- Shadowfax Technologies IPO subscribed 2.72 times on final bidding day
- IPO received bids for 24.23 crore shares against 8.90 crore shares offered
- Qualified institutional buyers subscribed 3.81 times, retail 2.31 times
The initial public offering (IPO) of logistics services provider Shadowfax Technologies Ltd was subscribed by 2.72 times on the final day of bidding on Thursday.
The Rs 1,907-crore IPO received bids for 24,23,88,360 shares against 8,90,88,807 shares on offer, according to NSE data.
The portion meant for qualified institutional buyers (QIBs) fetched 3.81 times the subscription. The quota for retail individual investors (RIIs) was subscribed 2.31 times, and the category for non-institutional investors received 84 per cent bids.
The public issue of Shadowfax Technologies received 47 per cent subscription on the first day of bidding on Tuesday.
Shadowfax on Monday collected Rs 856 crore from anchor investors.
The price band was fixed at Rs 118-124 apiece for the IPO, valuing the company at over Rs 7,100 crore at the higher end.
The IPO had a fresh issue of shares worth Rs 1,000 crore and an offer for sale of Rs 907.27 crore by existing shareholders. This takes the total issue size to Rs 1,907.27 crore.
As 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 has proposed 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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