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What is the story about?
The ₹1,907 crore initial public offering (IPO) of Shadowfax Technologies Ltd. has been subscribed 57% so far on the second day of bidding.
Subscription so far has been led by retail investors, whose portion has been subscribed 1.54 times the shares on offer. Retail investors have so far placed bids for 2.48 crore shares from 1.61 crore shares on offer.
Eligible employees of he company have also placed bids for 5.79 lakh shares, compared to the 4.23 lakh shares on offer for them, taking their total subscription figure to 1.37 times.
The portion reserved for both institutional and non-institutional investors remains undersubscribed so far. The institutional investor portion has been subscribed 38%, while that of the NIIs is subscribed 30%.
In the unlisted market, Shadowfax shares are currently trading at a premium of ₹4 per share, indicating a 3.2% premium compared to its issue price. It must be noted that these rates are speculative in nature and the actual price may differ from the GMP rates.
Shadowfax is selling shares in a price band of ₹118 to ₹120 per share. Retail investors can bid for one lot of 120 shares, entailing a minimum investment of ₹14,880. The issue is a mix of a fresh issue of ₹1,000 crore and the rest being an Offer For Sale (OFS). The company also raised ₹856 crore from anchor investors ahead of the IPO.
Bengaluru-based ShadowFax plans to use ₹423 crore from the fresh issue of shares to fund its capital expenditure plans, which include expansion of first-mile, last-mile and sorting facilities. Apart from this, the logistics company will use ₹138.6 crore for lease payments for new first-mile centers, last-mile centers and sort centers and ₹88.6 crore will be deployed toward marketing and branding activities, which includes customer acquisition costs.
Flipkart, Mirae Asset, Qualcomm Asia Pacific, NewQuest Asia, Nokia Growth Partners, International Finance Corporation and Eight Roads Investments are among the investors selling their shares as part of the OFS.
Founded in 2015 by Abhishek Bansal, Praharsh Chandra, Vaibhav Khandelwal and Gaurav Jaithliya, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery, and quick commerce companies across India.
Click hear to know whether or not to subscribe to the IPO.
Subscription so far has been led by retail investors, whose portion has been subscribed 1.54 times the shares on offer. Retail investors have so far placed bids for 2.48 crore shares from 1.61 crore shares on offer.
Eligible employees of he company have also placed bids for 5.79 lakh shares, compared to the 4.23 lakh shares on offer for them, taking their total subscription figure to 1.37 times.
The portion reserved for both institutional and non-institutional investors remains undersubscribed so far. The institutional investor portion has been subscribed 38%, while that of the NIIs is subscribed 30%.
In the unlisted market, Shadowfax shares are currently trading at a premium of ₹4 per share, indicating a 3.2% premium compared to its issue price. It must be noted that these rates are speculative in nature and the actual price may differ from the GMP rates.
Shadowfax is selling shares in a price band of ₹118 to ₹120 per share. Retail investors can bid for one lot of 120 shares, entailing a minimum investment of ₹14,880. The issue is a mix of a fresh issue of ₹1,000 crore and the rest being an Offer For Sale (OFS). The company also raised ₹856 crore from anchor investors ahead of the IPO.
Bengaluru-based ShadowFax plans to use ₹423 crore from the fresh issue of shares to fund its capital expenditure plans, which include expansion of first-mile, last-mile and sorting facilities. Apart from this, the logistics company will use ₹138.6 crore for lease payments for new first-mile centers, last-mile centers and sort centers and ₹88.6 crore will be deployed toward marketing and branding activities, which includes customer acquisition costs.
Flipkart, Mirae Asset, Qualcomm Asia Pacific, NewQuest Asia, Nokia Growth Partners, International Finance Corporation and Eight Roads Investments are among the investors selling their shares as part of the OFS.
Founded in 2015 by Abhishek Bansal, Praharsh Chandra, Vaibhav Khandelwal and Gaurav Jaithliya, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery, and quick commerce companies across India.
Click hear to know whether or not to subscribe to the IPO.
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