E-commerce enablement platform, Shiprocket, aims to raise over ₹2,342 crore through its initial public offering (IPO), said the company on Saturday after filing updated draft papers with the Securities and Exchange Board of India (Sebi).
As per the papers filed on Friday, the Temasek-backed company plans to use the proceeds to support the growth of Shiprocket’s platforms by investing in marketing initiatives and strengthening its technology infrastructure for both its core and emerging businesses.
The IPO is a combination of a fresh issue of equity shares aggregating up to ₹1,100 crore along with an offer for sale of ₹1,242.3 crore by the selling shareholders, according to the updated draft red herring prospectus (UDRHP).
As part of the OFS, Lightrock, Tribe Capital, Bertelsmann, Arvind Ltd, Gautam Kapoor, Saahil Goel, and Vishesh Khurana will be diluting their stakes. It may also pursue a pre-IPO placement of up to ₹220 crore, which, if undertaken, would accordingly adjust the fresh issue size.
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Additionally, a portion of the funds will be used to repay or prepay certain borrowings, along with the related interest, while the company also intends to deploy part of the proceeds towards inorganic growth through potential acquisitions and for general corporate purposes.
Backed by marquee investors like Temasek and Zomato, Shiprocket evolved from a shipping provider to a full-stack e-commerce enabler for direct-to-consumer (D2C) brands and MSMEs.
It had first filed its draft IPO papers with Sebi through the confidential filing route in May and subsequently received approval in November to launch the public issue. Following this approval, it was required to submit updated documents.
The company operates through two segments – Core Business and Emerging Business, with the former comprising its domestic shipping platform and shipping apps that provide end-to-end shipping solutions in India, including multi-modal transport, AI-based logistics allocation, order management and tracking tools.
The emerging business section focuses on newer offerings such as cargo and fulfilment services, cross-border shipping, ads and marketing solutions, capital solutions and hyperlocal deliveries, aimed at helping merchants expand and scale their operations.
Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the public offering.
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