New Delhi [India], August 19 (ANI): Shares of shipping aggregator Shiprocket made a strong debut on the bourses on Wednesday, listing at a premium of around 35 per cent over its issue price.

On the NSE, the stock opened at Rs 131 per share, marking a 35.05 per cent premium, while on the BSE, it was listed at Rs 129.50 per share.

At the time of reporting, the stock touched a high of Rs 144 per share, up 9.92 per cent from its NSE listing price of Rs 131. On BSE, it hit a high of Rs 143.90 against the opening price of Rs 129.50 per share.

The Rs 1,617.48-crore IPO, which was open for subscription from August 12 to August 14, received an overwhelming response from investors, with the issue subscribed 99.38 times overall.

Qualified institutional buyers (QIBs) showed the strongest demand, with their portion subscribed 122.80 times, while the non-institutional investor (NII) segment was subscribed 88.99 times. The retail portion was subscribed 46.42 times.

Shiprocket had set the IPO price band at Rs 92- Rs 97 per equity share. The company is backed by prominent investors, including Temasek and Eternal, which further boosted investor interest ahead of its market debut.

Before the IPO, Shiprocket raised Rs 727.41 crore from anchor investors through the allotment of 7.50 crore equity shares at Rs 97 apiece, the upper end of the price band. The company plans to use the IPO proceeds to fund marketing initiatives and enhance its technology infrastructure. The funds will also be used to repay debt, explore potential acquisitions and meet general corporate requirements.

Founded in 2011, Shiprocket is a technology platform offering solutions across e-commerce transactions -- including logistics, checkout, payments, fulfilment and cross-border trade. It simplifies e-commerce for merchants who sell products directly to end consumers through their own applications, websites or social media channels. (ANI)