Shadowfax Technologies IPO: Check day 2 subscription stauts at GMP crashes sharply
Shadowfax Technologies is selling its shares in the price band of Rs 118-124 apiece, applied for a minimum of 120 shares and its multiples to raise Rs 1,907 crore between January 20-22.
- Jan 21, 2026,
- Updated Jan 21, 2026 1:34 PM IST
The initial public offering (IPO) of Shadowfax Technologies continued to see a muted bidding from the investors on the second day of the bidding process, mostly led by retail investors. The issue, which kicked off on Tuesday, January 20, was overall booked nearly half on the first day of the bidding.
Shadowfax Technologies is selling its shares in the price band of Rs 118-124 apiece. Investors can apply for a minimum of 120 shares and its multiples thereafter. It is looking to raise Rs 1,907 crore via IPO, which includes a fresh share sale of Rs 1,000 crore and an offer-for-sale (OFS) of up to 7.31 crore equity shares worth Rs 907 crore.
According to the data, the investors made bids for 5,01,23,640 equity shares, or 56 per cent, compared to the 8,90,88,807 equity shares offered for the subscription by 1.20 pm on Wednesday, January 21, 2026. The bidding for the issue shall continue for three trading days and close for bidding on Thursday, January 22.
The allocation for retail investors was subscribed 1.50 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 29 per cent. Employees quota was booked 1.34 times. The portion reserved for qualified institutional bidders (QIBs) was booked 38 per cent as of the same time.
Incorporated in 2016, Bengaluru-based Shadowfax Technologies is a logistics solution provider company in India. It offers e-commerce express parcel delivery and a suite of value-added offerings. Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through its flash app.
Brokerage firms have mixed views on the issue as they see strong growth track record, rising e-commerce trends, experienced promoters as the major positives for the issue. However, rich valuations and loss-making track record of the company continue to weigh on its sentiments.
Shadowfax is the fastest growing 3PL company of scale in India as of March 31, 2025, expanding its e-commerce shipment market share to 23 per cent in the six months ended September 30, 2025. Within the express service line, they are market leaders in reverse pickup shipments, in terms of order volume for FY2025 and the six months ended September 30, 202, said KC Securities.
"At around a 2.8 times P/Sales, the IPO valuation is relatively high compared with peers such as Delhivery, making it a pricier play in the logistics space. as small players have a lot of growth space in industry hence long term can be promising. Shadowfax’s business is also highly customer-concentrated," it added with a 'subscribe for long-term' rating.
The company is set to list at a P/E of approximately 407 times, whereas its peers namely Blue Dart Express Ltd and Delhivery Ltd are trading at P/E ratio of 48x times and 218 times, said Marwadi Financial Services. "We assign an 'avoid' rating to this IPO as the valuations are expensive and not in favor of investors," it added.
Ahead of its IPO, Shadowfax Technologies raised Rs 856.02 crore from 39 anchor investors as it allocated 6.90 crore equity shares at Rs 124 apeice. It reported a net profit at Rs 21.04 crore with a revenue of Rs 1,819.80 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 6.06 crore with a revenue of Rs 2,514.66 crore for the financial year 2024-25.
Shadowfax is bringing the issue at P/B multiple of 3.5 times on post issue basis. The company is an agile and customisable logistics services that enable faster go-to-market for clients. Also, company has largest last-mile gig-based delivery partner infrastructure along with extensive nationwide network & proprietary and agile technology capabilities, said Hem Securities.
"The company has a proven business model, with focus on profitability, while delivering healthy growth along with an experienced management team supported by entrepreneurial founders. Hence, we recommend 'long term subscribe' to the issue," it added.
Shadowfax Technologies has reserved 75 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have only 10 per cent of shares allocated towards them. At the current valuations, Shadowfax shall command a market capitalization close to Rs 7,170 crore.
Last heard, Shadowfax was commanding no grey market premium, suggesting a muted listing for investors. ICICI Securities, Morgan Stanley India Company and JM Financial are the book running lead managers for the IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, January 28.
The initial public offering (IPO) of Shadowfax Technologies continued to see a muted bidding from the investors on the second day of the bidding process, mostly led by retail investors. The issue, which kicked off on Tuesday, January 20, was overall booked nearly half on the first day of the bidding.
Shadowfax Technologies is selling its shares in the price band of Rs 118-124 apiece. Investors can apply for a minimum of 120 shares and its multiples thereafter. It is looking to raise Rs 1,907 crore via IPO, which includes a fresh share sale of Rs 1,000 crore and an offer-for-sale (OFS) of up to 7.31 crore equity shares worth Rs 907 crore.
According to the data, the investors made bids for 5,01,23,640 equity shares, or 56 per cent, compared to the 8,90,88,807 equity shares offered for the subscription by 1.20 pm on Wednesday, January 21, 2026. The bidding for the issue shall continue for three trading days and close for bidding on Thursday, January 22.
The allocation for retail investors was subscribed 1.50 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 29 per cent. Employees quota was booked 1.34 times. The portion reserved for qualified institutional bidders (QIBs) was booked 38 per cent as of the same time.
Incorporated in 2016, Bengaluru-based Shadowfax Technologies is a logistics solution provider company in India. It offers e-commerce express parcel delivery and a suite of value-added offerings. Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through its flash app.
Brokerage firms have mixed views on the issue as they see strong growth track record, rising e-commerce trends, experienced promoters as the major positives for the issue. However, rich valuations and loss-making track record of the company continue to weigh on its sentiments.
Shadowfax is the fastest growing 3PL company of scale in India as of March 31, 2025, expanding its e-commerce shipment market share to 23 per cent in the six months ended September 30, 2025. Within the express service line, they are market leaders in reverse pickup shipments, in terms of order volume for FY2025 and the six months ended September 30, 202, said KC Securities.
"At around a 2.8 times P/Sales, the IPO valuation is relatively high compared with peers such as Delhivery, making it a pricier play in the logistics space. as small players have a lot of growth space in industry hence long term can be promising. Shadowfax’s business is also highly customer-concentrated," it added with a 'subscribe for long-term' rating.
The company is set to list at a P/E of approximately 407 times, whereas its peers namely Blue Dart Express Ltd and Delhivery Ltd are trading at P/E ratio of 48x times and 218 times, said Marwadi Financial Services. "We assign an 'avoid' rating to this IPO as the valuations are expensive and not in favor of investors," it added.
Ahead of its IPO, Shadowfax Technologies raised Rs 856.02 crore from 39 anchor investors as it allocated 6.90 crore equity shares at Rs 124 apeice. It reported a net profit at Rs 21.04 crore with a revenue of Rs 1,819.80 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 6.06 crore with a revenue of Rs 2,514.66 crore for the financial year 2024-25.
Shadowfax is bringing the issue at P/B multiple of 3.5 times on post issue basis. The company is an agile and customisable logistics services that enable faster go-to-market for clients. Also, company has largest last-mile gig-based delivery partner infrastructure along with extensive nationwide network & proprietary and agile technology capabilities, said Hem Securities.
"The company has a proven business model, with focus on profitability, while delivering healthy growth along with an experienced management team supported by entrepreneurial founders. Hence, we recommend 'long term subscribe' to the issue," it added.
Shadowfax Technologies has reserved 75 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have only 10 per cent of shares allocated towards them. At the current valuations, Shadowfax shall command a market capitalization close to Rs 7,170 crore.
Last heard, Shadowfax was commanding no grey market premium, suggesting a muted listing for investors. ICICI Securities, Morgan Stanley India Company and JM Financial are the book running lead managers for the IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, January 28.