Summary of this article
Shadowfax Technologies IPO entered Day3 of subscription on Jan 22, 2026
The retail portion has been fully booked, while QIB and NII segment are seeing tepid demand
Its grey market premium stood at Re 1, as of 10:00 AM on January 22
Shadowfax Technologies IPO GMP: Logistics solution provider Shadowfax Technologies’ initial public offer (IPO) entered its third and final day of subscription on January 22, 2026.
As of the end of the second day of bidding, the Shadowfax Technologies IPO had struggled to attract strong interest from institutional and high-net-worth investors. Both qualified institutional buyers (QIBs) and non-institutional investors (NIIs) has so far showed a tepid response. However, the portion reserved for retail investors was fully subscribed by the close of bidding on Day 2.
The Shadowfax Technologies IPO opened for subscription on January 20 and will close on January 22, 2026.
Meanwhile, amid this tepid demand, the grey market premium (GMP) of the unlisted shares weakened further, indicating muted listing gain prospects.
Shadowfax Technologies IPO Subscription Status
As of 11:00 AM on Day 3, the Shadowfax Technologies IPO was subscribed 64 per cent, or 0.64 times, overall.
The retail investors’ portion was subscribed 181 per cent, or 1.81 times. In contrast, the non-institutional investors (NII) and qualified institutional buyers (QIB) segments saw subscriptions at 37 per cent (0.37 times) and 38 per cent (0.38 times), respectively.
Shadowfax Technologies IPO Details
Issue Size: The IPO is a book-built issue of Rs 1,907.27 crore, comprising a fresh issue of 80.64 million shares worth Rs 1,000 crore and an offer for sale (OFS) of 73.17 crore shares worth Rs 907.27 crore.
Price Band, Lot Size, Minimum Investment: The price band for the issue has been fixed at Rs 118–124 per share. Investors can apply in lots of 120 shares, translating into a minimum retail investment of Rs 14,880 at the upper end of the price band.
Allotment, Listing Dates: The allotment is expected to be finalised on January 23, while the shares are likely to list on the BSE and NSE on January 28, 2026.
BRLMs, Registrar: ICICI Securities, Morgan Stanley India and JM Financial are the book-running lead managers to the issue, while Kfin Technologies is acting as the registrar.
Shadowfax Technologies IPO GMP Today
The Shadowfax Technologies IPO's GMP stood at Re 1, as of 10:00 AM on January 22, declining from a high of Rs 14 quoted on January 14.
Based on the current GMP and the upper end of the price band, Rs 124, the Shadowfax Technologies' IPO shares' expected listing price comes at Rs 125 per share, reflecting a premium of just 0.81 per cent.
Shadowfax Technologies: Business Overview
Founded in June 2016, Shadowfax Technologies Ltd is a logistics solutions provider that caters to the fast-growing e-commerce and last-mile delivery space across India.
The company handles express parcel deliveries for large online marketplaces and D2C brands, and also services hyperlocal and quick-commerce orders, where speed is critical and deliveries are completed within hours or on the same day.
According to the red herring prospectus (RHP), Shadowfax operates a pan-India logistics network with 4,299 touchpoints, covering 14,758 pin codes as of September 30, 2025, and runs an asset-light model supported by over 3.50 million sq ft of operational space, 53 sort centres, and a dedicated fleet of more than 3,000 trucks operating daily.
The logistics company has over 2.05 lakh average quarterly active delivery partners, and serves clients such as Flipkart, Meesho, Swiggy, Zomato, Blinkit, Zepto and Nykaa, among others.
