Shadowfax Technologies IPO Day 2: Issue Subscribed Around 60%; GMP Softens Amid Market Volatility
- 21st January 2026
- 06:00 PM
- 2 min read
Summary
Shadowfax Technologies’ ₹1,907-crore IPO ended Day 2 of bidding, with overall subscription at 60% . While investor interest remains steady following a strong anchor book, grey market signals have softened to about 3.23%, amid broader market weakness.Mumbai | January 21
The initial public offering of Shadowfax Technologies entered its second day of bidding on Wednesday, with the issue subscribed around 60% overall by mid-session, according to exchange data.
The IPO had closed Day 1 at 47% subscription, led by retail participation.
Day 2 Subscription snapshot
Retail investors continued to anchor demand, while institutional participation remained measured on the second day amid a volatile market backdrop.
- Qualified Institutional Buyers (QIBs): 0.38times
- Non-Institutional Investors (NIIS): 0.33 times
- Retail Individual Investors (RIIs): 1.64 times
- Employee Reserve: 1.45 times
- Total: 0.60 times
Shadowfax IPO GMP
In the grey market, Shadowfax’s premium (GMP) has softened to around ₹4 per share, down from earlier indications. At this level, the implied listing price is near ₹128, translating to 3.23% premium over the upper end of the IPO price band.
Note: Grey market prices are unofficial and reflect market sentiment, not guaranteed listing outcomes.
Shadowfax IPO details
- Issue size: ₹1,907 crore
- Price band: ₹118–₹124 per share
- Fresh issue: ₹1,000 crore
- Offer for sale (OFS): ₹907.27 crore
- IPO window: January 20–22
- Allotment (tentative): January 23
- Listing (tentative): January 28
Ahead of the public issue, Shadowfax raised ₹856 crore from anchor investors, allotting 6.90 crore shares at ₹124 apiece. Domestic mutual funds accounted for over 53% of the anchor book, led by schemes from ICICI Prudential, Nippon India, Motilal Oswal, Bandhan, HSBC, Edelweiss, JM Financial and Trust Mutual Fund. Global investors also participated in the anchor round.
Issue structure and use of proceeds
The IPO comprises a fresh issue and an OFS by existing shareholders, including Flipkart Internet, Eight Roads Investments, NewQuest Asia Fund, Nokia Growth Partners, IFC, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.
Proceeds from the fresh issue will be used to:
- Strengthen network infrastructure (₹423.4 crore)
- Meet lease payments for new first-mile, last-mile and sorting centres (₹138.6 crore)
- Support branding, marketing and communication (₹88.5 crore)
- Pursue acquisitions and general corporate purposes
For more details on Shadowfax, read here.
About the company
Founded in 2015, Shadowfax operates a technology-led, asset-light logistics platform focused on e-commerce express parcel delivery, hyperlocal and quick-commerce services. The company has built a nationwide network spanning thousands of pin codes, serving e-commerce, food delivery and on-demand platforms.
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