Shadowfax IPO closes; subscription at 60% while GMP remains unchanged

Shadowfax Technologies IPO Sees Tepid Investor Response

Flipkart-backed logistics firm Shadowfax Technologies’ IPO, which opened on January 20, has received a muted response. As of the second day, NSE data showed 60% subscription, with bids for 5.33 crore shares against 8.91 crore on offer. Retail investors led demand with 1.64x subscription, while QIBs and NIIs lagged at 38% and 33%, respectively.

Grey Market Premium (GMP)

In the grey market, Shadowfax shares are trading around ₹125.5, showing a small premium of ₹1.5 (1.21%) over the upper IPO price band of ₹124.

Broker Views

Brokerages are divided. SBI Securities and Swastika Investmart rate the IPO as Neutral, citing premium valuation and reliance on key clients like Flipkart and Meesho. SMIFS recommends Subscribe for long-term investors, noting Shadowfax’s market leadership and tech advantage in India’s logistics and e-commerce sector.

IPO Details

• Fresh issue: 80.6 million shares (~₹1,000 crore)
• Offer for Sale: Up to 73.2 million shares (~₹907.27 crore)
• Price band: ₹118–124 per share; lot size: 120 shares
• Retail investment: ₹14,880 minimum, ₹1,93,440 maximum (13 lots)
• Registrars: KFin Technologies
• Lead managers: ICICI Securities, Morgan Stanley India, JM Financial
• Allotment & Listing
• Basis of allotment: January 23, 2026
• Demat credit: January 27, 2026
• Listing: Tentatively January 28, 2026 on NSE & BSE

Use of Funds

Proceeds from the fresh issue will fund network expansion, logistics infrastructure, lease payments for sorting and delivery centers, branding, marketing, strategic growth including acquisitions, and general corporate purposes. The company will not receive any funds from the OFS.