TPG Offloads More Shadowfax Shares Via ₹115 Cr Bulk Deal
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TPG continues to dilute its shareholding in Shadowfax. The private equity (PE) giant has now sold more shares of the listed logistics company via an open-market transaction for ₹114.8 Cr.
According to BSE data, the PE major, via its entity NewQuest Asia Fund IV (Singapore), sold 40 Lakh shares of Shadowfax at ₹287 apiece to rake in the amount. There was no clarity on who lapped up the shares that flooded the market.
The bulk deal was undertaken at a discount of 0.3% to the stock’s last closing price on Tuesday.
This is the fourth time that TPG has sold its stake in the logistics company in the past three months. Last week, the PE firm offloaded Shadowfax shares worth ₹113.6 Cr. In September, the PE firm offloaded more shares of the company worth ₹200 Cr. A month prior in August, TPG also sold Shadowfax stake in a bulk deal worth ₹300 Cr.
The bulk deals come as investors look to book profits amid a sharp jump in Shadowfax’s share prices. The stock hit an all-time high ₹291.90 on September 24. Overall, shares of the company have surged 10.96% in the past month, and are up more than 144.38% in the last six months.
This jump has come on the back of healthy performance by the startup on the financial front.
The logistics major reported an 8X surge in its consolidated net profit to ₹65.4 Cr in Q1 FY27 compared to ₹8 Cr in the year ago quarter. Meanwhile, operating revenue jumped 65% YoY and 10% QoQ to ₹1,358.1 Cr in the quarter under review.
Following the results, Shadowfax also revised its FY27 revenue growth forecast to 38-40%, a significant jump from the 28-30% guidance projected just a quarter ago.
Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax operates a logistics network serving ecommerce, quick commerce and D2C brands. The company was listed on the stock exchanges earlier this year.
It currently operates across more than 16,372 pincodes and plans to increase its network of dark stores from 47 to 100 by March 2027 as it looks to strengthen its quick commerce business.
Shares of Shadowfax closed Tuesday’s trading session 0.4% lower at ₹287.75 on the BSE.
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