Its shares traded at 142 rupees, compared with the issue price of 97 rupees apiece.
India's online retail gross merchandise value is expected to grow at a compounded annual rate of 20%-25% between 2025 and 2030, driven by increasing internet penetration, rising digital payments adoption and growing demand from consumers in smaller cities and towns, as per analysts.
Shiprocket, which competes with Delhivery (DELH.NS) and Blue Dart Express (BLDT.NS), operates an integrated logistics platform that helps manage shipping, fulfillment, payments and other online commerce operations.
"Its asset-light, technology-driven model supports scalability and efficiency, while debt reduction from IPO proceeds is expected to improve profitability," Geojit Financial Services said in a note last week.
Shiprocket's IPO is among India's largest technology listings this year and comes on the back of a pick-up in primary market activity following this year's muted first half. It is also the third Temasek-backed company to go public in August, after Manipal Health Enterprises (MNIA.NS) and Milky Mist Dairy Food (MILY.NS).
Shiprocket plans to use the IPO proceeds for investments in technology and product development, strategic acquisitions, expanding its fulfillment and logistics network, and general corporate purposes.
The IPO was subscribed 99.4 times, with retail investors bidding 46.4 times the number of shares set aside and institutional investors bidding 122.8 times their portion.
($1 = 95.7500 Indian rupees)
