Shiprocket IPO: Is the Issue Worth Subscribing To?
Ashish Sukhadeve
Shiprocket IPO: Shiprocket opened its Rs 1,617 crore IPO on August 12, 2026, with investors evaluating its growth prospects, financial performance and valuation.
Price Band: The IPO carries a price band of Rs 92-97 per share, with subscription remaining open until August 14, 2026.
Core Business: Shiprocket's domestic shipping business contributes 73 per cent of operating revenue and has demonstrated profitability alongside improving operational efficiency.
Merchant Acquisition: The company's core customer acquisition cost declined from Rs 4,101 in FY24 to Rs 2,829 during FY26.
Cash Flow: Shiprocket's operating cash flow turned positive at Rs 52.6 crore in FY26, compared with an outflow of Rs 216 crore previously.
Emerging Businesses: Newer businesses including cross-border logistics, hyperlocal services and marketing tools continue consuming profits generated by Shiprocket's established shipping operations.
Courier Dependence: Shiprocket relies heavily on third-party courier companies, with five partners handling 84.5 per cent of shipment volumes during FY26.
Power Merchants: Power merchants represent only 4.7 per cent of merchants but generate nearly 89 per cent of Shiprocket's FY26 revenue.
Valuation At the IPO valuation, Shiprocket trades around 3.5 times FY26 revenue, but retained revenue suggests a significantly higher effective valuation.