Shadowfax Technologies IPO: Check day 1 bidding status, analysts views, latest GMP & more

The initial public offering (IPO) of Shadowfax Technologies was off to a muted bidding from the investors on the first day of the bidding process, but the retail book was fully subscribed. The issue, which kicked off on Tuesday, January 20, shall close for bidding on Thursday, January 22.

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 3,77,22,720 equity shares, or 42 per cent, compared to the 8,90,88,807 equity shares offered for the subscription by 3.40 pm on Tuesday, January 20, 2026. The bidding for the issue shall continue for three trading sessions.

The allocation for retail investors was subscribed 1.03 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of merely 17 per cent. However, the portion reserved for qualified institutional bidders (QIBs) was booked 34 times 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 weigh on its sentiments.

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.

Backed by a scalable asset-light model, proprietary technology, and India’s largest gig-based last mile network, Shadowfax is well positioned to benefit from sustained growth in e-commerce and quick commerce, said SMC Global Securities.

"Continued service diversification, network expansion and EV adoption should support profitability improvement. However, execution risks, cost pressures, reliance on partners and technology dependence remain key monitorables as the company scales," it said with a 'neutral' rating on the issue.

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 a grey market premium of Rs 5-6 apiece, suggesting a 4-5 per cent gains 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.