The logistics unicorn Shiprocket has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) in advance, becoming part of the growing number of startups opting for a confidential filing for their IPO documents.

Shiprocket, established in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, is an aggregator of third-party logistics providers. It collaborates with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, to provide shipping solutions for its clients.

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The company stated in a newspaper ad that it plans to list its shares, each with a face value of INR 10, on the main boards of the BSE and NSE.

Shiprocket did not provide any comments regarding media’s inquiries about the IPO size and the division of fresh issue and offer for sale (OFS).

ET reported earlier this week that the unicorn intends to raise between INR 2,000 Cr and INR 2,500 Cr via the IPO. Out of the total, a fresh issue will account for INR 1,000 Cr to INR 1,200 Cr, while the rest will be raised through the OFS.

This year, the startup changed it from a private to a public entity.

To date, it has secured funding of approximately $400 million from various investors, including Zomato, Temasek, Lightrock, and Bertelsmann India Investments.  In 2022, the startup became a unicorn after securing $33.5 million in a round led by Lightrock India.

Shiprocket’s operating revenue on the financial front surged by 20.8% to reach INR 1,316 Cr in FY24, up from INR 1,089 Cr in the prior fiscal year.  During the period under review, however, the net loss increased by 74.4%, reaching INR 595 Cr compared to INR 341 Cr in FY23.

Following boAt and PhysicsWallah (PW), Shiprocket has become the third startup this year to opt for the confidential filing route for its DRHP.  Additionally, the wealthtech startup Groww aims to submit its draft paper via a confidential route.

Reports suggest that the D2C audio and wearable brand, led by Aman Gupta, is aiming for an initial public offering (IPO) to raise INR 500 crore at a valuation of $1.5 billion. In contrast, PW’s IPO is reported to be worth INR 4,600 crore.

The foodtech startup Swiggy, which went public last year, also submitted its DRHP via the confidential route.

By using the pre-filing route, companies can protect their data, as the information in the draft documents becomes public only after SEBI’s approval.

This development coincides with the moment when several new-age tech firms are aiming for an IPO.  In 2024, 13 of these companies went public, and it is anticipated that 2025 will witness an even greater number of new-age tech companies debuting on the stock exchanges.  Nevertheless, new listings in 2025 to date have been affected by geopolitical tensions and a correction in the Indian equity market.  Even so, a boom in IPOs is anticipated for the year’s latter half.

As reported by media, more than 20 innovative tech firms in the country are targeting a stock market listing this year.  So far, 11 of these have submitted their DRHPs.  Companies like ArisInfra, Avanse Financial Services, and BlueStone have received the regulator’s approval to move forward with their IPOs.  Ather Energy is the only new-age tech company that has been listed on the bourses this year to date.