India's Shadowfax down on second day since debut

Meesho

29/01/2026 05:57

** Shares of logistics company Shadowfax Technologies SADO.NS down nearly 5.5% at 103.97 rupees

** Stock down 16% from IPO issue price of 124 rupees

** Listed on Wednesday at 112.60 rupees

** More than 5.5 mln shares traded so far

** "High customer concentration, particularly its dependence on Meesho MEES.NS and Walmart-owned WMT.O Flipkart, creates elevated revenue risk as marketplaces increasingly insource logistics," says Motilal Oswal

** Non-institutional investors subscribed 84% of their portion in SADO IPO; overall issue subscribed 2.72x

** IPO raised 19.07 billion rupees, including fresh issue of shares worth 10 billion rupees to fund network infrastructure capex, lease payments, marketing, etc, as per prospectus

(Reporting by Abhirami G in Bengaluru)

((abhirami.g@thomsonreuters.com))