Shadowfax Technologies IPO Listing Disappoints; Shares Trade 9 Per Cent Lower Than Issue Price

Shadowfax Texchnologies IPO Listing: Shares of the logistics solution provider were listed on the National Stock Exchange (NSE) and BSE on January 28. The debut saw a muted beginning on the D-Street, listing over 9 per cent below the issue price on the NSE.

On the NSE, shares of the company opened at Rs. 112.6 per share, while on the BSE, the first trade was at Rs. 113 per share. The price band of shares of Shadowfax Technologies was between Rs. 118-124 per share.

Before the listing, shares of Shadowfax Technologies were quoted at a negative grey market premium (GMP) of Rs. 4 to the upper price band at the issue, indicating muted appetite. Based on GMPs according to different websites, shares of the company were expected to list at around Rs. 120 per share. However, the debut was below this level, which resulted in a negative listing of the shares.

Shadowfax Technologies IPO Details

 Shadowfax Technologies IPO was done through a book-built method. Through the issue, the company aimed to raise up to Rs. 1,907.27 crore. This included 80.6 million shares worth Rs. 1,000 crore of fresh issue. Along with this, there was also 73.2 million shares worth around Rs. 907.27 crore as offer-for-sale.

Shadowfax Technologies’ subscription window was open from January 20 to January 22. In the public issue ICICI Securities was the book-running lead manager, while Kfin Technologies is the registrar.

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