E-commerce shipping and logistics platform Shiprocket’s Rs 1,617 crore IPO ended with strong investor demand, with the issue getting subscribed 99 times on the final day of bidding. The IPO opened on August 12 and closed today, August 14. The company had fixed the price band at Rs 92-97 per share. Qualified institutional buyers (QIBs) led the demand, subscribing to their reserved portion 123 times. The non-institutional investor (NII) quota was subscribed 89 times, while the retail portion saw 46 times subscription. The employee portion was subscribed 55 times. According to its RHP , Shiprocket reduced its IPO size by 31% to Rs 1,617.48 crore from the Rs 2,342.35 crore proposed earlier. The issue comprises a fresh issue of Rs 885.5 crore and an offer for sale (OFS) of Rs 731.98 crore. The company plans to use the fresh issue proceeds mainly for growth initiatives. This includes Rs 205.8 crore for marketing and Rs 159.8 crore for technology infrastructure and capabilities. It will also use Rs 210 crore to repay borrowings, while the remaining funds will go towards acquisitions and general corporate purposes. The Gurugram-based company provides shipping, logistics and ecommerce enablement services to online sellers and businesses. It is backed by investors including Temasek and Eternal. Ahead of the IPO, Shiprocket raised around Rs 727 crore from anchor investors, with participation from several large domestic mutual funds and institutional investors. The company is expected t…

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