Shares of Shadowfax Technologies are set to debut on the stock exchanges today. The Initial Public Offering (IPO) of the logistics provider, which was subscribed 2.72 times by the final day of bidding on January 22, has seen its Grey Market Premium (GMP) decline over the last few days. This downward trend suggests the shares may list at a discount.
Subscription Highlights
During the three-day bidding period, the IPO received bids for 24,23,88,360 shares against an offer of 8,90,88,807 shares.
- Qualified Institutional Buyers (QIBs): Led the demand, subscribing 3.81 times their allotted quota.
- Retail Investors: Booked their segment 2.31 times.
- Non-Institutional Investors (NIIs): Saw lower interest, with the category being subscribed only 0.84 times.
Listing Expectations
Ahead of the listing on January 28, the GMP and the projected listing price remain primary points of interest across business and finance circles.
Shadowfax Technologies IPO GMP Today
According to InvestorGain, the grey market premium for the Shadowfax Technologies IPO indicates a discounted listing. On Jan. 28, 2026, the IPO's GMP stood at Rs -3.5. Based on the upper end of the price band at Rs 124, the stock is expected to list at Rs 120.5, suggesting a potential per-share discount of 2.82%.
The grey market premium for the IPO has been in steady decline since it opened for subscription last week. The grey market premium for the Shadowfax IPO was Rs 4 on Jan 20, which slid to Rs 1.5 the next day before becoming Nil on Jan 22.
Note: GMP does not represent official data and is based on speculation.
Shadowfax Technologies IPO Details
The Shadowfax Technologies IPO was a book-built issue worth Rs 1,907.27 crore. It included a fresh issue of 8.06 crore shares, amounting to Rs 1,000 crore, along with an offer-for-sale of 7.32 crore shares, worth Rs 907.27 crore. The price band for the IPO was set at Rs 118 to Rs 124 per share.
The Shadowfax Technologies IPO opened for subscription on Jan. 20 and closed on Jan. 22. ICICI Securities Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar.
Shadowfax Technologies Business
Shadowfax Technologies Ltd. was established in June 2016. It's a logistics solutions provider. The company offers e-commerce express parcel delivery along with value-added services. Its offerings include e-commerce and direct-to-consumer (D2C) deliveries, hyperlocal and quick commerce deliveries within hours or on the same day and SMS and personal courier services through the Shadowfax Flash app.
As of Sept. 30, 2025, Shadowfax operated a nationwide logistics network with 4,299 touchpoints across first- and last-mile centres and sort centres. The network serves 14,758 pin codes.
Use Of Proceeds
The company plans to use a portion of the IPO proceeds to fund capital expenditure for its network infrastructure. It will also use the IPO funds for lease payments for new first-mile centres, last-mile centres and sort centres. A portion will be allocated towards branding, marketing and communication activities. The remaining amount will be used for unidentified inorganic acquisitions and general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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