Shadowfax Technologies Debuts on Stock Market with a Rocky Start

Shadowfax Technologies Ltd shares began trading with a 9% discount on its listing day. Despite a 2.72 times IPO subscription, shares listed at Rs 113 and Rs 112.60 on BSE and NSE respectively. The company aims to use IPO proceeds for expansion, branding, and strategic acquisitions.

Shares of logistics giant Shadowfax Technologies Ltd made their market debut on Wednesday, opening at a discount of over 9% against the issue price of Rs 124.

The stock entered trading at Rs 113 on the BSE, marking an 8.87% decrease from its IPO price. On the NSE, it debuted at Rs 112.60, a decline of 9.19%.

The IPO, subscribed 2.72 times, raised funds for expanding network infrastructure, branding, and potential acquisitions. Backed by investors like Flipkart and TPG, Shadowfax is a leader in e-commerce logistics.

(With inputs from agencies.)