Shiprocket has set a price band of 92 to 97 rupees ($0.97-$1.02) per share for its downsized initial public offering that launches next week, a filing showed on Thursday.
The Temasek and Eternal backed e-commerce logistics services firm is seeking a valuation of about 70.57 billion rupees ($741.75 million) at its top end.
Shiprocket has reduced the total offer size to 16.17 billion rupees from 23.42 billion rupees previously planned.
It now aims to raise 8.86 billion rupees through a fresh issue, down from 11.00 billion rupees, while the offer-for-sale component has been cut to 7.32 billion rupees from 12.42 billion rupees.
Investor LR India Fund is the largest seller in the OFS, offering shares worth 2.72 billion rupees, followed by venture capital firm Tribe Capital, which will sell 1.20 billion rupees worth of shares.
Co-founders Gautam Kapoor, Saahil Goel and Vishesh Khurana will together sell shares worth 1.42 billion rupees.
India’s e-commerce logistics sector has expanded rapidly over the past decade as more consumers shop online and businesses adopt digital sales channels.
Shiprocket provides shipping, fulfillment and cross-border logistics solutions for online merchants.
($1 = 95.1400 Indian rupees)
Reuters
