Shadowfax Technologies IPO listing: Shares make weak market debut, list at 9% discount

Shadowfax Technologies IPO listing: Shadowfax Technologies share price made a weak stock market debut in the Indian stock market on Wednesday, January 28. The shares of Shadowfax Technologies got listed at a 9% discount to the initial public offering (IPO) price of ₹124 per share.

Shadowfax Technologies share price opened at ₹112.60 on the National Stock Exchange (NSE) and ₹113 on the BSE. This means that the IPO allottees made a loss of over 9% on the listing of Shadowfax Technologies IPO.

Shadowfax Technologies IPO listing came in line with the market expectations. Ahead of the listing, the GMP of Shadowfax Technologies IPO was ₹-3.5 per share.

Shadowfax Technologies IPO details

The mainboard IPO opened for subscription on Tuesday, January 20, and closed on Thursday, January 22. The allotment of Shadowfax Technologies IPO was finalised on Friday, January 23.

The company was looking to raise ₹1,907.27 crore through its book-built issue, comprising a fresh issuance of 8.06 crore equity shares worth ₹1,000 crore and an offer for sale of 7.32 crore shares aggregating ₹907.27 crore. The IPO price band for Shadowfax Technologies was fixed at ₹118– ₹124 per share.

According to NSE data, the issue was subscribed 2.72 times overall. Retail Individual Investors' portion was subscribed 2.31 times, the Qualified Institutional Buyers category was booked 3.81 times, while the Non-Institutional Investors segment saw 84% subscription.

Funds raised through the fresh issue will be utilised to strengthen network infrastructure, finance lease obligations for new first-mile, last-mile, and sorting facilities, bolster branding and marketing efforts, explore unspecified inorganic growth opportunities, and address general corporate requirements.

Under the OFS, shareholders—such as Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV, Nokia Growth Partners IV, the International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, along with Snapdeal founders Kunal Bahl and Rohit Kumar Bansal—sold a portion of their stakes.

ICICI Securities Ltd acted as the book-running lead manager for the IPO, while Kfin Technologies Ltd served as the registrar.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.