ICICI Prudential Mutual Fund increased its stake in logistics firm Shadowfax Technologies to 8.56% by acquiring 89.44 lakh shares in an open market transaction on July 24. The purchase, valued at about ₹192 crore based on Shadowfax’s closing share price of ₹214.35, raised the mutual fund’s total holding to 5 crore shares from 5.15% earlier, according to an exchange filing reported by inc42.com.
Since its previous disclosure on February 18, ICICI Prudential MF cumulatively acquired 2.03 crore shares in Shadowfax. The transaction coincided with major shareholders Flipkart and Eight Roads Ventures offloading sizable stakes via bulk deals. Flipkart sold 3.37 crore shares worth nearly ₹690 crore, while Eight Roads Ventures sold 4.7 crore shares in two bulk deals totaling about ₹964 crore. Shadowfax’s shares have surged about 84% since their January listing at ₹113 apiece, despite debuting below the IPO price of ₹124.
Shadowfax Technologies, which made its stock market debut earlier this year, has seen its market capitalization rise to ₹12,165 crore (approximately $1.2 billion). The stock price increase reflects the company’s strong financial performance, including profitability reported in Q4 FY26. The recent stake increase by ICICI Prudential MF highlights growing institutional investor confidence amid significant share sales by early investors Flipkart and Eight Roads Ventures.
At 12:22 on July 24, Shadowfax shares were trading slightly lower at ₹207.90 on the BSE. The company’s market capitalization stood at ₹12,165 crore, underscoring its position as a key player in the Indian logistics sector, according to inc42.com.