Shadowfax Technologies makes weak market debut, lists at 9% discount

Mumbai | January 28

Shares of logistics services provider Shadowfax Technologies Ltd began trading on the stock exchanges at a discount on Wednesday, falling short of the IPO issue price despite reasonable subscription during the bidding period.

On the National Stock Exchange (NSE), Shadowfax Technologies shares listed at ₹112.60 per share, marking a discount of 9.19% compared with the issue price of ₹124. On the BSE, the stock opened at ₹113, down 8.87% from the offer price.

At the opening price, the company’s market capitalisation stood at around ₹6,510 crore.

Listing Vs grey market expectations

The listing fell short of grey market signals seen ahead of the debut. In the unlisted market, Shadowfax shares had been trading around ₹120–₹124, indicating a flat-to-mild outcome. However, sentiment weakened closer to listing amid a broader sell-off in equities.

Note: Grey market prices are unofficial and only indicate sentiment, not guaranteed listing performance.

IPO subscription status

The IPO saw investor participation, with overall subscription at 2.72 times, according to stock exchange data.

Subscription breakdown at close:

• Qualified Institutional Buyers (QIBs): 3.81 times
• Retail Individual Investors (RIIs): 2.31 times
• Non-Institutional Investors (NIIs): 0.84 times

Issue structure and selling shareholders

The Shadowfax Technologies IPO aimed to raise ₹1,907.27 crore, comprising:

• Fresh issue: ₹1,000 crore
• Offer for sale (OFS): ₹907.27 crore by existing shareholders

Under the OFS route, several early and institutional investors pared their stakes, including Flipkart Internet Pvt Ltd, Eight Roads Investments Mauritius II, Qualcomm Asia Pacific, NewQuest Asia Fund IV (Singapore), International Finance Corporation, Nokia Growth Partners IV L.P., Mirae Asset – GS Retail New Growth Fund I and Mirae Asset – Naver New Growth Fund.

Use of IPO proceeds

Proceeds from the fresh issue will be used to:

• Expand capacity in network infrastructure
• Fund lease payments for first-mile, last-mile and sorting centres
• Support branding, marketing and communication
• Pursue general corporate purposes and inorganic acquisitions

About Shadowfax Technologies

Founded in 2016, Shadowfax Technologies provides logistics solutions across e-commerce, quick commerce, food delivery and on-demand mobility.

As of September 2025, the company’s network spanned over 14,700 pin codes across India, offering services such as express parcel deliveries, same-day and prime deliveries, reverse pickups and hyperlocal logistics.

The company is among the fastest-growing large third-party logistics players in the domestic market, operating an asset-light model focused on last-mile and technology-enabled delivery.

Financial snapshot

The company turned profitable in FY25 after reporting losses in earlier years, though margins remain thin.

For post-market IPO updates, listings and upcoming issues, follow PL Capital.