY26. As the ecosystem expands, greater data availability and platform engagement can create a reinforcing cycle of higher transactions, better product capabilities, stronger merchant retention and lower acquisition costs, supporting sustainable growth and improving unit economics.
Valuation of Shiprocket Limited
Shiprocket Limited is a leading technology-led e-commerce enablement platform offering an integrated suite of solutions across domestic shipping, fulfilment, cross-border commerce, checkout, payments, and other merchant services. Its asset-light business model, large merchant ecosystem and expanding product portfolio provide multiple avenues for scalable growth, while its profitable Core Business and growing Emerging Business create a strong foundation for improving profitability. The company is also well positioned to benefit from the favourable e-commerce environment, with India’s e-commerce enablement market estimated at Rs. 10-11 trillion and Direct Commerce expected to grow at 20-25% CAGR through CY30. Shiprocket has demonstrated strong revenue growth, with revenue increasing from Rs. 1,316 crores in FY24 to Rs. 2,024 crores in FY26, a 24.0% CAGR, while EBITDA loss narrowed from Rs. 293 crores to Rs. 67 crores and PAT loss reduced from Rs. 595 crores to Rs. 79 crores during the same period. Although positive CFO of Rs. 53 crores in FY26 indicates improving cash generation, it was supported by significant non-cash share-based payment expenses and favourable working-capital movements. While profitability remains a key monitorable, improving operating leverage, increasing merchant wallet share and the scalability of its Core Business provide a credible path towards sustainable profitability. Considering its market leadership, strong growth prospects, asset-light model, and favourable long-term e-commerce outlook, we believe Shiprocket is well positioned to benefit from India’s structural e-commerce growth. Accordingly, we assign a ‘SUBSCRIBE’ rating to the issue.
What is the Shiprocket Limited IPO?
The initial public offer (IPO) of Shiprocket Limited an early investment opportunity in. A stock market investor can buy Shiprocket Limited IPO shares by applying in IPO before All Shiprocket Limited shares get listed at the stock exchanges. An investor could invest in Shiprocket Limited for short term listing gain or a long term.
How to apply for the Shiprocket Limited IPO through StoxBox?
To apply for the Shiprocket Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Shiprocket Limited IPO open?
Shiprocket Limited IPO is opening on 12th Aug 2026. Apply Now
What is the lot size of the Shiprocket Limited IPO?
The Lot Size of Shiprocket Limited 154 equity shares. Login to your account now.
When is the Shiprocket Limited IPO allotment date?
The allotment Date for Shiprocket Limited IPO is 17th Aug 2026. Login to your account now.
When is the Shiprocket Limited IPO listing date?
The listing Date for Shiprocket Limited is 19th Aug 2026. Login to your account now
What is the minimum investment required for the Shiprocket Limited IPO?
In the Retail segment the minimum investment required is Rs 14,938 Login to your account now
What is the maximum investment allowed for Shiprocket Limited IPO?
In the Retail segment the maximum investment requirement Rs 1,94,194 Login to your account now
What are the risks associated with investing in the Shiprocket Limited IPO?
- The company does not have exclusive arrangements with its logistics partners, including couriers, suppliers, and cargo partners. These partners may prioritize services to competitors, refuse to renew their contracts with the company, or expand their offerings to provide similar services. Any such developments could adversely affect the company’s business, financial condition, cash flows and results of operations.
- The company reported Restated Loss for the year of Rs. 79 crores, Rs. 74 crores and Rs. 595 crores in FY26, FY25 and FY24, respectively. If the company is unable to generate adequate revenue growth and manage its expenses, it may continue to incur significant losses.
- 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 can generate, and its ability to attract Merchants through online channels, all of which are beyond its control.
When will the Shiprocket Limited IPO shares be credited to my Demat account?
The Shiprocket Limited will be credited to the account on allotment date which is 17th Aug 2026. Login to your account now
Where can I find the Shiprocket Limited IPO prospectus?
The prospectus of Shiprocket Limited IPO prospectus can be found on the website of SEBI, NSE and BSE
