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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.

Lenskart makes tepid market debut; stock opens below issue price

EntrackrEntrackr · 2m ago
Lenskart makes tepid market debut; stock opens below issue price
Medial

Lenskart makes tepid market debut; stock opens below issue price Lenskart listed at a discount to its IPO price. The shares of the eyewear retailer opened at Rs 395 per share on the NSE, about 1.7% lower than the issue price of Rs 402, and at Rs 390 on the BSE, down nearly 3%. Lenskart made a tepid debut on the stock exchanges today, listing at a discount to its IPO price. The shares of the eyewear retailer opened at Rs 395 per share on the NSE, about 1.7% lower than the issue price of Rs 402, and at Rs 390 on the BSE, down nearly 3%. The company’s Rs 7,278 crore IPO, which was subscribed around 28 times, had earlier seen strong demand from institutional and retail investors, but the listing failed to follow that enthusiasm. The stock slipped further in early trade, dropping over 10% below the issue price before recovering some ground later. The tepid listing came despite a strong brand presence and consistent growth in Lenskart’s business. At the upper end of the price band, the company was valued at around 10X FY25 sales and close to 69X EBITDA. The IPO was open for subscriptions from October 31 to November 4, with a price band of Rs 382–402 per equity share and minimum investment of Rs 14,874 and in multiples thereafter. According to exchange data, Lenskart’s IPO was oversubscribed 28.26 times with the retail portion at 7.53X, QIBs (ex-anchors) at 40.35X, Non Institutional Investors (NIIs) at 18.2X and employee portion subscribed 4.96 times. During the process of the Initial public offering (IPO), the Peyush Bansal-led company raised Rs 3,268 Cr from anchor investors. On the financial front, Lenskart’s revenue grew 22.6% year-on-year to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24, driving the firm from a Rs 10 crore loss in FY24 to a net profit of Rs 297 crore in the last fiscal year. In Q1 FY26, the SoftBank-backed company posted a profit of Rs 61 crore, compared with a loss of Rs 10.9 crore in Q1 FY25, while its operating revenue rose 25% year-on-year to Rs 1,894.4 crore.

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