Temasek and Eternal backed e-commerce logistics services firm Shiprocket's 16.2 billion rupee ($169.88 million) initial public offering was fully subscribed on the second day of bidding on Thursday, led by retail and non-institutional investors.
Here are some key details:
The company received bids for 136 million shares as of 10:45 a.m. IST, against 94.4 million shares on offer, exchange data showed.
Retail investors bid for 84 million shares, 4.85 times the number of shares set aside for them, while the portion kept aside for non-institutional investors was subscribed 1.9 times.
Qualified institutional buyers, who are typically active on the final day of bidding, subscribed 2% of their portion.
The IPO comprises a fresh issue of 8.86 billion rupees, while the rest is an offer for sale by investors including venture capital firm Tribe Capital, LR India Fund, and co-founders Gautam Kapoor, Saahil Goel and Vishesh Khurana.
Shiprocket raised 7.27 billion rupees from anchor investors including SBI Mutual Fund, Nippon Life India Asset Management, Nomura, Goldman Sachs, and others earlier this week ahead of the public launch of the IPO.
The IPO will close for subscription on Friday, and the stock is expected to begin trading from August 19.
The firm plans to use the proceeds for marketing initiative and technology infrastructure investments, repayment of debt, and funding inorganic growth.
