IPO News: Shadowfax Technologies listed at a discount, causing losses for investors; how much did the share price reach?

News Topical, Digital Desk : Today the share of Shadowfax Technologies (Shadowfax Share Price) got listed. The company's share got listed on Wednesday at a discount of more than 9 percent compared to the IPO issue price of Rs 124. Its stock started trading at Rs 113 on BSE, which was 8.87 percent less than the issue price (Rs 124). Whereas it got listed on NSE at Rs 112.60 with a discount of 9.19 percent. However, after a weak listing, the share gained some strength. At around 11 am, it is at Rs 116.03, up by Rs 3.43 or 3.05 percent from the listing price on NSE.

There was a possibility of a weak listing

Even before today's listing, Shadowfax Technologies was expected to have a weak debut, as its GMP had declined over the past few days. According to InvestorGain, Shadowfax Technologies shares were trading at a discount of ₹4 (3.23%) to the IPO price in the gray market on Tuesday, while its listing was even weaker.

How was the IPO subscription?

Logistics provider Shadowfax Technologies' initial public offering (IPO) received a positive response, with a total subscription of 2.72 times on January 22nd, the last day of subscription. The company aimed to raise approximately ₹1,907 crore through a public issue, which included issuing new shares worth ₹1,000 crore and selling shares worth approximately ₹907 crore through an offer for sale (OFS).

Who sold the shares?

Several existing investors in OFS reduced their holdings, including Eight Roads Investments Mauritius II, Flipkart Internet, Qualcomm Asia Pacific, NewQuest Asia Fund IV (Singapore), International Finance Corporation, Nokia Growth Partners IV, Mirae Asset–GS Retail New Growth Fund I, and Mirae Asset–Never New Growth Fund.
Shadowfax Technologies, incorporated in June 2016, is a logistics solutions provider that offers e-commerce express parcel delivery with value-added services.

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