MC EXCLUSIVE Shadowfax IPO attracts Norges Bank, HSBC, Ipru Life, Nippon India MF as anchor investors

IPO

Flipkart and TPG-backed e-commerce enablement platform Shadowfax Technologies Limited’s Rs 850 crore anchor book allocation has received subscription from foreign institutional investors such as Norges Bank and HSBC, people aware of the development told Moneycontrol on the condition of anonymity.

Shadowfax’s IPO opens on January 20 and will close on January 22. The company has priced its shares in a price band of Rs 118 to Rs 124.

Sources cited above added that the anchor book also attracted heavy demand from domestic institutional investors.

DIIs that have participated in the anchor share sale includes names such as ICICI Prudential, Life Insurance and Kotak Life Insurance. On the mutual funds side, DIIs that have participated include Ipru MF, Nippon India MF and Motilal Oswal.

Domestic institutional investors have subscribed heavily in Shadowfax anchor book and picked up majority of the anchor book allocation, according to the sources. All anchor investors have subscribed at the upper end of the price band Rs 124 per equity share, they added.

A spokesperson for Shadowfax could not be immediately reached for a comment.

As per the IPO plan, the company proposes to issue fresh shares worth Rs 1,000 crore, while investors and others will be selling their shares worth Rs 907.2 crore via offer-for-sale.

Walmart's Flipkart Internet, Eight Roads Investments Mauritius, TPG's NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm, and Snapdeal's founders Kunal Bahl, and Rohit Kumar Bansal will be selling shareholders in the offer-for-sale.

Moneycontrol reported on January 15 that Kunal Bahl and Rohit Bansal, co-founders of e-commerce website Snapdeal and Titan Capital, are sitting on gains of over 158 times on their early investment in Shadowfax.