The initial public offer of logistics services provider Shadowfax Technologies Ltd received 47% subscription on the first day of bidding on Tuesday. The three-day IPO received bids for 4,18,39,800 shares against 8,90,88,807 shares on offer, according to NSE data. The category for retail individual investors (RIIs) fetched 1.11 times subscription. The portion for qualified institutional buyers (QIBs) received 38% subscription, and the quota for non-institutional investors subscribed 22%.
Shadowfax on Monday said it has collected Rs 856 crore from anchor investors.
The company's Rs 1,907-crore public offering will be available for subscription till January 22. The price band has been fixed at Rs 118-124 apiece for the IPO, valuing the company at over Rs 7,100 crore at the higher end.
The IPO has a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 907.27 crore by existing shareholders. This takes the total issue size to Rs 1,907.27 crore.
As a part of the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte Ltd, Nokia Growth Partners IV, LP, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte Ltd, and Snapdeal founders -- Kunal Bahl and Rohit Kumar Bansal -- would offload shares.
The company proposes to utilise proceeds from the fresh issue towards enhancing capacity in terms of network infrastructure, funding of lease payments for new first-mile and last-mile, and sort centres, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. It is India's leading logistics service provider for e-commerce express parcel and value-added services.
The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. It offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
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