Shadowfax Technologies IPO: A Resounding Success

Shadowfax Technologies' IPO was highly successful, with subscriptions 2.72 times over on closing. The Rs 1,907-crore IPO witnessed significant bids from qualified institutional buyers and retail investors. Funds will enhance network capacity, acquisitions, and marketing. Key stakeholders offload shares as the company strengthens its logistics leadership.

The IPO of logistics giant Shadowfax Technologies was a roaring success, drawing 2.72 times more subscriptions on the closing day. The offer, worth Rs 1,907 crore, received bids for over 24 crore shares compared to the 8.9 crore available, as per National Stock Exchange data.

The segment of qualified institutional buyers accounted for a massive 3.81 times subscription, while retail investors subscribed 2.31 times. Non-institutional investors bid for 84 per cent of their share. Shares were offered within a price range of Rs 118 to Rs 124 each, valuating the firm at an impressive Rs 7,100 crore.

The logistics provider plans to use funds from the fresh issue to expand its network capabilities and support company branding. Anchor investors like Flipkart and Nokia Growth Partners were among those who enabled Shadowfax's fundraising prior to the IPO.