ICICI Prudential MF Raises Shadowfax Stake To 8.56% After Buying 89 Lakh Shares

ICICI Prudential Mutual Fund has increased its stake in listed logistics company Shadowfax Technologies to 8.56% after acquiring a net 89.44 Lakh shares through an open market transaction on July 24 (Friday). 

Based on Shadowfax’s closing share price of ₹214.35 on July 24, the latest acquisition was valued at about ₹192 Cr. 

According to an exchange filing, the mutual fund cumulatively acquired 2.03 Cr shares in Shadowfax since its previous disclosure on February 18, taking its holding to 5 Cr shares, or 8.56% of the company’s paid-up share capital, from 5.15% earlier. 

The latest transaction came on the day existing shareholders Flipkart and Eight Roads Ventures offloaded sizable stakes in Shadowfax through bulk deals. Flipkart sold 3.37 Cr shares worth nearly ₹690 Cr in the company, while Eight Roads Ventures sold 4.7 Cr shares across two bulk deals at average prices of ₹204.62 and ₹204.88 per share, taking the combined deal size to about ₹964 Cr. 

Shadowfax made its stock market debut in January this year. The shares listed at ₹113 apiece on the BSE, a discount of 8.87% to the IPO issue price of ₹124. 

However, the stock has surged about 84% from its listing price. At 12:22, Shadowfax shares were trading 0.91% lower at ₹207.90 on the BSE. The company’s market capitalisation stood at ₹12,165 Cr (about $1.2 Bn).

The rise in the stock price was driven by the company’s strong financial performance. Shadowfax became profitable in Q4 FY26, reporting a consolidated net profit of ₹55.8 Cr as against a net loss of ₹9.9 Cr in the year-ago period. Revenue from operations increased 73.6% to ₹1,237 Cr from ₹712.4 Cr in the same period last year.

The company is scheduled to release its financials for Q1 FY27 on July 31 (Friday).

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