Shiprocket IPO
Shiprocket IPO is a mainboard IPO raising ₹1,617 Cr at ₹92 – ₹97 a share. It listed on 19 Aug 2026 at ₹131, +35.1% against its issue price of ₹97, and trades at ₹134 today (+38.1% since issue). It was subscribed 99× in total.
99.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Shiprocket is a technology platform that enables India's MSMEs and large retailers to sell directly to end consumers online. It aggregates logistics and other service providers and offers merchants tools for domestic shipping, fulfilment, cross-border deliveries, checkout and payments, and marketing. Per the Redseer Report, it is the largest new-age end-to-end horizontal e-commerce enablement platform in India by revenue from operations in FY26.
How it earns
Primarily on a consumption-based (pay-per-use) model: revenue is earned per shipment, per order processed, per cargo/cross-border shipment, per hyperlocal delivery, as a percentage of Average Order Value (AOV) for services like Early COD, Shiprocket Secure and Fastrr Checkout, and as a percentage of partner income for credit/financing referrals.
Who buys
No named key customers disclosed. Served 214,769 Active Merchants in FY26 (10,090 Power Merchants, 4.70% of the Active Merchant base) across categories such as beauty and personal care, apparel and footwear, home décor and electronics. Top 250 Power Merchants include Brand.com platforms and offline brands; the remaining Power Merchants comprise midsize websites and marketplaces, and the wider base includes offline retailers and social sellers. End consumers served reached 69.58 million in FY26 (57.78% repeat rate). Specific top-merchant revenue concentration % is referenced in a footnote but the figure is [●] in this excerpt.
Scale
Revenue from Operations ₹2,024.14 crore in FY26 (vs ₹1,315.98 crore in FY24). 214,769 Active Merchants; 10,090 Power Merchants; 202.08 million unique transactions; 69.58 million end consumers served (FY26); 250+ ecosystem partners (Apr 2021–Mar 2026); cross-border reach via 21 supply chain partners across 5 lanes to 146 countries (FY26); Revenue from Operations per Employee ₹14.77 lakh in FY26. (Prospectus figures were stated in ₹ million; conversion: 1 crore = ₹10 million.)
What it says sets it apart
- Profitable, scaling Core Business – Core Business has been profitable since FY22; Core Business revenue grew at 17.02% CAGR from FY24 to FY26 (₹1,084.66 crore to ₹1,485.41 crore) and Core Business Adjusted EBITDA rose from ₹72.17 crore in FY24 to ₹186.64 crore in FY26.
- Asset-light operating model – Shiprocket owns no delivery fleet or fulfilment centres; gross additions to PP&E were just 0.88% of revenue from operations in FY26.
- Digital, low-touch merchant acquisition – 96.73% of FY26 Core Business merchant onboarding was completed without support-team intervention, avoiding the cost of a large salesforce.
- AI/ML trained on a large proprietary dataset – analyses data on 155 million+ end consumers and 730 million+ unique transactions (Oct 2016–Mar 2026); RTO risk-flagging accuracy of 83.01% and 92.83% of shipping addresses pre-filled at checkout in FY26.
- Network effects across product lines – Power Merchant base grew at a 5.77% CAGR from FY24 to FY26; repeat end-consumer rate rose from 46.79% (FY24) to 57.78% (FY26).
Revenue mix
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹2,024 Cr+24% | ₹-79 Cr | -3.9% | ₹1,524 Cr | ₹242 Cr |
| FY2025 | ₹1,632 Cr+24% | ₹-74 Cr | -4.6% | ₹1,491 Cr | ₹245 Cr |
| FY2024 | ₹1,316 Cr | ₹-595 Cr | -45.2% | ₹1,286 Cr | ₹213 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 123× their allocation. Retail: 46×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Axis Capital Limited — median +35.0% across the 112 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 25 Sept 2026.
Track SHIPROCKET LIMITED
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