Shiprocket’s initial public offering opened for subscription on Wednesday, giving investors their first chance to buy into India’s largest e-commerce enablement platform by revenue. The issue runs through August 14 and aims to raise about Rs 1,617.5 crore.

The company set its price band at Rs 92 to Rs 97 per share. In the grey market, shares were trading at roughly a 30 percent premium over the top end of that band on the opening day, implying an indicative listing price near Rs 126, according to IPO tracking platforms including Chittorgarh and Sahi.

Shiprocket, founded in 2011, helps small and mid-sized online sellers manage the parts of running a store that customers never see: checkout, order tracking, returns, warehousing and last-mile delivery. The platform connects merchants to more than 19,000 PIN codes across India through a network of 42 logistics partners. Its backers include Temasek and Eternal, the food delivery company formerly known as Zomato.

Revenue from operations climbed from Rs 1,315.98 crore in the 2024 fiscal year to Rs 2,024.14 crore in the most recent one, a jump that reflects how much of India’s small-merchant e-commerce activity now runs through third-party platforms rather than in-house logistics teams.

By the end of the first day of bidding, the issue was subscribed 0.97 times, according to Business Standard, meaning it had not yet cleared full coverage across investor categories. Allotment is expected on August 17, with listing on the NSE and BSE tentatively set for August 19.

The offering lands in a busy stretch for the Indian IPO market, where investors have been watching grey market premiums closely as a rough gauge of listing-day sentiment. A strong debut would mark another data point for the country’s e-commerce enablement sector, which has drawn growing interest from both domestic and global investors betting on India’s expanding base of online-first sellers. Temasek, Singapore’s state investment company, has backed the company through earlier funding rounds alongside other investors betting on India’s shift toward professionalized online retail infrastructure.