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Logistics major Shadowfax’s initial public offering (IPO) has been subscribed 58% on the second day of bidding, with investors placing bids for 5.13 Cr shares against 8.91 Cr shares on offer as of 14:36 IST.
Retail investors continued to be the most bullish on the issue, oversubscribing their quota by 1.56X. As of now, these investors have bid for 2.51 Cr shares against the 1.61 Cr shares earmarked for them.
Qualified institutional Buyers (QIBs) subscribed 38% of the portion reserved for them, placing bids for 1.83 Cr shares against 4.84 Cr reserved for them. A majority of these bids, 1.25 Cr to be precise, have been placed by foreign institutional investors (FIIs).
Non institutional investors (NIIs) have placed bids for 73.06 Lakh shares out of 2.42 Cr shares reserved under their portion, translating to a subscription of 30%.
Meanwhile, Shadowfax’s employees have also oversubscribed their bidding quota by 1.38X, placing bids for 5.83 Lakh shares against 4.24 Lakh shares reserved for them.
The company has set a price band of INR 118 to INR 124 for its public issue, with the shares anticipated to be listed on the BSE on January 28.
The public issue includes a fresh equity raise of up to INR 1,000 Cr, along with an offer for sale (OFS) of shares worth up to INR 907.27 Cr. Under the OFS, Flipkart Internet plans to offload shares valued at up to INR 400 Cr.
Shadowfax plans to channel a majority of the fresh issue proceeds to scale its logistics network. Nearly 40% of the overall IPO funds will be allocated to capital expenditure for expanding network infrastructure, including the addition of new first-mile, last-mile, and sorting centres.
The remaining shares will be sold by existing investors, including Eight Roads Investments, IFC, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset–backed funds.
Yesterday, Shadowfax also raised INR 856 Cr from anchor investors ahead of its public listing next week.
Founded in 2015, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries. It serves ecommerce, food delivery and quick commerce companies pan-India. Quick commerce is the company’s fastest-growing segment and contributes around 20–21% of its operating revenue.
The logistics major reported a 68% surge in operating revenue to INR 1,805 Cr in the first half of FY26 (H1 FY26) from INR 1,072 Cr operating revenue reported in the same period last year. Net profit more than doubled to INR 21 Cr from INR 9.8 Cr PAT registered in H1 FY25.
The post Shadowfax IPO: Issue Subscribed 58% On Day 2 So Far appeared first on Inc42 Media.
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