Despite a good market today, Shadowfax Technologies had a poor listing – as against the IPO price of Rs.124, it got listed on the BSE at Rs.113 and is currently trading at Rs.110 levels.

The IPO did ok during subscription with overall response at 2.72x with QIBs at 3.81x, HNIs at 0.84x and Retail at 2.31x.

Shadowfax Technologies, established in 2015 by 4 IIT Delhi founders, is a Bengaluru based last-mile logistics company, having 2.06 lakh delivery partners covering 14,758 pincodes across 2,300 Indian cities with 3.5 million sq of warehouse space.

In our IPO Analysis, we had concluded - Shadowfax may be viewed as a proxy to q-comm growth in the country. But current secondary market conditions vastly dim probability of any listing gains. For a long term view, it will be prudent to track few quarterly earnings post listing. For now, skip Shadowfax Technologies IPO.