Shadowfax Technologies IPO: The initial public offering (IPO) of Shadowfax Technologies, which opened for subscription today, January 20, received a healthy response from investors. By the end of the day, the issue was subscribed 0.50 times, with 4.23 crore shares bid for against the 8.47 crore shares on offer.
The retail and employee segments showed strong interest in the issue, with their portions fully booked by the end of the first day. The NII and QIB segments were subscribed 0.23 and 0.40 times, respectively, according to exchange data.
Shadowfax Technologies IPO details
The ₹1,907 crore issue is a combination of a fresh issue of 8.06 crore shares aggregating to ₹1,000 crore and an offer-for-sale of 7.32 crore shares aggregating to ₹907 crore.
The price band has been fixed at ₹118– ₹124 per share, while the lot size is set at 120 shares, requiring a minimum investment of ₹14,880 for retail investors.
Shadowfax Technologies IPO allotment is slated to be finalized on Friday, January 23. The company aims to initiate refunds beginning Tuesday, January 27, with shares being credited to the demat accounts of those allotted later that same day, after the refunds are processed.
Of the overall funds, the company intends to allocate ₹423.4 crore from the proceeds of the new issue to improve its network infrastructure, whereas ₹138.6 crore will be used to pay for leases of new first-mile centers, last-mile centers, and sorting centers.
Additionally, ₹88.5 crore will be designated for expenses related to branding, marketing, and communication, while the remaining funds will be utilized for acquisitions and general corporate purposes.
ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as the lead book-running managers for the Shadowfax IPO, while Kfin Technologies Ltd. will serve as the registrar for the issue.
Shadowfax Technologies GMP today
Shadowfax IPO GMP (grey market premium) today is ₹6. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shadowfax Technologies ₹130 apiece, which is 4.84% higher than the IPO price of ₹124″>shares is indicated at ₹130 apiece, which is 4.84% higher than the IPO price of ₹124.
According to the grey market activity over the past eight sessions, the current GMP of ₹6 indicates a downward trend.
About Shadowfax Technologies
The company specializes in rapid parcel delivery tailored for e-commerce, in addition to a range of complementary services.
It offers services such as e-commerce and direct-to-consumer shipments, as well as hyperlocal and swift commerce solutions fulfilled within hours or on the same day, along with SMS and personal courier options through the Shadowfax Flash app.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
