E-commerce enablement firm Shiprocket has pre-filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to an advertisement published in a financial daily on Wednesday.
The public announcement is pursuant to Regulation 59C(5) of the SEBI ICDR Regulations, the newspaper advertisement stated.
The Temasek- and Zomato-backed company is looking to raise around Rs 2,000–2,500 crore through the public issue. The offer will comprise a mix of a fresh issue and an offer for sale (OFS) by existing investors.
Shiprocket has onboarded Axis Capital Ltd, BofA Securities, JM Financial, and Kotak Mahindra Capital Company Ltd as merchant bankers.
The funds raised from the fresh issue, if included, are likely to be allocated towards product development, strategic acquisitions, expansion of logistics and warehousing infrastructure, and enhancement of the company’s technology stack, a source privy to the matter said.
In an earlier interaction, Saahil Goel, managing director and chief executive officer of Shiprocket, shared that the company would ramp up acquisitions this calendar year, identifying the four pillars of its acquisition strategy as businesses in fulfilment and shipping, finance, payments, and marketing. “We have been acquisitive in the past. We have been profitable for this financial year, and we will end the year the same way, which means we have the capability to use cash to drive acceleration. If you ask me if we will ramp up this year, the answer is yes,” Goel said.
