New-age logistics startup Shadowfax Technologies has garnered approximately Rs 850 crore from anchor investors as it gears up for its initial public offering
(IPO), which opens for public subscription on January 20, according to a report from The Economic Times citing sources familiar with the development. The anchor round signals robust institutional appetite for the company, even as market conditions remain selective for new listings. Sources indicated in the report that domestic institutional investors accounted for a significant portion of the anchor book, with mutual funds and insurance companies leading participation. The strong showing from local institutions reflects confidence in Shadowfax’s business model and growth trajectory within India’s fast-evolving logistics ecosystem. Among the domestic mutual funds that reportedly participated in the anchor allocation were ICICI Prudential Mutual Fund, Nippon India Mutual Fund, and Motilal Oswal. Insurance players such as ICICI Prudential Life Insurance and Kotak Life Insurance are also believed to have invested in the offering. On the global front, foreign institutional interest came from investors including Norges Bank Investment Management and HSBC, underscoring international confidence in the company’s prospects, states the report. Sources further indicate in the report that anchor investors subscribed to the shares at the upper end of the IPO price band, set at Rs 124 per equity share. As per the red herring prospectus (RHP), 75 per cent of the total issue has been earmarked for qualified institutional buyers (QIBs), with 60 per cent of that portion reserved specifically for anchor investors. IPO Size, Valuation And Structure Shadowfax has slightly reduced the size of its IPO to Rs 1,907 crore, compared to an earlier plan of Rs 2,000 crore. The issue comprises a fresh equity component of Rs 1,000 crore, alongside an offer-for-sale (OFS) worth Rs 907 crore by existing shareholders. Selling investors include Flipkart, Eight Roads, TPG NewQuest, Nokia Growth Partners, Qualcomm Ventures and Mirae Asset. At the top end of the price band, the IPO implies a post-money valuation of Rs 7,169 crore for Shadowfax. This represents a moderation from the earlier valuation range of Rs 8,500–9,000 crore that the company had been targeting, reflecting a more measured approach amid changing market dynamics. (Disclaimer: This article is meant solely for informational and educational purposes. The views and opinions expressed are those of individual analysts or brokerage firms and do not reflect the stance of Times Now. Readers are advised to consult certified financial experts before making any investment decisions.)
