Shadowfax Technologies IPO closes today; subscription lags at 65%, GMP flat

Shadowfax Technologies IPO Day 3 update: Check latest subscription status, GMP, allotment date, listing date, and other key details here

Flipkart-backed logistics solutions provider Shadowfax Technologies has seen a lacklustre response from investors to its initial public offering (IPO), which opened for subscription on Tuesday, January 20. NSE data showed that the public issue was 65 per cent subscribed till 11:33 AM on Thursday, January 22.  

The three-day subscription window for the IPO closes today. So far, the issue has received bids for 5,80,05,480 shares against 8,90,88,807 shares on offer. Demand has been strongest in the retail individual investors (RII) segment, which has been subscribed 1.84 times. In contrast, qualified institutional buyers (QIBs) and non-institutional investors (NIIs) have subscribed 39 per cent and 38 per cent, respectively, of their reserved quotas.

Shadowfax Technologies IPO GMP

Muted investor sentiment was also reflected in the grey market. According to sources tracking unofficial market activity, Shadowfax Technologies’ unlisted shares were trading at around ₹125.5 per share, implying a grey market premium (GMP) of ₹1.5, or 1.21 per cent, over the upper end of the IPO price band of ₹124.

Should you subscribe to Shadowfax Technologies IPO?

Brokerages have offered mixed views on the issue. SBI Securities and Swastika Investmart have assigned a Neutral rating, citing the IPO’s relatively premium valuation compared with peers and the company’s dependence on a limited number of large clients, including Flipkart and Meesho. SMIFS, however, has recommended a Subscribe rating with a multi-year investment horizon, highlighting Shadowfax’s market leadership, technology moat, and strong positioning in India’s fast-growing logistics and e-commerce delivery space. READ MORE

Shadowfax Technologies IPO details

The IPO comprises a fresh issue of 80.6 million equity shares aggregating to ₹1,000 crore, along with an offer for sale (OFS) of up to 73.2 million equity shares worth up to ₹907.27 crore. Under the OFS, existing investors including Flipkart India, Eight Roads Investments Mauritius II, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Miare Asset will pare part of their holdings.

 

The issue is priced in the range of ₹118–124 per share, with a lot size of 120 shares. At the upper end of the price band, retail investors need to invest a minimum of ₹14,880 for one lot, while a maximum application of 13 lots (1,560 shares) requires ₹1,93,440.  KFin Technologies is the registrar to the issue, while the book-running lead managers include ICICI Securities, Morgan Stanley India Company, and JM Financial.

Shadowfax Technologies IPO allotment date, listing date

With the issue closing today, the basis of allotment is expected to be finalised on Friday, January 23, 2026. Shares are likely to be credited to successful applicants’ demat accounts by Tuesday, January 27, 2026. 

 

The stock is scheduled to list on the NSE and BSE tentatively on Wednesday, January 28, 2026.

Shadowfax Technologies IPO objectives

According to the red herring prospectus (RHP), the company will not receive any proceeds from the OFS. “Our Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of the Offer Proceeds, net of their respective share of Offer-related expenses,” the company said.

 

Proceeds from the fresh issue, the company said, will be utilised for network expansion capex, including infrastructure and logistics facilities, lease payments for first-mile, last-mile and sorting centres, as well as branding, marketing, strategic growth initiatives, including acquisitions, and general corporate purposes.