Shadowfax IPO closes today; issue subscribed 65%, GMP steady

Flipkart-backed logistics solutions provider Shadowfax Technologies has witnessed a subdued response from investors for its initial public offering (IPO), which opened for subscription on Tuesday, January 20. According to NSE data, the issue was subscribed 65 per cent as of 11:33 AM on Thursday, January 22.

The IPO’s three-day subscription window closes today. So far, bids have been received for 5,80,05,480 shares against the total offer size of 8,90,88,807 shares. Retail individual investors (RIIs) have shown the highest interest, with their portion subscribed 1.84 times. Meanwhile, participation from qualified institutional buyers (QIBs) and non-institutional investors (NIIs) remains muted, with subscription levels at 39 per cent and 38 per cent, respectively.

Shadowfax Technologies IPO GMP

Investor sentiment has also been reflected in the grey market. As per market sources tracking unofficial trades, Shadowfax Technologies’ unlisted shares were trading at around ₹125.5 per share, indicating a grey market premium (GMP) of ₹1.5, or 1.21 per cent, over the upper end of the IPO price band of ₹124.

Should you subscribe to Shadowfax Technologies IPO?

Brokerage opinions on the IPO have been mixed. SBI Securities and Swastika Investmart have given a Neutral rating, pointing to the company’s relatively premium valuation compared to peers and its reliance on a limited number of large clients such as Flipkart and Meesho. On the other hand, SMIFS has recommended a Subscribe rating for investors with a long-term horizon, citing Shadowfax’s leadership position, strong technology platform, and solid presence in India’s rapidly expanding logistics and e-commerce delivery sector.

Shadowfax Technologies IPO details

The IPO consists of a fresh issue of 80.6 million equity shares aggregating to ₹1,000 crore, along with an offer for sale (OFS) of up to 73.2 million equity shares valued at ₹907.27 crore. Under the OFS, existing shareholders such as Flipkart India, Eight Roads Investments Mauritius II, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Miare Asset will partially dilute their stakes.

The price band for the issue is fixed at ₹118 to ₹124 per share, with a lot size of 120 shares. At the upper price band, retail investors need to invest a minimum of ₹14,880 for one lot, while the maximum permissible application of 13 lots (1,560 shares) amounts to ₹1,93,440.

KFin Technologies is acting as the registrar to the issue, while ICICI Securities, Morgan Stanley India Company, and JM Financial are the book-running lead managers.

Shadowfax Technologies IPO allotment and listing dates

With the issue closing today, the basis of allotment is expected to be finalised on Friday, January 23, 2026. Successful applicants are likely to receive shares in their demat accounts by Tuesday, January 27, 2026. The stock is expected to make its debut on the NSE and BSE on Wednesday, January 28, 2026, on a tentative basis.

Shadowfax Technologies IPO objectives

As outlined in the red herring prospectus (RHP), the company will not receive any proceeds from the OFS. The funds raised through the sale of shares will go directly to the selling shareholders, after deducting their respective share of offer-related expenses.