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Shadowfax Technologies Ltd, a leading logistics service provider in India, saw its shares list at a discount of around 9% compared to its IPO price. The stock opened at Rs 113 on BSE and Rs 112.60 on NSE, marking a decline from the issue price of Rs 124. The company's IPO, subscribed 2.72 times, included a fresh issue worth INR 1,000 crore and an Offer-for-Sale of INR 907.27 crore. Backed by major investors like Flipkart and TPG, Shadowfax plans to use funds to expand network infrastructure, enhance operations, marketing, and support acquisitions.
Shares of Shadowfax Technologies Ltd, an India-based logistics service provider, made their market debut this week at a discount to the IPO price. On the BSE, the stock started trading at Rs 113, down approximately 8.87% from its issue price of Rs 124, while on the NSE, it opened at Rs 112.60, reflecting a decline of 9.19%. Following the listing, the company's market valuation stood at around INR 6,706.35 crore. Advertisement
Shadowfax's IPO had a price band of Rs 118-124 per share and was subscribed 2.72 times on the final day of bidding. The offering included a fresh issue worth INR 1,000 crore and an Offer-for-Sale of INR 907.27 crore by existing shareholders.
The company has outlined plans to utilise proceeds from the fresh issue to strengthen its operations, including expanding network infrastructure, funding lease payments for new first-mile and last-mile routes, and enhancing sort centres. Additional allocations are planned for branding, marketing, communication initiatives, potential inorganic acquisitions, and general corporate purposes.
Shadowfax Technologies is supported by notable investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Partners. The company is recognised as a major logistics service provider in India, catering to e-commerce, express parcel services, and value-added solutions.
Its client base spans horizontal and non-horizontal e-commerce businesses, quick commerce, food marketplaces, and on-demand mobility companies. The company offers express forward deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions, reinforcing its presence in India's growing logistics and e-commerce sector.
Source PTI
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