Shadowfax Technologies’ ₹1,907 crore IPO opened on January 20, 2026, and was subscribed 7% on Day 1. The price band is set at ₹118–₹124 per share. While retail investors showed early interest, the grey market premium (GMP) has softened, prompting mixed views on whether investors should apply or wait.
The much-anticipated IPO of Shadowfax Technologies Ltd, a Bengaluru-based logistics solutions provider backed by Flipkart, opened for public subscription on January 20, 2026. On Day 1, the issue was subscribed 7%, reflecting cautious investor sentiment amid fluctuating grey market premiums.
Key Highlights
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Subscription Status: Overall issue booked 7% on Day 1.
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Retail Participation: Retail investors subscribed 20% of their reserved quota.
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Price Band: Shares offered at ₹118–₹124 per equity share.
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Issue Size: Total IPO size of ₹1,907 crore, including ₹1,000 crore fresh issue and ₹907 crore Offer for Sale (OFS).
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Anchor Investors: Raised ₹856 crore from anchors, including mutual funds and global institutions.
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Grey Market Premium (GMP): Currently trading at a modest ₹6 premium, down from earlier highs of 8–12%.
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Business Model: Asset-light logistics network serving e-commerce and quick-commerce players, positioning itself as the “Uber of logistics.”
Outlook
Analysts highlight Shadowfax’s strong industry positioning and long-term growth potential in last-mile delivery. However, the subdued GMP and cautious institutional participation suggest investors should weigh fundamentals against short-term listing gains before applying.
Sources: LiveMint, Moneycontrol, Axpert Media, Financial Express, Hindustan Times