India, Jan. 27 -- Logistics and delivery major Shadowfax is all set to list on the bourses tomorrow after its IPO was oversubscribed 2.7X. The company's early investors have booked notable gains on their investments by offloading part of their holdings in the IPO.

Eights Roads Investments, which is backed by Fidelity, emerged as the biggest gainer from the public listing. At INR 124 per share, the upper end of the price band, the firm raked in INR 197 Cr by selling 1.58 Cr shares. This translated to a 10.4X return on its initial investment. Post the sale, the VC firm owns 5.5 Cr shares of Shadowfax worth INR 689.1 Cr at INR 124 apiece.

Shadowfax's IPO comprised a fresh issue of INR 1,000 Cr and an offer-for-sale (OFS) component of up to...