Shiprocket confidentially files draft IPO papers with SEBI

Logistics and supply chain platform Shiprocket has pre-filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchange, as per a newspaper advertisement released by the company.

The newspaper advertisement also noted that the submission of the pre-filed DRHP does not necessarily indicate that the company will proceed with the initial public offering.

The New Delhi-based firm is reportedly looking to raise Rs 2,000–2,400 crore through its initial public offering (IPO), comprising a primary issue of Rs 1,000–1,200 crore and the rest via an offer for sale (OFS).

According to several media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering.

Earlier this year, the Temasek-backed firm converted itself into a public company, marking a significant step toward its planned initial public offering (IPO). Entrackr was the first to report this development.

Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions.

Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V. is the largest external stakeholder, followed by Tribe. Zomato, Temasek, LightRock, and PayPal are other notable investors in Shiprocket.

During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. 

It competes with Unicommerce, which recently acquired Shipway, along with other players such as Shipyar, among others.