Shadowfax Technologies’ ₹1,907 crore IPO has seen 47% subscription by Day 2, with retail investors leading the charge. However, the grey market premium (GMP) remains tepid at ₹4, signaling cautious sentiment. Analysts highlight strong growth prospects in India’s last-mile logistics sector but warn of high valuations and muted listing expectations.
Shadowfax Technologies Ltd, a leading logistics services provider, entered the second day of bidding for its ₹1,907 crore IPO on January 21, 2026. While the issue has been subscribed 47% so far, enthusiasm in the grey market remains subdued, with a GMP of just ₹4 above the upper price band of ₹124.
The IPO is being closely watched as Shadowfax plays a pivotal role in India’s booming e-commerce and quick-commerce logistics ecosystem. Yet, analysts caution that the muted GMP reflects investor concerns over valuation and near-term listing gains.
Key Highlights
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IPO Size: ₹1,907 crore public issue.
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Price Band: ₹118–124 per share, valuing the company at over ₹7,100 crore.
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Subscription Status: 47% booked by Day 2; retail investors driving demand.
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GMP Trend: Grey market premium at ₹4, signaling limited listing upside.
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Sector Outlook: Strong long-term growth in last-mile logistics driven by e-commerce and quick-commerce.
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Listing Date: Expected on January 28, 2026.
While Shadowfax’s fundamentals and sectoral tailwinds are promising, investors should weigh the high valuation against muted short-term sentiment before bidding.
Sources: Economic Times, Mint, ET Now