The public listing of logistics unicorn Shiprocket is set to reward several of its early investors with multi-fold returns, while some late-stage backers are expected to incur losses on their partial exits. According to the company'sRed Herring Prospectus (RHP), Shiprocket has reduced its IPO size by 31% to Rs 1,617.48 crore from Rs 2,342.35 crore proposed in the updated DRHP. The fresh issue has been cut to Rs 885.5 crore from Rs 1,100 crore, while the offer for sale (OFS) has been reduced to Rs 731.98 crore from Rs 1,242.35 crore. According to Entrackr's analysis, at the upper price band of Rs 97 per share, early investor 500 Global is set to emerge as the biggest winner, generating an estimated 77.6X return on its Rs 16 crore OFS. Tribe Capital is expected to earn around 7.7X on its Rs 120 crore OFS, while Agility International Investment and March Capital are likely to generate returns of 2.6X and 2.1X on their Rs 21 crore and Rs 56 crore OFS, respectively. However, the picture is marked differently for investors who entered Shiprocket at higher valuations in later funding rounds. Lightrock, the largest selling shareholder with an OFS worth Rs 272 crore, is expected to earn only 0.72X on the shares being sold. McKinsey through AFOS and Moore Strategic Partners are also likely to exit with returns of 0.59X and 0.67X, respectively, indicating that they are selling below their acquisition cost. Founder shareholders Saahil Goel, Gautam Kapoor and Vishesh Khurana will also partially pare their holdings through the OFS. Gautam Kapoor and Saahil Goel are each selling shares worth Rs 61 crore, while Vishesh Khurana will offload shares worth Rs 20 crore. Notably, Shiprocket's largest shareholder, Bertelsmann India Investments, which was included in the OFS in the earlier UDRHP, has opted out of the final offer. Major shareholders Eternal (formerly Zomato) and Temasek will also not participate in the OFS. The IPO will open for subscription on August 12 and close on August 14, with the anchor book opening on August 11. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
