Gurugram-based e-commerce logistics and shipping platform Shiprocket Limited made a strong stock market debut on Wednesday. Shares listed at ₹131 on the National Stock Exchange (NSE) and ₹129.50 on the Bombay Stock Exchange (BSE), representing premiums of 35 per cent and 33.5 per cent respectively over the IPO issue price of ₹97.
The listing performance was broadly in line with grey market expectations, which had anticipated a premium of around 36 per cent ahead of the debut. Strong investor demand drove the stock to an intraday high of ₹156 before it settled lower, closing its first day of trading at ₹143.45 on the NSE. This marked a gain of 47.53 per cent over the IPO issue price. The stock opened at ₹131 and did not trade below that level throughout the session, recording a volume-weighted average price (VWAP) of ₹140.37.
Total traded volume on the NSE reached 2,240 lakh shares, with a traded value of ₹3,144 crore for the day. The company's total market capitalisation closed at approximately ₹10,412 crore.
Shiprocket priced its initial public offering at the upper end of its ₹92–97 band, successfully raising ₹1,617 crore. The public issue comprised a fresh issue worth ₹885.50 crore and an offer for sale of ₹731.98 crore by existing shareholders. Earlier, the company had planned a larger issue of around ₹2,342 crore before scaling it down.
Backed by institutional investors including Temasek, Eternal, Tribe Capital, and Bertelsmann, Shiprocket reported operating revenue of ₹2,024 crore in FY26, marking a 24 per cent year-on-year increase. Over the FY24–FY26 period, the company recorded a revenue CAGR of 24 per cent. Despite top-line growth, the firm remains loss-making, with net losses widening 6.8 per cent to ₹79 crore during FY26, though adjusted losses narrowed from ₹351 crore in FY24 to ₹76 crore in FY26. Cash flow from operations turned positive at ₹52.6 crore as of March 31, 2026. The company currently trades at a Price-to-Sales multiple of approximately 2.7x on a post-issue basis, with no P/E ratio calculable given ongoing losses.
"Shiprocket's successful market debut demonstrates healthy investor confidence in India's e-commerce enablement and logistics infrastructure sectors. While the strong listing premium reflects positive sentiment and solid institutional backing from investors like Temasek and Tribe Capital, the company's path forward will depend on balancing top-line revenue growth with a clear trajectory toward sustained profitability. Turning cash flow positive from operations is an encouraging step for a growth-stage logistics platform scaling its operations." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
