Shiprocket Limited IPO — the disclosed details

This page restates the publicly disclosed details of the Shiprocket Limited IPO, taken from the Red Herring Prospectus dated August 5, 2026, the abridged prospectus and the price band advertisement. It contains no view on the offer. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What institutional desks read first — the filed ratios

Everything below is restated from the “Basis for Offer Price” section of Shiprocket Limited’s Red Herring Prospectus dated August 5, 2026 (RHP pp. 166–175), exactly as filed — these are the company’s own disclosures, not a valuation, and no view is offered on them. Figures in parentheses are negative, as printed.

Ratio, as filed	Value
Basic / Diluted EPS (₹) — Fiscal 2026	(1.23) / (1.23), weight 3
Basic / Diluted EPS (₹) — Fiscal 2025	(1.24) / (1.24), weight 2
Basic / Diluted EPS (₹) — Fiscal 2024	(10.32) / (10.32), weight 1
Basic / Diluted EPS (₹) — Weighted Average	(2.75) / (2.75)
P/E at the lower end of the Price Band	Printed [●] in the RHP — “To be computed after finalization of price band.” The price band advertisement dated August 5, 2026 prints it as NA, with: “Since Basic and Diluted Earning Per Share for year ended March 31, 2026 is negative, P/E ratio of the Company is not ascertainable.”
P/E at the higher end of the Price Band	Printed [●] in the RHP, same footnote; NA in the price band advertisement under the same “not ascertainable” wording
Industry Peer Group P/E — Highest / Lowest / Average	47.75 / 47.75 / 47.75 — computed by the filer on the peer’s BSE closing price as on July 22, 2026 divided by its Diluted EPS for FY2026 (single listed peer)
Return on Net Worth — Fiscal 2026	(5.20%), weight 3
Return on Net Worth — Fiscal 2025	(4.99%), weight 2
Return on Net Worth — Fiscal 2024	(46.13%), weight 1
Return on Net Worth — Weighted Average	(11.95%)
NAV per Equity Share (face value ₹10) — as on March 31, 2026	₹23.96
NAV per Equity Share — after the Offer, at Floor / Cap / Offer Price	[●] — “To be computed post finalization of Price Band”
EV/EBITDA — Shiprocket	The RHP states no EV/EBITDA figure for Shiprocket itself; its cell in the filed peer table is printed [●] — “To be included in respect of the Company in the Prospectus based on the Offer Price”

EPS and NAV note, as filed: figures for all years are adjusted under Ind AS 33 for the bonus issue of 265 Equity Shares for every 1 Equity Share held.

Filed key performance indicators (from the RHP’s 27-KPI table, pp. 169–170)

KPI, as filed	Value
Revenue from Operations (₹ mn)	20,241.41 (FY2026); 16,320.12 (FY2025); 13,159.76 (FY2024)
Loss for the year (₹ mn)	(792.45) (FY2026); (744.49) (FY2025); (5,951.81) (FY2024)
Contribution Margin (₹ mn)	3,712.02 (FY2026); 3,062.76 (FY2025); 1,974.31 (FY2024)
Adjusted EBITDA (₹ mn)	176.48 (FY2026); 70.28 (FY2025); (1,279.56) (FY2024)
Adjusted EBITDA Margin	0.87% (FY2026); 0.43% (FY2025); (9.72%) (FY2024)
Power Merchants (count)	10,090 (FY2026); 10,005 (FY2025); 9,020 (FY2024)

Filed peer comparison (RHP p. 168 — as at or for the year ended March 31, 2026)

Listed peer	Face value (₹)	Closing price, Jul 22, 2026 (₹)	Revenue from operations (₹ mn)	EPS basic / diluted (₹)	NAV (₹)	P/E	RoNW	EV/Revenue (x)	EV/EBITDA (x)	ROCE
Shiprocket Limited (Company)	10	NA	20,241.41	(1.23) / (1.23)	23.96	[●]#	(5.20%)	[●]#	[●]#	(2.65%)
Unicommerce Esolutions Limited	1	85.00	2,043.38	1.79 / 1.78	17.17	47.75	10.60%	4.69	24.25	14.60%

# “To be included in respect of the Company in the Prospectus based on the Offer Price,” as printed. Market capitalisation as on July 22, 2026, as filed: Unicommerce ₹9.55 bn; Company [●]#. Peer financials are sourced by the filer from the peer’s annual reports / publicly available information, on a consolidated basis.

The RHP itself states no P/E, post-Offer NAV, market capitalisation, EV/Revenue or EV/EBITDA figure for Shiprocket — each is printed [●] for the Prospectus stage — states no price-to-revenue multiple anywhere in the section, and the words “not ascertainable” appear only in the price band advertisement, not in the RHP; nothing here is computed by this site.

