Shiprocket Files Updated DRHP For INR 2,342 Cr IPO

Logistics unicorn Shiprocket has filed its updated draft red herring prospectus (UDRHP) with SEBI for INR 2,342.3 Cr IPO.

The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 1,100 Cr and an offer-for-sale (OFS) component of up to INR 1,242.3 Cr. 

Cofounders Gautam Kapoor, Saahil Goel and Vishesh Khurana, along with institutional investors LR India Fund I, Arvind Ltd, Tribe Capital III, MCP3 SPV LLC, and Bertelsmann Nederland B.V., will offload shares via the OFS.

Shiprocket plans to use INR 505 Cr from the IPO proceeds for investments in its platforms, primarily for the emerging business and its core business. Of this, INR 294 Cr will be deployed for marketing initiatives and INR 211 Cr will be set aside for strengthening technology infrastructure.

The company plans to use INR 210 Cr for debt repayment, while the remaining proceeds will go towards funding inorganic growth through unidentified acquisitions and general corporate purposes.

(The story will be updated soon)

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