Shadowfax Technologies IPO ends with 2.72 times subscription

The offer received bids for 24.23 crore shares as against 8.90 crore shares on offer.

Shadowfax Technologies received bids for 24,23,88,360 shares as against 8,90,88,807 shares on offer. The issue was subscribed 2.72 times.

The Qualified Institutional Buyers (QIB) category was subscribed 3.81 times, the Retail Individual Investors category was subscribed 2.31 times and the Non-Institutional Investors category was subscribed 0.84 times.

The issue opened for bidding on 20 January 2026 and it closed on 22 January 2026. The price band of the IPO is fixed between Rs 118 and 124 per share.

The Rs 1,907 crore IPO had comprised a fresh issue of 80.6 million equity shares aggregating to Rs 1,000 crore and an offer for sale (OFS) of up to 73.2 million equity shares worth up to Rs 907.27 crore. Existing investorsFlipkart India, Eight Roads Investments Mauritius II, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund and Mirae Assethad offloaded part of their holdings through the OFS.

 

Shadowfax had planned to utilize Rs 423.43 crore from the net proceeds of the fresh issue to enhance network infrastructure capacity, Rs 138.64 crore towards lease payments for new first-mile, last-mile, and sort centres, and Rs 88.57 crore for branding, marketing and communication initiatives. The balance had been earmarked for unidentified inorganic acquisitions and general corporate purposes.

Shadowfax Technologies is a leading Indian logistics and 3PL player providing e-commerce, D2C, quick commerce and hyperlocal delivery services. It operates a nationwide network covering over 14,700 pin codes and serves major clients such as Flipkart, Meesho, Swiggy, Zomato, Blinkit, and Nykaa. The company is among the fastest-growing large-scale logistics providers, with rising market share and strong order growth.

Ahead of the IPO of Shadowfax Technologies on 19 January 2026, the company raised Rs 856.02 crore from anchor investors by allotting 6.90 crore shares at Rs 124 each to 39 anchor investors.

For the three months ended 30 September 2025, the firm recorded a consolidated net profit of Rs 21.04 crore and sales of Rs 1,805.64 crore.

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