Shadowfax Technologies IPO booked 3x; here's what GMP hints for D-St debut

Shadowfax Technologies IPO listing forecast: Shadowfax Technologies, a logistics solution provider, is set to make its Dalal Street debut on Wednesday, January 28, 2026, and early indicators from the grey market hint towards a muted debut. 

 

The company raised ₹1,907.27 crore through its initial public offering (IPO), which comprised a fresh issue of 80.6 million equity shares and an offer for sale (OFS) of 73.2 million equity shares.

 

According to NSE data, Shadowfax IPO received a decent investor response, achieving an overall oversubscription of 2.72 times, driven largely by strong participation from qualified institutional buyers (QIBs), whose quota was booked 3.81 times. The retail investor segment also showed decent demand, oversubscribing their portion by 2.31 times. However, the portion booked for non-institutional investors (NIIs) was booked at only 84 per cent. 

 

 

The basis of allotment for the issue was finalised on Friday, January 23, 2026, and investors are now awaiting the stock’s debut on Dalal Street. Ahead of its listing, the company’s unlisted shares were trading at around ₹120 in the grey market, indicating a discount of ₹4 or 3.23 per cent over the issue price of ₹124, according to sources tracking unofficial markets.

 

If the current grey market sentiment sustains, Shadowfax shares are likely to debut around ₹120, implying a potential loss of 3-4 per cent for IPO investors. However, market experts caution that the grey market operates outside regulatory oversight, and the GMP (Grey Market Premium) should not be viewed as a definitive indicator of the stock’s actual listing performance. 

Shadowfax Technologies IPO details

The IPO comprised a fresh issue of 80.6 million equity shares worth up to 1,000 crore and an OFS of 73.2 million shares worth up to ₹907.27 crore. The issue was offered at a price band of ₹118 to ₹124 per share, with a lot size of 120 shares. The public issue was open for subscription from January 20 to January 22, 2026.

 

Kfin Technologies is the registrar for the issue. ICICI Securities, Morgan Stanley India Company, and JM Financial are the book-running lead managers.

 

According to the RHP, the company plans to use ₹423.23 crore from the net fresh issue proceeds for its capital expenditure in relation to the network infrastructure, ₹138.64 crore for lease payments for new first mile centres, last mile centres, and sort centres, and ₹88.57 crore for funding of branding, marketing, and communication costs. The remaining funds will be used for general corporate purposes.