Shiprocket shares jump 6% as Goldman Sachs acquires Rs 53 crore stake. Time to buy or book profits?
On the BSE, the stock opened at Rs 149.31, up from its previous close of Rs 143.50, and climbed further to an intraday high of Rs 155.89, marking a 5.71% gain in morning trade. At this level, Shiprocket was nearly 61% above its IPO issue price of Rs 97 and within reach of its upper price band of Rs 172.20.
Goldman Sachs buys big in bulk deal
Institutional backing provided strong support to the post-listing momentum. According to NSE bulk-deal data, Goldman Sachs FDS Goldman Sachs India EQ Portfolio acquired 40.24 lakh shares of Shiprocket at Rs 131 apiece on Wednesday, August 19. The transaction value stood at approximately Rs 52.71 crore.
Goldman Sachs had also participated as an anchor investor prior to the public issue. During the anchor allocation, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio secured 36.07 lakh shares at Rs 97 apiece, amounting to an investment of around Rs 35 crore. Additionally, Goldman Sachs ETF Trust – Goldman Sachs India Equity ETF and the New York State Teachers Retirement System (managed by Goldman Sachs Asset Management L.P.) each picked up 5.15 lakh shares at Rs 97 apiece, deploying about Rs 5 crore each.
Strong D-Street debut
The e-commerce logistics platform made its market debut on August 19 after raising Rs 1,617.48 crore through its IPO, which was priced between Rs 92 and Rs 97 per share. The stock listed on the NSE at Rs 131 apiece, delivering a 35% premium over the issue price.
Following the debut, buyers continued to swarm the counter. The stock jumped 19% from its opening print to touch an intraday peak of Rs 156 on Wednesday before settling at Rs 143.10. It ended its maiden session up 9.24% from its listing price and 47.53% above its issue price.
Should you buy, sell or hold Shiprocket shares?
Market watchers remain positive on the company, citing its end-to-end technology infrastructure, diversified merchant offerings, and presence across logistics, direct commerce and cross-border fulfilment.Ravi Singh, Chief Research Officer at Master Capital Services, noted that the company is well positioned to benefit from the growing demand for integrated e-commerce solutions through its consumption-based model and improving financial performance. He suggested that investors allotted shares in the IPO could book partial profits following the listing surge while keeping the remaining holding for the long haul. For fresh entry, Singh recommended waiting for price dips.
Shivani Nyati, Head of Wealth at Swastika Investmart, similarly advised allottees to lock in gains partially and hold the rest for the platform’s long-term growth story, suggesting a strict stop-loss at Rs 110.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
