Shiprocket Share Price Jumps 9% After Goldman Sachs Buys 0.55% Stake Via Bulk Deal, Two-Day Gains Cross 60%
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Goldman Sachs' bulk purchase of a stake in Shiprocket has fuelled a fresh rally in the stock, pushing its gains since IPO listing past the 60% mark within two trading sessions.
Logistics solutions provider Shiprocket shares extended their post-listing rally on Thursday, August 20, climbing as much as 9.27% to an intraday high of Rs 156.81 apiece, after global investment major Goldman Sachs picked up a stake in the logistics enablement platform through a bulk deal a day earlier.
At the time of writing, Shiprocket shares were trading around Rs 151.49, up 5.6%, after opening at Rs 155.69, an 8.5% jump over Wednesday's close of Rs 143.45. With Thursday's gains, the stock has risen nearly 62% from its IPO issue price of Rs 97 in just two trading sessions.
Goldman Sachs Buys Into Shiprocket
According to NSE bulk deal data, Goldman Sachs India Equity Portfolio purchased 40.24 lakh equity shares of Shiprocket during Wednesday's trading session, translating to roughly a 0.55% stake in the company.
The transaction was valued at around Rs 52.7 crore and was executed at a weighted average price of Rs 131 per share, the same price at which Shiprocket debuted on the NSE.
Shiprocket shares listed on the NSE on Wednesday, August 19, at Rs 131 apiece, marking a 35.05% premium over the IPO issue price of Rs 97. On the BSE, the stock debuted at Rs 129.50, a 33.51% premium to the issue price.
The stock continued to attract buying through the session and closed at Rs 143.10 on the BSE, up 47.53% from its IPO price.
Investors who received the IPO allotment were allotted shares in lots of 154. At the issue price of Rs 97, one lot required an investment of Rs 14,938. Based on Thursday's intraday high of Rs 156.81, the value of one lot would have risen to around Rs 24,148, translating into a gain of about Rs 9,210.
Shiprocket's market capitalisation rose to around Rs 11,153 crore during Thursday's session. Trading activity was also elevated, with BSE turnover touching Rs 104.67 crore as more than 68 lakh shares changed hands.
About The IPO
Shiprocket's Rs 1,617 crore initial public offering was open for subscription from August 12 to August 14, with shares offered in a price band of Rs 92-97 apiece.
The issue comprised a fresh share sale of around Rs 885.50 crore and an offer-for-sale component of up to 7.54 crore shares worth around Rs 732 crore.
According to its Red Herring Prospectus filed with the Securities and Exchange Board of India, Shiprocket plans to use the proceeds from the fresh issue towards marketing investments across its core and emerging business verticals, technology infrastructure and capabilities, and repayment or prepayment of certain borrowings, including accrued interest.
The company has also earmarked funds for potential inorganic growth through acquisitions that have not yet been identified, as well as general corporate purposes.
About Shiprocket
Founded in 2011 and headquartered in Gurugram, Shiprocket is a technology-driven e-commerce enablement platform serving MSMEs, direct-to-consumer brands and large retailers.
The company provides technology-led solutions to help businesses manage and scale their online and offline operations. Shiprocket was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25, according to its IPO documents.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
