Shadowfax Technologies IPO closes with 2.72x bids; grey market premium slips to zero

Mumbai | January 22

The initial public offering of Shadowfax Technologies closed for subscription on Thursday, January 22, with the issue garnering overall bids of 2.72 times, according to exchange data.

The three-day public issue, which opened on January 20, saw mixed investor response across categories, against the backdrop of a sharp sell-off in broader equity markets during the week.

Subscription status at close

At the end of bidding on Day 3, the issue was subscribed as follows:

· Qualified Institutional Buyers (QIBs): 3.81 times

· Retail Individual Investors (RIIs): 2.31 times

· Non-Institutional Investors (NIIs): 0.83 times

Institutional participation provided the bulk of demand, while interest from high net worth investors remained subdued.

Grey market premium fades

Shadowfax’s grey market premium (GMP) slipped to nearly zero by the close of bidding, down from around ₹6 earlier in the week. Market participants attributed the softening GMP to heightened volatility in equities and cautious sentiment around new listings.

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

IPO structure and key dates

Shadowfax’s IPO was priced in the range of ₹118–₹124 per share, valuing the company at over ₹7,100 crore at the upper end of the band.

· Issue size: ₹1,907 crore

· Fresh issue: ₹1,000 crore

· Offer for sale (OFS): ₹907 crore

· IPO dates: January 20–22, 2026

· Tentative allotment date: January 23, 2026

· Expected listing: January 28, 2026

The issue is being managed by ICICI Securities, Morgan Stanley India, and JM Financial.

Use of IPO proceeds

Proceeds from the fresh issue are proposed to be used for:

· Strengthening network infrastructure

· Lease payments for new first-mile, last-mile and sorting centres

· Branding, marketing and communication

· Inorganic acquisitions and general corporate purposes

About the company

Founded in 2015, Shadowfax operates an asset-light logistics platform focused on e-commerce express parcel delivery, hyperlocal and quick-commerce logistics. The company services thousands of pin codes across India through a network of first-mile, mid-mile and last-mile touchpoints.

Investor focus now shifts to allotment outcomes and listing-day performance amid a volatile broader market backdrop. For all the IPO updates, follow PL Capital.