India logistics technology startup Shadowfax’s much-anticipated stock market debut turned disappointing, with the shares opening below the IPO price and falling further by the end of the trading session. The tech-driven delivery platform listed its shares at about ₹113, around 9% lower than the ₹124 issue price, and ended its first day of trade at almost ₹109, translating into a loss of about 12% for IPO investors. The muted debut reduced the company’s market capitalisation to around ₹6,300 crore, lower than the valuation hinted at the time of the public issue. The issue was subscribed to 2.72 times overall, reflecting selective interest rather than very strong demand from investors. Notably, the IPO structure comprised a fresh issue of shares worth around ₹1,000 crore and an offer for sale of about ₹907 crore by existing shareholders.