Shadowfax Technologies IPO: Check fresh GMP, bidding status, listing date and key details

The initial public offering (IPO) of Shadowfax Technologies continued to see a muted bidding from the investors on the third and final day of the bidding process, The issue was overall booked nearly half on the first day of the bidding and ended day two with little more than 60 per cent 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 6,13,62,960 equity shares, or 70 per cent, compared to the 8,90,88,807 equity shares offered for the subscription by 1.05 pm on Thursday, January 22, 2026. The bidding for the issue, which kicked off on Tuesday, January 20, shall conclude today.

The allocation for retail investors was subscribed 1.94 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 46 per cent. Employees quota was booked 1.37 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 has scaled its operations and achieved profitability on the back of a technology-driven, asset-light logistics model, with improving margins fueled by a dominant presence in the high-frequency hyperlocal and quick commerce segments. Additional capital is allocated for branding and marketing to expand their crowdsourced partner network, said Lakshmishree Investments.

"Despite intense competition from incumbents and high client concentration, Shadowfax’s proprietary AI-led routing and its leading 23 per cent market share in express parcels allow it to capitalize on India's booming digital economy. We recommend a ‘subscribe’ rating for long-term investors," it said.

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 positioned to benefit from the continued growth in India’s e-commerce, D2C and quick commerce segments, supported by rising demand for faster and more reliable deliveries. Its integrated service offerings, asset-light nationwide network, and technology-driven operating model are expected to support sustained volume growth and operating leverage, said Arihant Capital.

"Overall, its scalable platform and strong execution capabilities provide a favorable outlook for steady growth with improving profitability. The issue is valued at a P/E ratio of 170.4 times, based on annualized PAT of FY26 EPS of Rs 0.73 and EV/Ebitda of 55.4 times based on annualized EBITDA of FY26. We are recommending a 'neutral' rating for this issue," it adds.

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.