Shiprocket To File DRHP Via Confidential Route For INR 2,500 Cr IPO

Logistics unicorn shiprocket reportedly plans to file its draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) via the confidential pre-filling route in the next couple of days.

Citing sources, Economic Times reported that the company’s board has already approved its IPO plans. The Delhi NCR-based company has lined up Axis Capital, Kotak Mahindra, JM Financial and Bank of America as bankers for its public issue.

As per the report, the startup plans to raise INR 2,000 Cr to INR 2,500 Cr via its public issue. The IPO will reportedly comprise a fresh issue of shares worth INR 1,000 Cr to INR 1,200 Cr and the remaining will be an offer-for-sale (OFS) component.

“Shiprocket’s board has approved the IPO plan and the company is planning to file its papers in a day or two under SEBI’s confidential filing route. It is targeting a size of INR 2,000-2,500 Cr for the issue,” a source was quoted as saying.

The report added that the Zomato-backed unicorn grew in a range of 20-25% in FY25.

Shiprocket declined to comment on Inc42’s queries on the development.

In January this year, Shiprocket’s board passed a resolution to convert it into a public entity from a private one.

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket aggregates third-party logistics players. It works with 17 courier partners such as Delhivery, FedEx, Aramex, Xpressbees, DTDC, Shadowfax, among others, to offer shipping solutions in India and more than 200 countries.

On the financial front, Shiprocket’s operating revenue jumped 20.8% to INR 1,316 Cr in FY24 from INR 1,089 Cr in the previous fiscal year. However, net loss widened 74.4% to INR 595 Cr in the period under review from INR 341 Cr in FY23.

The Wave Of Confidential IPO Fillings 

This comes at a time when a slew of new-age tech companies are opting for the confidential route to file their DHRPs. Earlier this year, D2C audio and wearable brand boAt and edtech major PhysicsWallah filed their IPO papers via the confidential route.

Besides, wealthtech startup Groww is also planning to file its DRHP via the same route. Listed foodtech major Swiggy also first filed its DHRP via the confidential route before listing on the bourses last year.

Filing draft prospectus via confidential route helps companies protect their sensitive internal data and delay public disclosures of their financials and other details about the IPO. The information stated in the DRHP about the company only gets public after it gets approved by the markets regulator.

According to Inc42’s IPO tracker, over 20 new-age tech companies in the country are eyeing a listing on the bourses this year. Of these, 11 have filed their DRHPs so far. While the likes of ArisInfra, Avanse Financial Services and BlueStone have got the regulator’s go ahead to proceed with the IPO, Ather Energy is the only such company to make its stock market debut this year so far.