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Shadowfax lists at 9% discount on market debut

EntrackrEntrackr · 2d ago
Shadowfax lists at 9% discount on market debut
Medial

Shadowfax lists at 9% discount on market debut Logistics and last-mile delivery firm Shadowfax Technologies made a muted debut on the Indian stock exchanges on Wednesday, with its shares listing at a discount to the IPO issue price. The company’s shares listed at around Rs 112–113 on the NSE and BSE, nearly 9% lower than the IPO’s upper price band of Rs 124. Shadowfax had raised around Rs 1,907 crore through its initial public offering, which was open for subscription between January 20 and January 22. The IPO saw moderate overall demand. According to exchange data, Qualified Institutional Buyers (QIBs) led the subscription with 3.8x demand, followed by retail investors at 2.3x and the employee quota at 2x, while Non-Institutional Investors (NIIs) subscribed to just 0.84x of their allotted portion. Shadowfax’s IPO comprised a fresh issue of around Rs 1,000 crore and an offer-for-sale (OFS) of approximately Rs 907 crore. Flipkart, one of Shadowfax’s early investors, is set to generate nearly 3X returns by selling shares worth about Rs 237 crore through the OFS, while Eight Roads Investments (a Fidelity affiliate) is expected to clock around 10X returns on shares worth Rs 197 crore. Ahead of the public issue, the company allotted 6.9 crore equity shares to anchor investors at Rs 124 per share, raising Rs 850 crore. Shadowfax operates in the last-mile and hyperlocal logistics space, serving ecommerce marketplaces, D2C brands and quick commerce players. It competes with players such as Delhivery, XpressBees, Ecom Express and Ekart, in a segment marked by intense competition and capital-intensive operations. According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. Shadowfax reported 32% year-on-year growth in revenue to Rs 2,485 crore in FY25, along with a net profit of Rs 6.4 crore. For the first half of FY26, the company posted Rs 1,806 crore in revenue and Rs 21 crore in profit.

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Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr

EntrackrEntrackr · 6m ago
Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr
Medial

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr Flexible workspace provider Indiqube Spaces made a muffled debut on the stock exchange on Wednesday, listing at Rs 216 on the NSE (National Stock Exchange), a 9% discount to its issue price of Rs 237. While the listing saw a strong response to its Rs 700 crore public offer, which included Rs 650 crore of new shares and Rs 50 crore sold by existing investors, the issue was oversubscribed more than 12 times. Most of the demand came from large institutional investors. At the same time, retail investors bid nearly 13 times the number of shares available to them, while the non-institutional (high-net-worth) category was subscribed to over 8 times. Founded in 2015, Indiqube provides managed workspace solutions to startups, enterprises, and SMEs, with a presence across major Indian cities. The company plans to use the IPO proceeds primarily to repay debt, fund capex, and for general corporate purposes. The tepid listing puts pressure on the company to deliver on its growth plans amid increasing competition in the flexible office segment. While the IPO attracted marquee anchor investors, with investments of Rs 374 crore from HDFC MF, ICICI Pru, Nippon Life, and White Oak, public market investors appear to be treading cautiously. Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a fiscal earlier. Indiqube was trading at Rs 210.85 (as of 11.15 AM) on NSE with a total market capitalization of Rs 4,428 crore (approximately $521 million). It competes with Awfis, which debuted on the stock exchanges in May last year with a strong listing, opening at a 13% premium to its issue price. Smartworks, which went public earlier this month, also saw a positive start, listing at a 7% premium.

Amagi lists at 12% discount on stock exchange

EntrackrEntrackr · 9d ago
Amagi lists at 12% discount on stock exchange
Medial

Amagi lists at 12% discount on stock exchange Adtech unicorn Amagi Media Labs made a muted debut on the Indian stock exchanges on Wednesday, listing at a discount to its IPO price despite strong investor interest during the issue. The Bengaluru-based company’s shares are listed at Rs 317 on the BSE and Rs 318 on the NSE, nearly 12% lower than the IPO issue price of Rs 361. Amagi’s IPO witnessed strong subscription across categories, with the issue closing at over 30x overall subscription, led by institutional and non-institutional investors. The QIB portion was subscribed over 30 times, while HNIs subscribed nearly 40 times. Retail participation was also subscribed to 9–10 times during the subscription period. The Bengaluru-based company’s Rs 1,789 crore IPO comprises a fresh issue as well as an offer-for-sale (OFS) by existing investors. Proceeds from the fresh issue will be used to strengthen Amagi’s technology and data stack, expand its global footprint, and pursue strategic acquisitions, while the OFS will provide partial exits to early and late-stage investors. The company also raised Rs 805 crore from anchor investors ahead of IPO. Founded in 2008, Amagi operates a cloud-managed advertising platform focused on connected TV (CTV) and programmatic advertising, enabling brands to run targeted campaigns across streaming platforms. The company derives a majority of its revenue from international markets, particularly the US. On the financial front, Amagi has continued to scale rapidly. For the fiscal year ended March 2025 (FY25), the company reported revenue of around Rs 1,162 crore. During the first half of the ongoing fiscal year (H1FY26), the company posted Rs 706 crore revenue with profits of Rs 6.5 crore. Amagi is currently trading at Rs 349 per share (as on 10:54 AM) with the total market capitalization of Rs 7,570 crore or $841 million.

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