What the company does

Shiprocket Limited describes itself as an end-to-end, new-age, merchant-first, API-led technology platform designed to enable e-commerce transactions for India’s MSMEs and large retailers. Per the offer documents, the platform simplifies logistics, checkout, payments, fulfilment and cross-border trade, enabling merchants to sell online and offline. The company splits its revenue into a Core Business — domestic shipping and shipping apps — and an Emerging Business — the cross-border platform, checkout platform, marketing solutions, hyperlocal deliveries through Shiprocket Quick, and capital solutions. Citing the Redseer Report, the documents state it is the largest new-age end-to-end horizontal e-commerce enablement platform, by revenue from operations, registered in India in Fiscal 2026.

The company was incorporated in New Delhi on September 28, 2011 as Bigfoot Retail Solutions Private Limited and became Shiprocket Limited in February 2025. The offer documents state the company is professionally managed and has no identifiable promoter under the SEBI ICDR Regulations; accordingly there is no promoter group. The largest disclosed pre-offer shareholders (fully diluted) are Bertelsmann Nederland B.V. (21.32%), Tribe Capital III LLC Series 5 (7.75%), Eternal Limited, formerly Zomato Limited (6.85%), Tribe Capital III LLC Series 1 (6.39%), KDT Ventures Holdings (5.49%) and MacRitchie Investments (5.29%), with co-founders Saahil Goel and Gautam Kapoor at 4.84% each.

What the money is for

The offer totals up to Rs 16,174.85 million (Rs 1,617.485 crore) and has two parts: a fresh issue of up to Rs 8,855.00 million, which goes to the company, and an offer for sale of up to Rs 7,319.85 million by nine selling shareholders. OFS money goes to the selling shareholders, not the company — the documents state the company will not receive any proceeds from the offer for sale; each selling shareholder receives the proceeds of its own offered shares, net of its share of offer expenses and taxes.

Object of the fresh issue	Amount, as filed
Investment in the growth of Shiprocket’s platforms, through marketing initiatives and technology infrastructure, primarily for the Emerging Business and for the Core Business	—
Repayment or prepayment, in full or in part, of certain borrowings, including accrued interest	—
Funding inorganic growth through unidentified acquisitions	—
General corporate purposes	—
Fresh issue total	Up to Rs 8,855.00 million

Selling shareholder	Offer for sale, up to
LR India Fund I S.a.r.l. SICAV-RAIF	Rs 2,716.98 mn
Tribe Capital III, LLC – Series 1	Rs 1,200.00 mn
Gautam Kapoor	Rs 610.00 mn
Saahil Goel	Rs 610.00 mn
MCP3 SPV LLC	Rs 555.30 mn
Moore Strategic Ventures	Rs 513.54 mn
Agility International Investment	Rs 211.45 mn
Vishesh Khurana	Rs 200.00 mn
500 Startups III, L.P.	Rs 162.99 mn

What the RHP flags as risks

These are from the company’s own risk-factor section, paraphrased. The full section is in the RHP.

• Past losses. Restated loss for the year was Rs 792.45 million in Fiscal 2026, Rs 744.49 million in Fiscal 2025 and Rs 5,951.81 million in Fiscal 2024. The company states there is no assurance it will not incur losses in the future as it expands. Because FY2026 basic and diluted EPS is negative, the price-to-earnings ratio is not ascertainable.
• Acquisitions. The company may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments; benefits may take considerable time or not materialise, and failure to realise the economic benefit could result in substantial impairment charges.
• Use of proceeds. The funding requirements and proposed deployment of the net proceeds are management estimates, not appraised by any bank, financial institution or independent agency. Management and the Board will have broad discretion over their use, and no definitive utilisation arrangements have been entered into.
• Dependence on merchants. Results and cash flows are significantly impacted by the operational results and business decisions of its merchants, the web traffic they generate, and the company’s ability to attract merchants through online channels — factors it states are beyond its control.
• Operating cash flow. The company used Rs 2,159.92 million of cash in operations in Fiscal 2024 and states it may incur negative operating cash flows in the future as it invests in growth. Net operating cash flow was Rs 526.37 million in FY2026 and Rs 18.97 million in FY2025.
• Logistics partners and fulfilment. Its arrangements with logistics partners are non-exclusive; partners may prioritise competitors, decline to renew contracts, or offer competing services. Inability to manage fulfilment centres efficiently, or to renew related lease and warehouse agreements on favourable terms, may also hurt the business.

The numbers as filed

Item	As filed
Issue size	Up to Rs 16,174.85 million (Rs 1,617.485 crore) — up to 173,503,227 shares at the floor price, up to 166,761,566 at the cap
Fresh issue	Up to Rs 8,855.00 million
Offer for sale	Up to Rs 7,319.85 million
Employee reservation portion	Up to Rs 10.00 million; eligible employees bidding in it get a Rs 9 per share discount
Price band	Rs 92 to Rs 97 per share
Face value	Rs 10 — the floor is 9.2 times face value, the cap 9.7 times
Lot size	154 shares minimum, and in multiples of 154 thereafter
Minimum investment	Rs 14,168 at the floor (154 × Rs 92); Rs 14,938 at the cap (154 × Rs 97)

The band appears only in the price band advertisement dated August 5, 2026; the RHP leaves the field blank by design — that is the normal book-building sequence. The minimum investment is arithmetic from the disclosed lot and band; the documents do not print a separate minimum-investment figure.

