Shadowfax Technologies IPO GMP Hints At Modest Gains, Logistics Solutions Provider’s Public Issue Sees Tepid Demand

Shadowfax Technologies IPO GMP: The public issue of Shadowfax Technologies continued to witness tepid demand on the second day of subscription. The logistics solution provider’s public issue has been booked 55 per cent in its three-day bidding window so far. The grey market premium (GMP) for the company’s shares also hinted at a listing with modest gains.

Shadowfax Technologies IPO GMP

The company’s shares are commanding a GMP of Rs 4 per share. Based on the trends in GMP, the shares are expected to make a debut at Rs 128 with gains of 3.23 per cent.

Shadowfax Technologies IPO Subscription Update

Applicants have cumulatively bid for 48.61 million shares compared to the 89.08 million shares offered for subscription. The logistics solutions provider’s public issue has been booked 1.43 times so far in the retail investor category. They have applied for 23.09 million shares compared to the 16.12 million shares reserved for the category. Non-institutional investors (NIIs) have booked the issue 28 per cent, applying for more than 6.71 million shares compared to the 24.18 million shares reserved for the category. Qualified institutional buyers (QIBs) have booked the issue 38 per cent, placing bids for 18.26 million shares against the 48.36 million shares reserved for them. The IPO has been booked 1.26 times in the employee category, with employees bidding for 534,360 shares against the 423,728 offered to them.

Shadowfax Technologies IPO Issue Size and Price Band

The IPO has a total offer size of Rs 1,907.27 crore. The logistics solution provider plans to raise funds through a fresh issue of 80.60 million shares aggregating to Rs 1,000 crore and an offer for sale (OFS) of 73.20 million shares aggregating to Rs 907.27 crore. Shadowfax Technologies IPO price band has been fixed at Rs 118-124 per share.

Shadowfax Technologies IPO: Lot Size and Minimum Investment

Retail investors interested in applying for Shadowfax Technologies IPO can place bids for a minimum of 120 shares aggregating to an investment of Rs 14,880.

Shadowfax Technologies IPO Subscription Window, Listing Date, Allotment Date

The subscription window opened on January 20 and is scheduled to close on January 22. The book-building issue’s share allotment status will be decided on January 23. Refunds will be initiated to unsuccessful bidders on January 27 and successful bidders will receive the shares in their demat accounts on January 27 as well. The shares will list on the NSE and BSE tentatively on January 28.

Shadowfax Technologies: Key financials

In the period ended September 30, 2025, Shadowfax Technologies’s total income stood at Rs 1,819.80 crore, the company’s profit-after-tax (PAT) stood at Rs 21.04 crore, and the company’s net worth stood at Rs 693.53 crore.

The logistics solutions provider’s total income grew by 32 per cent to Rs 2,514.66 crore in the fiscal ended March 31, 2025 from Rs 1,896.48 crore in the preceding fiscal. In the same period, the company’s PAT stood at Rs 6.06 crore compared to a net loss of Rs 11.88 crore in the preceding fiscal.

Shadowfax Technologies IPO Registrar

Kfin Technologies is the registrar and ICICI Securities is the book-running lead manager to the issue.

Shadowfax Technologies: Promoters

The promoters include Abhishek Bansal and Vaibhav Khandelwal. However, they will not divest their shareholding in the OFS. On the other hand, early investors of the company, such as Flipkart Internet, Eight Roads Investments Mauritius I, International Finance Corporation and Qualcomm Asia Pacific will sell their shareholding in the OFS.

Shadowfax Technologies IPO: Objective

Shadowfax Technologies plans to use the funds generated through the public issue for financing capital expenditures, such as lease payments for centres and other network infrastructure-related costs. The proceeds will also be used for financing branding, marketing and communication costs, and unidentified inorganic acquisitions and general corporate purposes.

About Shadowfax Technologies

Shadowfax Technologies was incorporated in June 2016. The company is engaged in providing services to e-commerce and quick-commerce companies. The Flipkart-backed company provides services, such as parcel delivery, direct-to-customer (D2C) delivery, and personal courier services. The company’s network comprises 4,299 touchpoints across first- and last-mile centres and sort centres as on September 30, 2025.