Shadowfax Technologies makes muted debut, lists at 9% discount; misses GMP

Shadowfax Technologies shares opened at ₹112.60 on the NSE, a discount of ₹11.4 or 9.2 per cent from the issue price of ₹124

Shadowfax Technologies listing, Shadowfax Technologies share price: Logistics solutions provider Shadowfax Technologies has made a disappointing debut on the Dalal Street amid an otherwise upbeat market. The company's shares opened at ₹112.60 on the NSE, a discount of ₹11.4 or 9.2 per cent from the issue price of ₹124. 

 

On the BSE as well, Shadowfax shares opened at ₹113, a discount of ₹11 or 9 per cent. Post-listing, the stock was trading nearly 4 per cent higher from the listing price. 

 

Shadowfax's debut was below the grey market estimates. Ahead of the listing, the company's unlisted shares were trading at around ₹120.5 in the grey markets. This indicated a grey market discount of ₹3.5 or 3 per cent, over the issue price, according to sources tracking unofficial market activity. 

 

Shadowfax Technologies IPO subscription rate

According to National Stock Exchange (NSE) data, Shadowfax Technologies IPO received a lacklustre response from investors, with overall subscription reaching 2.72 times. Investors placed bids for 242.38 million equity shares against the 89 million shares on offer. Qualified Institutional Buyers (QIBs) led the demand, oversubscribing their allotted quota by 3.81 times. The Non-Institutional Investors (NIIs) segment was subscribed 84 per cent, while the retail investors' portion received 2.31 times the number of bids compared to the shares reserved.

Shadowfax Technologies IPO details

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

 

The IPO was offered in the price band of ₹118 to ₹124 per share, with a minimum application lot of 120 shares. The issue was open for subscription from January 20 to January 22, 2026. The allotment of shares was finalised on Friday, January 23, 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 red herring prospectus (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.