Shadowfax stumbled in its market debut, with shares falling as investors weighed concerns about the logistics firm’s heavy reliance on a handful of large e-commerce clients. The company raised about ₹19.07 billion (about $208.24 million) in its initial public offering.
The shares fell about 9% from the offer price of ₹124 to ₹112.60 on Wednesday, valuing the Bengaluru-based logistics firm at roughly ₹64.7 billion (about $706.58 million) on debut, roughly matching its last private valuation of close to ₹60 billion (roughly $655.01…

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