Shadowfax IPO Subscription Status Today: Day 1 Insights

Shadowfax Technologies’ initial public offering (IPO) opened for subscription today, January 20, and will remain open until January 22. The company has set the price band at Rs 118–124 per share. Investors can track the grey market premium (GMP), subscription status, and other key details as bidding begins.

Issue structure: Combination of fresh issue and OFS

The Rs 1,907.27 crore IPO comprises a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of 7.32 crore shares aggregating to around Rs 907 crore by existing shareholders.

The basis of allotment is expected to be finalised on January 23, while the shares are likely to be listed on the BSE and NSE on January 28.

Shadowfax Technologies IPO: SBI Securities’ view

In its IPO note, SBI Securities stated that at the upper price band of Rs 124, the issue is valued at an EV/Sales multiple of 2.4x and an EV/EBITDA multiple of 106.5x. The brokerage highlighted the company’s strong revenue growth, with a CAGR of 32.5% during FY23–FY25, and noted that Shadowfax has been EBITDA positive since FY24.

SBI Securities also pointed out that Shadowfax operates an efficient and scalable asset-light business model, with an asset turnover exceeding 4x. The company does not own delivery vehicles, instead managing touchpoints and last-mile facilities through a leasing model.

Highlighting industry potential, the brokerage noted that India’s per capita shipment levels (3–5) remain significantly lower than those in the US (60–70) and China (75–85), indicating strong long-term growth prospects. However, compared with its closest peers, the IPO appears to be priced at a slight premium. As a result, SBI Securities has maintained a ‘Neutral’ stance on the issue and prefers to monitor the stock’s performance post listing.