Overview
- Shares opened at Rs 112.60 on NSE and Rs 113 on BSE versus the Rs 124 issue price, then closed around Rs 110 to finish down more than 11% on day one.
- The Rs 1,907.27 crore IPO combined a Rs 1,000 crore fresh issue with a Rs 907.27 crore offer-for-sale and was priced in the Rs 118–124 band.
- Demand was measured at roughly 2.7–2.86 times overall, with stronger QIB interest and weak non-institutional uptake.
- Early backers monetized stakes in the OFS, with Flipkart selling about Rs 400 crore and Eight Roads booking a reported 10.4x return worth Rs 197 crore, while founders did not sell and retain about 20%.
- Prospectus disclosures show about 74% of revenue tied to a few large platforms even as H1 FY26 revenue rose 68% to Rs 1,805 crore and profit more than doubled.