Shadowfax Shares Fall 9% Below IPO on Market Debut

January 28, 2026 — Shares of Shadowfax Technologies Ltd. made a weak debut on the stock exchanges today, opening at a significant discount compared with their IPO issue price.

• On the National Stock Exchange (NSE), the stock debuted around ₹112.60 per share.
• On the BSE, it opened near ₹113.00 per share.
• This represented about a 9% discount to the IPO issue price of ₹124 per share.

The muted listing indicates a subdued investor response on the first day of trading, with buyers unwilling to push the stock above its offer price.

IPO Subscription and Issue Size

Shadowfax’s IPO was open for subscription from January 20 to January 22, 2026 and closed with mixed demand across investor categories.

• Total IPO size: ₹1,907 crore (approx.)
  • Fresh issue component: ₹1,000 crore
  • Offer‑for‑sale (OFS): ₹907 crore (existing shareholders’ sale)
• Overall subscription: Approximately 2.72 times the issue size.

Investor interest varied by segment:

• Qualified Institutional Buyers (QIBs): Subscribed around 3.81 times.
• Retail Investors: Subscribed around 2.31 times.
• Non‑Institutional Investors (NIIs): Less interest, with subscriptions under 100% of available allocation.

Context and Market Reaction

Despite the overall positive subscription rate, subdued grey market signals and softer demand from some investor categories appeared to translate into a lackluster listing performance.

Market observers note that although the IPO drew significant total bids, the absence of strong retail and non‑institutional participation may have weighed on listing sentiment.

About Shadowfax Technologies

Shadowfax Technologies is a Bengaluru‑based logistics and delivery solutions provider that operates an asset‑light platform serving e‑commerce, direct‑to‑consumer, hyperlocal and express delivery segments across India.