Shiprocket shares extended their gains for the second straight session on Thursday, rising nearly 9.4% to hit an intraday high of ₹155.69 as investors focused on global investment major Goldman Sachs picking up a stake in the company through a bulk deal transaction. The stock rose to an early high of ₹156.90 on the NSE, compared with the previous close of ₹143.45, and later pared some gains to trade around ₹151.49, up nearly 5.6% during Thursday trade. At this level, Shiprocket was nearly 61% above its IPO issue price of ₹97 and within reach of its upper price band of ₹172.20. The stock touched an intraday high of ₹156 before ending its maiden trading session, taking its gains from the issue price to more than 48%. As per The Economic Times, the stock opened at a 35% premium to the IPO price of ₹97 on the BSE, effectively reversing the valuation cut that the company undertook ahead of its public listing. The company's total market capitalisation stood at approximately ₹10,441 crore at the time of listing, significantly higher than the ₹7,056 crore valuation it achieved during the IPO.
Goldman Sachs participated as an anchor investor prior to the public issue and continued its institutional commitment with a significant bulk deal. According to NSE bulk deal data, Goldman Sachs India Equity Portfolio bought 40,24,040 shares of Shiprocket during Wednesday's trading session at a weighted average price of ₹131 apiece. This represents a substantial commitment from the global investment bank to the Indian e-commerce logistics company, with the shares purchased at the same level at which Shiprocket shares debuted on the NSE. Additionally, Goldman Sachs ETF Trust - Goldman Sachs India Equity ETF and the New York State Teachers Retirement System (managed by Goldman Sachs Asset Management L.P.) each picked up 5.15 lakh shares at ₹97 apiece, deploying about ₹5 crore each during the anchor allocation. The latest bulk deal comes as Shiprocket begins its journey as a listed company, with investors tracking institutional participation following its market debut.
Bertelsmann, one of Shiprocket's earliest investors and largest shareholders, emerged as the biggest beneficiary of the strong listing performance. According to The Economic Times, Bertelsmann invested about ₹170 crore in the company and as of Wednesday's closing price, its holding was worth ₹1,946 crore, translating into a paper return of nearly 11.5 times. Notably, Bertelsmann did not sell any shares in the IPO, making their gains entirely from the listing price appreciation. The Gurugram-based e-commerce logistics firm, which was valued at ₹10,000 crore in the private market when it raised capital in 2024, went public at a valuation of ₹7,056 crore, representing a significant discount to its private market valuation. The company's ₹1,617 crore IPO, closed on August 14, was subscribed more than 99 times, demonstrating exceptional investor confidence in the logistics services provider.
Following its market debut, CEO Saahil Goel exclusively discussed the company's next phase of growth with ET Now. According to Goel, Shiprocket is looking to expand its role in the e-commerce ecosystem beyond logistics with its emerging business spanning advertising and marketing, checkout, fulfilment, cross-border services and other merchant solutions. As per ET Now, Goel explained that if there is a ₹1,000 order that merchants process, they have to get the raw material, buy it from somewhere and source it, then they have to advertise it, then they have to run the technology to process the payments and then they have to ship it. He noted that advertising and marketing account for a significant portion of a merchant's overall spending, followed by sourcing and logistics, creating a larger addressable opportunity for Shiprocket's Emerging Business compared with its traditional shipping operations. The company aims to solve more problems for the same merchant by offering a broader range of services.
Shiprocket's strong performance was part of a broader market rally on Thursday, August 20, with the SENSEX gaining over 600 points and NIFTY trading above 24,200. According to market data, the SENSEX rallied as much as 0.9% to hit an intraday high of 77,609.54, while the NIFTY50 surged as much as 0.8% to touch the session's high of 24,265.15. Foreign institutional investors (FIIs) purchased shares worth ₹407.99 crore on Wednesday, while domestic institutional investors (DIIs) bought equities worth ₹3,973.72 crore on a net basis. The positive sentiment was driven by investor focus on global investment major Goldman Sachs picking up a stake in the company through a bulk deal transaction, along with foreign fund inflow, a decline in US bond yields, an appreciation in the rupee, and value buying. Benchmark indices were trading in positive territory during the afternoon session, with the NIFTY snapping its seven-day losing streak amid positive global cues and buying in media and capital market stocks.
