Shadowfax Technologies Debuts on Stock Market with a Rocky Start
Shadowfax Technologies Ltd shares began trading with a 9% discount on its listing day. Despite a 2.72 times IPO subscription, shares listed at Rs 113 and Rs 112.60 on BSE and NSE respectively. The company aims to use IPO proceeds for expansion, branding, and strategic acquisitions.
- Country:
- India
Shares of logistics giant Shadowfax Technologies Ltd made their market debut on Wednesday, opening at a discount of over 9% against the issue price of Rs 124.
The stock entered trading at Rs 113 on the BSE, marking an 8.87% decrease from its IPO price. On the NSE, it debuted at Rs 112.60, a decline of 9.19%.
The IPO, subscribed 2.72 times, raised funds for expanding network infrastructure, branding, and potential acquisitions. Backed by investors like Flipkart and TPG, Shadowfax is a leader in e-commerce logistics.
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