Shadowfax Tech shares drop over 9 pc in market debut trade

New Delhi, Jan 28 (PTI) Shares of logistics services provider Shadowfax Technologies Ltd listed on Wednesday at a discount of over 9 per cent against the issue price of Rs 124.
     The stock started trading at Rs 113, down 8.87 per cent from the issue price on the BSE.
     At the NSE, the stock made its market debut at Rs 112.60, down 9.19 per cent.
     The company's market valuation stood at Rs 6,706.35 crore.
     The initial public offering (IPO) of Shadowfax Technologies Ltd was subscribed by 2.72 times on the final day of bidding on Thursday last week.
     The price band for the IPO was fixed at Rs 118-124 per share.
     The IPO had a fresh issue of shares worth Rs 1,000 crore and an Offer-for-Sale (OFS) of Rs 907.27 crore by existing shareholders.
     The company has proposed utilising proceeds from the fresh issue to enhance capacity through network infrastructure, funding lease payments for new first-mile and last-mile routes and sort centres, 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.

(This story has not been edited by THE WEEK and is auto-generated from PTI)