Shadowfax's muted listing debut still leaves founders, investors with notional gains
New-age logistics company Shadowfax made a muted stock market debut on Wednesday, with its shares listing at a 9% discount to the issue price.
Despite the weak opening, the company’s market capitalisation stood at Rs 6,510 crore, higher than its last private valuation of about Rs 6,000 crore, resulting in a notional increase in the wealth of its founders and investors. However, the IPO had valued Shadowfax at Rs 7,169 crore on a post-money basis.
Cofounders Abhishek Bansal and Vaibhav Khandelwal, tagged as promoters, hold stakes of 9.28% and 7.22%, respectively, after the public issue. At current prices, their holdings are valued at around Rs 613 crore and Rs 477 crore.
Eight Roads Ventures, among Shadowfax’s earliest backers, is sitting on a nearly 10x paper gain on its investment, made over a decade ago. The investor, which holds a 9.49% stake post listing, sold shares worth Rs 197 crore in the IPO, with its residual stake valued at about Rs 628 crore.
Ecommerce marketplace Flipkart, which first invested in Shadowfax in 2022, is sitting on a 2.6x paper gain. Flipkart offloaded shares worth Rs 400 crore through the secondary portion of the IPO and continues to hold a 7.28% stake, valued at around Rs 481 crore post listing.
TPG NewQuest, another large shareholder with an 11.52% holding, will see a lower paper gain of around twofold, having entered the Bengaluru-based company’s cap table only in 2024. It sold shares worth Rs 45 crore through the offer-for-sale component, with its remaining stake valued at around Rs 762 crore.
Despite the weak opening, the company’s market capitalisation stood at Rs 6,510 crore, higher than its last private valuation of about Rs 6,000 crore, resulting in a notional increase in the wealth of its founders and investors. However, the IPO had valued Shadowfax at Rs 7,169 crore on a post-money basis.
Cofounders Abhishek Bansal and Vaibhav Khandelwal, tagged as promoters, hold stakes of 9.28% and 7.22%, respectively, after the public issue. At current prices, their holdings are valued at around Rs 613 crore and Rs 477 crore.
Eight Roads Ventures, among Shadowfax’s earliest backers, is sitting on a nearly 10x paper gain on its investment, made over a decade ago. The investor, which holds a 9.49% stake post listing, sold shares worth Rs 197 crore in the IPO, with its residual stake valued at about Rs 628 crore.
Ecommerce marketplace Flipkart, which first invested in Shadowfax in 2022, is sitting on a 2.6x paper gain. Flipkart offloaded shares worth Rs 400 crore through the secondary portion of the IPO and continues to hold a 7.28% stake, valued at around Rs 481 crore post listing.
TPG NewQuest, another large shareholder with an 11.52% holding, will see a lower paper gain of around twofold, having entered the Bengaluru-based company’s cap table only in 2024. It sold shares worth Rs 45 crore through the offer-for-sale component, with its remaining stake valued at around Rs 762 crore.
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