New Delhi, Oct. 8 -- Shadowfax Technologies shares have surged 137% from their IPO price, but ICICI Securities sees further upside in the stock, raising its target price to Rs.330 from Rs.280 while retaining an 'Add' rating. The brokerage expects sustained momentum in the company's express parcel business, while stronger-than-expected growth in hyperlocal deliveries could provide an additional growth driver.

ICICI Securities expects Shadowfax's express parcel revenue to grow 48.7% year-on-year in Q2 FY27, supported by potential market-share gains from Amazon's e-commerce business, expansion into new pincodes and newer initiatives such as Prime and Prime Large.

The brokerage also expects customer additions among MSMEs and SMEs to support...