Shadowfax IPO Subscribed 2.72 Times: Allotment & Listing Details

Introduction to Shadowfax IPO

The initial public offering (IPO) of logistics solutions provider Shadowfax Technologies concluded on January 22, 2026, garnering significant investor interest. The ₹1,907.27 crore public issue was subscribed 2.72 times overall. The company, a key player in India's e-commerce and quick commerce logistics space, offered shares in a price band of ₹118 to ₹124. The strong response, particularly from institutional and retail segments, sets the stage for its stock market debut, with the basis of allotment expected to be finalized on Friday, January 23, 2026.

Detailed Subscription Breakdown

The IPO received bids for 24,23,88,360 shares against the 8,90,88,807 shares on offer. The Qualified Institutional Buyers (QIBs) category was the most subscribed, with bids coming in at 3.81 times the shares reserved for them. The Retail Individual Investors (RIIs) portion also saw healthy demand, subscribing 2.31 times. However, the Non-Institutional Investors (NIIs) category was undersubscribed, receiving bids for only 84% of its quota. The employee portion was subscribed 2.17 times.

Offer Structure and Anchor Investment

The ₹1,907.27 crore IPO was a combination of a fresh issue of equity shares worth ₹1,000 crore and an Offer for Sale (OFS) component of ₹907.27 crore by existing shareholders. Ahead of the public issue, Shadowfax successfully raised ₹856 crore from anchor investors on January 19, 2026. Key anchor investors included ICICI Prudential Mutual Fund, Nippon India Small Cap Fund, Government Pension Fund Global, Motilal Oswal Mutual Fund, and HSBC Global Investment Funds.

Key Dates for Investors

Investors who participated in the IPO are now awaiting the next steps. The allotment of shares is scheduled to be finalized by the end of the day on January 23. The listing on both the BSE and NSE is tentatively set for Wednesday, January 28, 2026.

Use of Fresh Issue Proceeds

The company plans to utilize the net proceeds from the ₹1,000 crore fresh issue for strategic growth initiatives. A significant portion, ₹423.43 crore, is allocated for capital expenditure to enhance its network infrastructure. Another ₹138.64 crore will be used for lease payments for new first-mile, last-mile, and sort centers. Additionally, ₹88.57 crore is earmarked for branding, marketing, and communication activities. The remaining funds will be used for potential inorganic acquisitions and general corporate purposes.

Company Profile and Key Backers

Incorporated in 2016, Shadowfax Technologies has established itself as a leading logistics service provider for India's digital economy. The company serves a diverse client base that includes major names in e-commerce, quick commerce, food delivery, and on-demand mobility like Flipkart, Myntra, Swiggy, and Zomato. Its services include express parcel delivery, reverse logistics, and hyperlocal solutions. The company is backed by prominent investors such as Flipkart, TPG, Eight Roads Ventures, and Mirae Asset Ventures.

Offer for Sale Participants

The OFS component saw several existing investors offloading a portion of their stake. Major sellers included Flipkart Internet Pvt Ltd, Eight Roads Investments Mauritius II, Qualcomm Asia Pacific, Nokia Growth Partners IV, L.P., NewQuest Asia Fund IV (Singapore), and the International Finance Corporation (IFC).

Market Sentiment and Grey Market Premium (GMP)

According to market observers, the unlisted shares of Shadowfax Technologies were trading at ₹124 in the grey market. This price is the same as the upper end of the IPO price band, indicating a grey market premium (GMP) of 0%. This suggests that the market anticipates a flat or muted listing for the stock, despite the healthy subscription figures from institutional and retail investors.

Conclusion

Shadowfax Technologies' IPO closed with a respectable subscription of 2.72 times, driven by strong demand from QIBs and retail investors. The company's established presence in the logistics sector and its plans for expansion using the IPO funds are key positives. Investors will now closely watch the allotment process and the stock's performance upon its market debut on January 28, 2026.