Financials, restated and consolidated:

Restated, consolidated	FY2026	FY2025	FY2024
Revenue from operations	Rs 20,241.41 mn	Rs 16,320.12 mn	Rs 13,159.76 mn
Restated loss for the year	Rs 792.45 mn	Rs 744.49 mn	Rs 5,951.81 mn
Loss as a share of revenue	3.91%	4.56%	45.23%
Net operating cash flow	Rs 526.37 mn	Rs 18.97 mn	Rs (2,159.92) mn

FY2026 basic and diluted EPS was Rs (1.23); return on net worth was (5.20)%, with a three-year weighted average of (11.95)%. Net asset value per share was Rs 23.96 as on March 31, 2026.

Who can actually sell on listing day

On listing day, most of Shiprocket’s share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

Here is what this RHP locks, bucket by bucket:

Who	Locked for, per this RHP
Promoter contribution	Not applicable — Shiprocket has no identifiable promoter (the RHP cover page says so), and note 6(a) (p.119) confirms that under Regulation 14(1) there is no minimum promoter’s contribution and none of the Equity Shares will be locked in for eighteen months pursuant to the Offer. The promoter-excess lock-in category does not arise either.
Other pre-IPO holders — the entire pre-Offer capital of 636,278,384 shares	Six months from Allotment under Regulation 17(1) (note 6(b)), except shares sold in the Offer for Sale, ESOP-allotted shares held by eligible employees, and VCF/Category I–II AIF holdings, which are instead locked for six months from their date of purchase. Holders above 20% of pre-Offer capital on a fully diluted basis do not get the AIF/VCF relaxation (Reg 8A(c)).
Anchor investors	Half of any anchor allotment is locked for 30 days from Allotment, the other half for 90 days (note 6(c)). Listing is expected on or about 19 August 2026 — inside both windows, so every anchor share is locked on day one.

The anchor book is now final: allotment was made at Rs 97 per Equity Share — the cap of the band — to 50 anchor investors on 11 August 2026, by the IPO Committee of the Board in consultation with the book-running lead managers, per Shiprocket Limited’s own anchor-allocation intimation letter filed with the BSE and the NSE.

The count at the Rs 97 cap:

Step	Shares	% of post-issue capital
Fresh issue	91,299,203	12.55%
Offer for Sale	75,462,363	10.37%
Total offer	166,761,566	22.92%
Less: anchor allotment, locked 30/90 days	−74,991,568	−10.31%
= Sellable on listing day	91,769,998	12.61%
Locked or not offered — the rest of the register	635,807,589	87.39%
Post-issue capital	727,577,587	100.00%

The allotment came in just inside the ceiling the RHP allows the anchor book, which is 60% of the QIB Portion. The intimation letter states only that the company will abide by Schedule XIII, Part A, Clause 10 of the SEBI ICDR Regulations, 2018; it does not print the split of the anchor allotment between its 30-day and 90-day halves. Neither document sizes those halves separately.

The sellable line assumes the offer is fully subscribed and fully allotted, and every lock-in clock runs from the date of Allotment, not from the date of listing. The locked side is marginally overstated: the RHP does not quantify the ESOP and AIF/VCF carve-outs from the six-month lock, so part of it may come free earlier.

Figures are from the capital-structure and lock-in disclosures in Shiprocket’s RHP dated 5 August 2026, its price band advertisement, and the anchor-allocation intimation letter filed with the BSE and the NSE on 11 August 2026, as of 12 August 2026.

Dates and mechanics

Event	Date
Anchor investor bidding	Tuesday, August 11, 2026
Offer opens	Wednesday, August 12, 2026
Offer closes	Friday, August 14, 2026 — UPI mandate end time 5:00 p.m.
Basis of allotment	Monday, August 17, 2026 (on or about)
Credit to demat accounts	Tuesday, August 18, 2026 (on or about)
Trading commences	Wednesday, August 19, 2026 (on or about)

All post-close dates are printed as “on or about” — indicative, not guaranteed.

Listing is on the mainboard of NSE and BSE; NSE is the designated stock exchange. In-principle approvals from both exchanges are dated October 24, 2025.

This is a 100% book-built offer under Regulation 6(2) of the SEBI ICDR Regulations — the RHP states the company does not meet Regulation 6(1)(b).

Bucket	Share of net offer
QIBs	Not less than 75%
Non-institutional bidders	Not more than 15%
Retail	Not more than 10%

That retail share is smaller than the 35% seen in Regulation 6(1) offers.

Book-running lead managers: Axis Capital Limited, BofA Securities India Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited. Registrar: KFin Technologies Limited, Mumbai (contact: M. Murali Krishna; shiprocket.ipo@kfintech.com).

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Information as of 10 Aug 2026, with the anchor and float figures updated 12 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.