Shadowfax Technologies IPO listing on NSE, BSE: Stock lists at discount of 9%, check details
Shadowfax Technologies IPO listing on NSE, BSE: Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.
Shares of Shadowfax Technologies on Wednesday listed with a discount of nearly 9 per cent against the issue price of Rs 124. The stock of the company started the trade at Rs 113, lower by 8.87 per cent from the issue price on the BSE. At the NSE, it declined 9.19 per cent to Rs 112.60 in opening deals. However, the stock rebounded and touched the intraday high of Rs 119.55, representing a gain of Rs 6.55 from the listing price. However, it later dipped amid profit booking and touched the intraday low of Rs 111.85. Last seen, the scrip was trading in red at Rs 112.05 with a dip of 0.35 per cent and the market cap of the company stood at Rs 6,509.78 crore.
The initial public offering (IPO) of Shadowfax Technologies Ltd was subscribed by 2.72 times on the final day of bidding on Thursday last week.
The price band for the IPO was fixed at Rs 118-124 per share. The IPO had a fresh issue of shares worth Rs 1,000 crore and an Offer-for-Sale (OFS) of Rs 907.27 crore by existing shareholders.
The company has proposed utilising proceeds from the fresh issue to enhance capacity through network infrastructure, funding lease payments for new first-mile and last-mile routes and sort centres, branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. It is India's leading logistics service provider for e-commerce, express parcel and value-added services.
The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. It offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)