Shadowfax IPO Enters Final Day: Key Details and Analyst View
The initial public offering (IPO) of logistics platform Shadowfax Technologies enters its final day of subscription today, January 22. The Rs 1,164-crore issue closes after receiving a ‘subscribe’ rating from analysts and showing a strong grey market premium.
Key Takeaways
- IPO Closes: Today, January 22.
- Price Band: Rs 445 to Rs 468 per share.
- Lot Size: Minimum 32 shares.
- GMP: Rs 140, indicating a potential 30% listing premium.
- Analyst Call: ‘Subscribe’ rating based on strong market position and financials.
IPO Structure and Price Band
The book-built issue aims to raise up to Rs 1,164.26 crore. This comprises a fresh issue of Rs 433.12 crore and an offer for sale (OFS) of up to 2.31 crore shares by promoters and existing shareholders.
The price band is fixed at Rs 445-468 per share. The quota allocation reserves 75% for QIBs, 15% for NIIs, and 10% for retail investors.
Use of Proceeds and Company Profile
Proceeds from the fresh issue will fund organic growth, working capital, and general corporate purposes. Shadowfax is a leading tech-enabled logistics platform serving hyperlocal and on-demand delivery needs.
Its clients include quick-commerce platforms, D2C brands, and traditional e-commerce marketplaces.
Financial Performance and Grey Market Signal
The company turned profitable in FY24, reporting a net profit of Rs 46.7 crore against a loss of Rs 239.5 crore in FY23. Revenue grew 26.5% to Rs 1,676.3 crore.
For H1 FY25, it posted a net profit of Rs 36.8 crore on revenue of Rs 1,006.5 crore.
Ahead of the IPO, the company raised Rs 349.27 crore from anchor investors. The current grey market premium (GMP) of Rs 140 suggests shares could list at a nearly 30% premium. However, GMP is an unofficial indicator and can change rapidly.
Final Details
The book-running lead managers are JM Financial, BOB Capital Markets, and Equirus Capital. Link Intime India is the registrar. The shares are proposed for listing on both BSE and NSE.
