🚫 Avoid
Listed
Software Products
Shiprocket Limited IPO
₹1,617 Cr · Fresh Issue & OFS · Software Products
Price Band
₹92 – ₹97
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹1,617 Cr
Fresh Issue & OFS
Market Cap
₹7057.50 Cr
At upper band
P/E Ratio
89.1x
P/S: 3.5x
Listing Date
19 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
12 Aug 2026
✓
Closes
14 Aug 2026
✓
Allotment
17 Aug 2026
✓
Refund
18 Aug 2026
✓
Listing
19 Aug 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company is loss-making with a net profit of ₹-79.25 Cr in the latest fiscal year, making it ineligible for Subscribe consideration under any valuation framework. At 89.1x P/E (unmeasurable due to negative earnings) and 3.5x P/S, the valuation is extreme relative to IT/Software sector midpoint of 28.5x, and the 45.3% OFS component signals heavy insider selling into a bullish subscription environment.
Listing Performance
Issue Price
₹97
Allotment price
Listing Price
₹129.5
+33.51% on listing day
Current Price (CMP)
₹126.45
+30.4% vs issue
Listed On
19 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong revenue growth trajectory
The company achieved 23.7% revenue CAGR over two years, growing from ₹1,357.8 Cr (FY-2) to ₹2,077.4 Cr (FY0), demonstrating sustained market traction in the logistics software segment. This growth rate exceeds the 20% threshold typically associated with high-conviction growth stories.
✓ Strength
Tier-1 lead manager syndicate
Axis Capital, BofA Securities, JM Financial, and Kotak Mahindra Capital represent a credible underwriting consortium with strong institutional distribution networks. This reduces execution risk and suggests institutional confidence in the business model.
⚠ Risk
Significant operating losses and negative ROCE
The company reported a net loss of ₹79.25 Cr despite ₹2,024.14 Cr in revenue, indicating a net profit margin of -3.9%. ROCE of -2.65% confirms the business is destroying shareholder capital, not generating returns on invested capital.
⚠ Risk
Extreme valuation with no profitability anchor
At 3.5x P/S, the company trades at a significant premium to SaaS/software product peers, yet has no earnings to justify premium multiples. The P/E of 89.1x is mathematically meaningless given negative earnings, and the market cap of ₹7,057.50 Cr implies investors are pricing in aggressive future profitability that remains unproven.
₹ Valuation
Valuation disconnected from sector norms
At 3.5x P/S, the company commands a premium to IT/Software sector norms (typically 2.5–4.0x for profitable peers). The P/E ratio is unmeasurable due to losses, but the implied valuation assumes the company will achieve 15%+ net margins within 2–3 years—a claim unsupported by current trajectory or management guidance.
👁 Watch
Path to profitability and cash burn rate
Investors must closely monitor quarterly cash burn, operating expense trends, and management's revised timeline to profitability. Any extension of the loss-making period or acceleration of cash burn would justify significant downside re-rating post-listing.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Shiprocket Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹2024.14 Cr
Net Profit
₹-79.25 Cr
Industry
Software Products
Issue Type
Fresh Issue & OFS
Promoters
NA (Professionally managed company with no identifiable promoter)
Lead Managers
Axis Capital, BofA Securities, JM Financial and Kotak Mahindra Capital
Quick Actions
Frequently Asked Questions
Avoid. The company is loss-making with a net profit of ₹-79.25 Cr in the latest fiscal year, making it ineligible for Subscribe consideration under any valuation framework. At 89.1x P/E (unmeasurable due to negative earnings) and 3.5x P/S, the valuation is extreme relative to IT/Software sector midpoint of 28.5x, and the 45.3% OFS component signals heavy insider selling into a bullish subscription environment.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹92 – ₹97.
The IPO opens on 12 Aug 2026. It closes on 14 Aug 2026. Allotment is expected on 17 Aug 2026. Refunds initiate on 18 Aug 2026. Listing on BSE and NSE is on 19 Aug 2026.
The lead managers for the IPO are Axis Capital, BofA Securities, JM Financial and Kotak Mahindra Capital. Check the SEBI filing for the registrar details.
The IPO listed on 19 Aug 2026 at ₹129.5 against an issue price of ₹97 (+33.51% on listing day). The current market price (CMP) is approximately ₹126.45 (+30.4% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 14 Aug 2026. The company is loss-making with a net profit of ₹-79.25 Cr in the latest fiscal year, making it ineligible for Subscribe consideration under any valuation framework. At 89.1x P/E (unmeasurable due to negative earnings) and 3.5x P/S, the valuation is extreme relative to IT/Software sector midpoint of 28.5x, and the 45.3% OFS component signals heavy insider selling into a bullish subscription environment.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 14 Aug 2026. The IPO is priced at a P/E of 89.1x. Market cap at issue price is ₹7057.50 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 14 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Shiprocket Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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