Logistics solutions provider made a disappointing debut on stock exchanges on Wednesday, listing at ₹112.60 on the , marking a 9.19 per cent discount to its issue price of ₹124. The stock opened at ₹113 on the , down 8.87 per cent from the issue price.
The shares closed at ₹109.18 on the NSE, falling further to 11.95 per cent below the issue price. During intraday trading, the stock touched a high of ₹119.67 and a low of ₹109. Investors who received allotment for one lot of 120 shares saw their investment value drop to ₹13,512 from ₹14,880.
The company’s ₹1,907.27 crore received a moderate response with 2.72 times subscription. The issue comprised a fresh issue of ₹1,000 crore and an offer for sale of ₹907.27 crore by existing investors including Flipkart Internet, Eight Roads Investments, and Qualcomm Asia Pacific.
The qualified institutional buyers (QIBs) portion was subscribed 3.81 times, while retail investors bid 2.31 times their reserved portion. However, the non-institutional investors segment was subscribed only 0.84 times, indicating tepid interest from high net-worth individuals.
Incorporated in 2016, Shadowfax operates a third-party logistics network spanning over 14,700 pin codes across India. The company serves major clients including Meesho, Flipkart, Swiggy, Zepto and Zomato. It reported revenue of ₹2,485 crore in FY25, growing at a 32.5 per cent CAGR over FY23-25.
Despite strong revenue growth, the company’s profitability remains modest with an EBITDA margin of 2.3 per cent and net profit margin of 0.3 per cent in FY25. The IPO proceeds will be utilised for network infrastructure expansion, lease payments for fulfillment centers, and marketing initiatives.
Market analysts attributed the weak listing to valuation concerns, with the stock trading at premium multiples compared to peers at the time of the IPO.