So far, the subscription has been primarily driven by retail investors, who have subscribed to 1.54 times the shares available for them. Retail investors have submitted bids for 2.48 crore shares out of the 1.61 crore shares on offer.
Eligible employees of the company have also bid for 5.79 lakh shares, exceeding the 4.23 lakh shares available for them, resulting in a total subscription figure of 1.37 times.
The allocations for both institutional and non-institutional investors remain undersubscribed at this point. The portion reserved for institutional investors has seen a 38% subscription, while non-institutional investors have subscribed at 30%.
In the unlisted market, Shadowfax shares are currently priced at a premium of ₹4 per share, reflecting a 3.2% premium over the issue price. It’s important to note that these prices are speculative, and the actual price may vary from the GMP rates.
Shadowfax is offering shares within a price band of ₹118 to ₹120 per share. Retail investors can place bids for a minimum of one lot consisting of 120 shares, requiring an investment of ₹14,880. The issue comprises a new share issuance of ₹1,000 crore, with the remainder being an Offer For Sale (OFS). Additionally, the company raised ₹856 crore from anchor investors ahead of the IPO.
Bengaluru-based ShadowFax intends to allocate ₹423 crore from the fresh issue of shares to support its capital expenditure plans, which include the expansion of first-mile, last-mile, and sorting facilities. Furthermore, ₹138.6 crore will be designated for lease payments on new first-mile centers, last-mile centers, and sort centers; and ₹88.6 crore will be earmarked for marketing and branding efforts, including customer acquisition costs.
Investors such as Flipkart, Mirae Asset, Qualcomm Asia Pacific, NewQuest Asia, Nokia Growth Partners, International Finance Corporation, and Eight Roads Investments are among those selling shares as part of the OFS.
Founded in 2015 by Abhishek Bansal, Praharsh Chandra, Vaibhav Khandelwal, and Gaurav Jaithliya, Shadowfax operates a logistics platform specializing in last-mile and hyperlocal deliveries, catering to ecommerce, food delivery, and quick commerce companies across India.
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