Shadowfax Technologies IPO Day 1: Retail portion fully subscribed; GMP modest at ₹6
- 20th January 2026
- 07:00 PM
- 3 min read
Summary
Shadowfax Technologies’ ₹1,907-crore IPO opened for subscription on Monday, January 20, and saw strong interest from retail investors on Day 1, with that segment fully subscribed. Overall subscription stood at 47% by the end of the session, while grey market signals remained modest ahead of the January 28 listing.Mumbai | January 20
The initial public offering of Shadowfax Technologies opened for public subscription today, drawing early traction from retail investors even as institutional participation remained muted on the first day of bidding.
Day 1 subscription status
As per exchange data at the close of Day 1, the issue was subscribed 47% overall, with the following category-wise response:
- Retail Individual Investors (RIIs): 1.11x
- Qualified Institutional Buyers (QIBs): 0.38x
- Non-Institutional Investors (NIIs): 0.22x
The retail book was fully subscribed on the opening day, while institutional bids are expected to pick up closer to the issue closing.
Grey market premium remains modest
In the unofficial market, Shadowfax shares were trading at a grey market premium (GMP) of around ₹6 per share, indicating a potential listing premium of about 5% over the upper end of the IPO price band.
Note: Grey market prices are unofficial and reflect market sentiment, not guaranteed listing performance.
IPO details and key dates
- IPO window: January 20–22, 2026
- Price band: ₹118–₹124 per share
- Lot size: 120 shares (₹14,880 at upper band)
- Issue size: ₹1,907 crore
- Fresh issue: ₹1,000 crore
- Offer for sale (OFS): ₹907 crore
- Allotment (tentative): January 23
- Listing (tentative): January 28 on BSE and NSE
The issue is being managed by ICICI Securities, Morgan Stanley India and JM Financial, with KFin Technologies acting as the registrar.
Anchor investors
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.
Use of IPO proceeds
Funds from the fresh issue will be deployed 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
About the company
Founded in 2015, Shadowfax operates an asset-light, technology-led logistics platform focused on express parcel, hyperlocal and quick-commerce deliveries. The company serves e-commerce, food delivery and on-demand platforms across India.
As of September 2025, Shadowfax had a presence across 14,700+ pin codes, supported by 4,200+ touchpoints and over 3,000 leased trucks operating daily.
Read About Shadowfax in detail
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