Shadowfax Technologies: A Prominent Player in the Logistics Arena Begins IPO Journey

Shadowfax Technologies Ltd, a leading logistics services provider in India, launched its IPO, receiving 47% subscription on the first day. The offering comprises new shares worth Rs 1,000 crore and an OFS from existing stakeholders. The funds will enhance network infrastructure and support branding initiatives.

The logistics firm, Shadowfax Technologies Ltd, saw a 47% subscription on the debut day of its initial public offering (IPO) on Tuesday, according to NSE data.

During its three-day IPO, bids were made for 4.18 crore shares out of the 8.9 crore available, with strong interest from retail investors who subscribed 1.11 times. Meanwhile, qualified institutional buyers (QIBs) filled 38% of their allocated category, and non-institutional investors showed 22% subscription.

The public offering, which will conclude on January 22, aims to collect a total of Rs 1,907 crore. Major stakeholders such as Flipkart Internet and Nokia Growth Partners are selling their shares as part of the Offer for Sale, while the proceeds from new shares will be utilized for network expansion and marketing.

(With inputs from agencies.)