Shiprocket's IPO was subscribed 102 times, and it lists on Wednesday
Investors bid for 938 crore shares against an offer of 9.44 crore. The logistics company raised about Rs 1,617 crore and is due to debut on 19 August.
Shiprocket closed its IPO on 14 August at 102.28 times subscribed. Bids came in for 938 crore shares against an offer of 9.44 crore, according to The Financial Express. That is about Rs 91,000 crore of demand from 47.92 lakh applications.
Qualified institutional buyers, who were light on the first two days, finished at 125.20 times. Non-institutional investors were 92.58 times. Retail was 48.38 times. Employees, offered a Rs 9 discount, were 58.85 times.
The issue was a fresh sale of Rs 885.50 crore plus an offer for sale of Rs 731.98 crore, in a price band of Rs 92 to Rs 97. Economic Times puts the amount raised at Rs 1,617.48 crore. Grey-market talk late in the week put a Rs 34 premium on the upper band, or about 35 percent, which is not an official number and moves around.
Allotment is due by 17 August, credits and refunds by 18 August, and listing on the exchanges on 19 August. Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital ran the books.
A 102-times book is a loud signal in a week when India's primary market is already busy. ET says 42 mainline companies have raised Rs 54,378 crore this year, and five more issues, led by Horizon Industrial Parks and Lalithaa Jewellery Mart, open from Monday. Shiprocket is the e-commerce logistics name a lot of small sellers already use. The listing will show whether that 102-times demand was real money or just an oversubscribed book that fades on day one.
Wednesday's open is the test. Dhoot Transmission and Molbio Diagnostics list on Monday, Milky Mist on Tuesday, Shiprocket and Behari Lal Engineering on Wednesday. If Shiprocket holds a premium, more consumer-tech paper will try to follow. If it does not, the next few books will reprice fast.