The initial public offering (IPO) of last-mile logistics startup Shadowfax got off to a steady but cautious start on its first day of bidding, with the issue subscribed 38% as of market close, according to data available from stock exchange filings. The muted response underscores the selective approach investors are taking toward new-age tech and logistics listings, even as the broader IPO pipeline in India remains active.
Shadowfax’s public issue, which opened earlier today, is being closely tracked by both institutional and retail investors given the company’s scale in hyperlocal and ecommerce logistics. However, Day 1 subscription numbers suggest that investors are taking time to assess
...
