Shiprocket Limited opened its initial public offering for subscription on Wednesday, giving investors their first chance to buy into one of India’s best known e-commerce logistics platforms. The issue runs through August 14, with a price band set at 92 to 97 rupees per share.

The IPO aims to raise roughly 1,617 crore rupees, with a minimum lot size of 154 shares, meaning retail investors need just over 14,900 rupees to place a single bid at the top of the price band. Shares are set to list on both the BSE and NSE.

Grey market activity, an unofficial but closely watched gauge of investor appetite ahead of listing, put Shiprocket’s premium at around 31 rupees per share on the opening day, implying an expected listing price near 128 rupees if that premium holds. That would represent a gain of roughly 32 percent over the upper end of the price band, though grey market premiums are known to shift sharply in the days before allotment.

Early subscription numbers point to cautious rather than enthusiastic demand. The issue was subscribed about 0.25 times overall on its first day, a figure that typically climbs as institutional investors place orders closer to the closing date. Allotment is expected on August 17, with listing scheduled for August 19.

Shiprocket built its business helping small and mid sized online sellers manage shipping, warehousing and logistics without negotiating directly with courier companies, a niche that expanded rapidly alongside India’s e-commerce boom over the past decade. The company counts thousands of merchants as customers, ranging from small direct to consumer brands to larger retailers needing multi carrier shipping options.

The listing arrives during an active stretch for Indian IPOs, with several other companies, including Dhoot Transmission and Ardee Industries, also opening issues this week. Investors and bankers will be watching Shiprocket’s subscription numbers over the next two days as an indicator of appetite for new economy logistics and technology listings heading into the back half of the year.