Shiprocket IPO: Same Deal, Different Winners

How much are Lightrock and Tribe Capital cashing out here?

Lightrock and Tribe Capital are among the investors selling shares through the offer-for-sale portion of Shiprocket's IPO, worth up to ₹732 crore in total across all selling shareholders. The evidence names them among those offloading stock alongside Moore Strategic Ventures, Agility International Investment and the founders, but does not break out each investor's individual sale amount or return multiple.

How is the ₹732 crore OFS split between the different sellers?

The offer-for-sale bundles together multiple sellers, Lightrock, Tribe Capital, Moore Strategic Ventures, Agility International Investment, and founders Gautam Kapoor, Saahil Goel and Vishesh Khurana, into one ₹732 crore pool at the ₹92-97 price band. The evidence lists who is selling but not how the ₹732 crore is divided among them individually.

What does the IPO price band value Shiprocket at overall?

At the top end of the ₹92-97 price band, Shiprocket's shares value the company at roughly ₹7,058 crore once it lists. That total valuation is the number against which all the selling shareholders, including Lightrock and Tribe Capital, are pricing their exit through the offer-for-sale.

What does Behari Lal Engineering actually make?

Behari Lal Engineering, based in Mandi Gobindgarh, Punjab, is an integrated iron and steel maker. It produces metal rolls (one of India's largest producers, covering 10-11.5% of domestic demand), engineering castings, alloy steel products and forging ingots and shafts, used by automakers, steelmakers, power, mining, aerospace and cement companies. Alloy steel products alone made up 45.8% of FY26 revenue.

How much does each product line contribute to revenue?

In FY26, alloy steel products brought in ₹2,446 million (45.8% of revenue), metal rolls ₹1,407 million (26.4%), engineering castings ₹1,043 million (19.5%), and forging ingots and forged shafts ₹235 million (4.4%), up sharply from just 0.5% of revenue two years earlier. Job work and other sales made up the rest.

Who actually buys this steel, and how exposed is that base?

Automobiles, infrastructure, aggregate crushers and engineering equipment made up 38.7%, 20.7%, 18.4% and 16.9% of FY26 revenue respectively. Repeat customers accounted for 84.7% of that revenue, and Indian buyers for 91%, meaning the business leans heavily on a small number of returning domestic customers across a handful of industrial sectors.

What does the company's cost and supply base look like?

Raw materials made up 61% of total expenses in FY26 (₹2,806.6 million), and the top 10 suppliers, none under long-term contract, accounted for 38.4% of expenses. The company also exports to 21 countries while importing raw materials and equipment from Canada, China and the UAE, exposing it to currency swings on both sides.

Are Temasek and Zomato selling their Shiprocket stakes too?

No. Eternal (formerly Zomato, holding 6.85%) and Temasek-linked MacRitchie Investments (5.29%) both chose to hold their shares rather than sell in the offer for sale. Along with Bertelsmann, Shiprocket's single largest shareholder at 21.32%, they opted out of the final prospectus, unlike sellers such as Lightrock, Tribe Capital and Moore Strategic Ventures.

Why might Temasek and Zomato be holding rather than selling?

The evidence frames the choice to sit out the OFS as a signal these investors see more room to run post-listing than the sellers do, unlike Lightrock, AFOS and Moore Strategic Ventures, who are selling their tranches at a loss relative to entry cost. Holding rather than cashing in at this price band suggests confidence in a higher valuation later.

How did Temasek and Zomato first get into Shiprocket?

Zomato co-led a $185 million funding round in Shiprocket in December 2021 alongside Temasek and Lightrock. Zomato founder Deepinder Goyal had earlier made a personal $100,000 investment in Shiprocket, which he said helped Zomato discover the strategic fit before the company invested directly. Temasek has separately built stakes in Zomato itself since 2015 through MacRitchie Investments.