Shiprocket IPO Fully Subscribed on Day 2 as Retail and Employee Demand Surges

Shiprocket's Rs 1,617.48-crore initial public offering crossed full subscription on the second day of bidding on Thursday, with strong demand from retail investors and company employees pushing the overall subscription level to roughly 3.08 times by late evening.

Subscription Breakdown

The e-commerce logistics platform's IPO saw its Employee (EMP) reserved category lead the charge, subscribed 13.59 times, followed by Retail Individual Investors (RIIs) at 9.76 times and Non-Institutional Investors (NIIs) at 4.70 times. The Qualified Institutional Buyers (QIB) category, which typically sees the bulk of its demand come in on the final day of bidding, stood at a modest 0.03 times as of Thursday evening — a pattern common to most Indian IPOs, where institutional investors tend to place their bids closer to the subscription window's close.

Earlier in the day, the issue had crossed the halfway mark relatively quickly, with overall subscription at around 2.03 times by early afternoon before climbing steadily through the rest of the trading session as retail participation picked up pace.

Deal Details

The IPO comprises a fresh issue worth Rs 885.50 crore alongside an offer for sale of Rs 731.98 crore, with the price band fixed at Rs 92 to Rs 97 per share and a lot size of 154 shares. The issue opened for subscription on August 12 and is scheduled to close on August 14, with the grey market premium (GMP) hovering at around 35 percent over the upper end of the price band as of Thursday — an indicator of the relatively healthy listing gains the market is currently pricing in, though grey market premiums remain unofficial and can shift meaningfully before listing.

Following the close of bidding, the basis of allotment is expected to be finalised on August 17, with refunds and share credits scheduled for August 18. Shiprocket's shares are tentatively set to debut on the NSE and BSE on August 19, 2026.

What's Driving the Demand

Shiprocket has built its business around providing logistics, shipping and fulfilment infrastructure for small and mid-sized e-commerce sellers in India, a segment that has grown rapidly alongside the broader expansion of online retail and D2C brands in the country. The company's positioning at the intersection of e-commerce enablement and logistics technology has made it one of the more closely watched IPOs of this earnings season, with investors weighing its growth trajectory against a broader environment of mixed sentiment toward new-age technology listings in India.

The strong retail and employee subscription on day two suggests healthy investor appetite heading into the issue's final day, though the QIB category's eventual participation on August 14 will likely be the more decisive factor in determining the overall subscription multiple and, by extension, sentiment heading into the stock's listing.

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