🚫 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 against a software sector midpoint of 28.5x, the valuation is extreme even for a high-growth SaaS business, and the 45.3% OFS component signals significant insider selling pressure.
Listing Performance
Issue Price
₹97
Allotment price
Listing Price
₹129.5
+33.51% on listing day
Current Price (CMP)
₹134.05
+38.2% vs issue
Listed On
19 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong revenue growth trajectory
The company has delivered a 23.7% revenue CAGR over two years, growing from ₹1,357.8 Cr to ₹2,077.4 Cr, demonstrating market traction in the logistics software space. This growth rate exceeds the 20% threshold typically required for high-conviction growth stories.
✓ Strength
Tier-1 lead manager syndicate
The IPO is backed by Axis Capital, BofA Securities, JM Financial, and Kotak Mahindra Capital, all reputed institutions that typically conduct rigorous due diligence. This reduces execution and governance risk relative to smaller-cap IPOs.
⚠ Risk
Persistent operating losses and negative ROCE
The company reported a ₹79.25 Cr net loss in FY0 despite ₹2,024 Cr in revenue, indicating a negative net profit margin of -3.9%. ROCE of -2.65% signals the business is destroying shareholder capital, not creating it, raising fundamental questions about unit economics and path to profitability.
⚠ Risk
Extreme valuation with no earnings anchor
At 3.5x P/S and an unmeasurable P/E (due to negative earnings), the company is priced at a significant premium to software sector norms (22–35x P/E, typically 1.5–2.5x P/S for profitable peers). Without profitability, there is no earnings multiple to justify the valuation, leaving investors exposed to sentiment-driven repricing.
₹ Valuation
Valuation disconnected from profitability
The P/S ratio of 3.5x sits at the high end of SaaS norms, but this is only defensible for highly profitable, fast-scaling businesses. Shiprocket's negative net margin and -2.65% ROCE make the 3.5x P/S unjustifiable; comparable profitable software companies trade at 1.5–2.5x P/S with 25–35x P/E on positive earnings.
👁 Watch
Path to profitability and cash burn rate
Investors must closely monitor quarterly cash burn, operating leverage trends, and management guidance on when the company expects to reach breakeven. Any deterioration in burn rate or further delays to profitability should trigger immediate portfolio review.
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 against a software sector midpoint of 28.5x, the valuation is extreme even for a high-growth SaaS business, and the 45.3% OFS component signals significant insider selling pressure.
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 ₹134.05 (+38.2% 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 against a software sector midpoint of 28.5x, the valuation is extreme even for a high-growth SaaS business, and the 45.3% OFS component signals significant insider selling pressure.
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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