Bengaluru-based technology-led logistics solutions provider Shadowfax Technologies has raised Rs 856.02 crore from 39 anchor investors on January 19, a day before the IPO launch for the public subscription.
The company approached capital markets to mobilise Rs 1,907.2 crore via initial public offering (IPO) which will open for public subscription on January 20 and close on January 22, with price band of Rs 118-124 per share. The IPO is a combination of fresh issuance of shares worth Rs 1,000 crore, and an offer-for-sale of Rs 907.2 crore worth shares by several investors including Flipkart, Eight Roads Investments, Qualcomm, and NewQuest Asia Fund.
The third-party logistics company has finalised allocation of 6.9 crore equity shares to anchor investors at the upper price band.
"Out of the total allocation, 3.67 crore equity shares worth Rs 455.73 crore were allocated to nine domestic mutual funds including ICICI Prudential AMC, Nippon Life India, Motilal Oswal AMC, Bandhan Mutual Fund, HSBC MF, Helios MF, JM Financial MF, and Trust Mutual Fund," Shadowfax Technologies in its filing to exchanges said.
ICICI Prudential AMC was the largest investor in the anchor book, acquiring 1.53 crore equity shares for Rs 190 crore through its four schemes - ICICI Prudential Flexicap Fund, ICICI Prudential Balanced Advantage Fund, ICICI Prudential Transportation and Logistics Fund, and ICICI Prudential Exports and Services Fund.
Marquee global names like Morgan Stanley, Societe Generale, Government Pension Global Fund, HSBC Global Investment Funds, Eastspring Investments, TIMF Holdings, Allspring Global Investments, and Integrated Core Strategies also invested in the company via anchor book.
Insurance companies - ICICI Prudential Life Insurance, and Kotak Mahindra Life Insurance, too, participated in the anchor book, acquiring 56.45 lakh shares for Rs 70 crore.
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Shadowfax intends to utilise Rs 423.4 crore of fresh issue proceeds for its network infrastructure, and Rs 138.6 crore for lease payments for new first mile centers, last mile centers and sort centers.
Further, Rs 88.5 crore will be spent on branding, marketing and communication costs, and the remainder funds for inorganic acquisitions and general corporate purposes.
Meanwhile, Shadowfax IPO shares traded at around 7 percent premium in the grey market, a day before the IPO launch for public, the market observers said.
The company will finalise its IPO share allotment by January 23 and its shares will be available for trading on the bourses effective January 28.
Currently, Flipkart Internet, Eight Roads Investments, and Newquest Asia Fund are the biggest shareholders with the stake range of 14-15 percent in Shadowfax, while founders Abhishek Bansal and Vaibhav Khandelwal own 10.76 percent and 8.37 percent shares, respectively.
ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as the merchant bankers for the Shadowfax Technologies IPO.
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