Retail investors have been the primary contributors, subscribing 1.54 times the available shares. They have placed bids for 2.48 crore shares, while 1.61 crore shares were offered.
Eligible employees of the company have also shown interest, bidding for 5.79 lakh shares out of the 4.23 lakh shares available for them, resulting in a total subscription rate of 1.37 times.
However, the portions reserved for institutional and non-institutional investors remain undersubscribed. The institutional investors have subscribed at a rate of 38%, while non-institutional investors stand at 30%.
In the unlisted market, Shadowfax shares are trading at a premium of ₹4 per share, reflecting a 3.2% markup compared to the issue price. It’s essential to note that these figures are speculative, and the actual price may vary from the GMP rates.
Shadowfax is offering shares within a price range of ₹118 to ₹120 per share. Retail investors can bid for a minimum of one lot, consisting of 120 shares, requiring a minimum investment of ₹14,880. The issue comprises a fresh issue of ₹1,000 crore along with the remaining being an Offer For Sale (OFS). The company also secured ₹856 crore from anchor investors prior to the IPO.
Bengaluru-based Shadowfax intends to allocate ₹423 crore from the fresh issue to support its capital expenditure plans, which include expanding first-mile, last-mile, and sorting facilities. Additionally, ₹138.6 crore will be used for lease payments for new first-mile centers, last-mile centers, and sort centers, while ₹88.6 crore is earmarked for marketing and branding efforts, including customer acquisition costs.
Among the investors divesting their shares as part of the OFS are Flipkart, Mirae Asset, Qualcomm Asia Pacific, NewQuest Asia, Nokia Growth Partners, International Finance Corporation, and Eight Roads Investments.
Founded in 2015 by Abhishek Bansal, Praharsh Chandra, Vaibhav Khandelwal, and Gaurav Jaithliya, Shadowfax operates a logistics platform that specializes in last-mile and hyperlocal deliveries, catering to ecommerce, food delivery, and quick commerce companies throughout India.
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