Temasek and Zomato-backed logistics platform Shiprocket Ltd. has filed draft papers with India’s markets regulator for an initial public offering through the confidential route.
In a public notice on Wednesday, Shiprocket said it has “pre-filed draft red herring prospectus with SEBI and the stock exchanges,” in relation to the proposed listing of its equity shares on the main board of the stock exchanges.
The company is reportedly looking to raise around Rs 2,000-2,500 crore through the public issue, with the offering likely being a combination of a fresh issue and an offer for sale by existing investors.
The proceeds from the fresh issue, if included, are expected to be used for product development, strategic acquisitions, expansion of logistics and warehousing infrastructure, and strengthening its technology stack.
The Gurugram-based company clocks over Rs 25,000 crore in gross merchandise value for its 1.5 lakh sellers and grows at an annual rate of approximately 30%.
Shiprocket processes over 490 million e-commerce transactions and serves over 12 crore end consumers through its core business. It enables over 4 lakh merchants to scale online, supported by a logistics network that covers 19,000 pin codes across India and reaches over 160 countries via its cross-border capabilities.
D2C Brands like Mamaearth, Giva, mCaffeine, and Bellavita leverage Shiprocket’s end-to-end solutions to streamline operations, improve delivery performance, and expand their reach.
With this, Shiprocket becomes the latest in a growing line of companies that have gone through the pre-filed confidential route. The DRHP is released only when the company decides to go live with its IPO. A confidential filing allows a company to protect what it believes to be sensitive data from its competitors.
This is an optional mechanism where companies file for their IPO without disclosing their draft red herring prospectus to the public. SEBI enabled this in December 2022, and Tata Play Ltd. was the first company to make use of it.
Last month, upper layer non-banking financial company Tata Capital also filed its DRHP confidentially, following the likes of edtech major Physicswallah, EQT-backed Indira IVF, Swiggy Ltd., Credila Financial Services Ltd. and Vishal Mega Mart Ltd.
Usually, a confidential IPO filing process is more time-consuming compared to the traditional process and comes with higher advisory and legal fees. However, the filing of a pre-filed DRHP does not necessarily mean that the company will undertake the initial public offering.
. Read more on IPOs by NDTV Profit.With this, Shiprocket becomes the latest in a growing line of companies that have gone through the pre-filed confidential route. Read MoreIPOs, Markets, Business, Notifications
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