Shadowfax Technologies, a fast-growing logistics company, has opened its initial public offering (IPO) for public subscription today.
The company aims to raise Rs 1,907.27 crore from the primary market, making this one of the notable IPOs in the logistics space this year.
Below is a simple and clear breakdown of everything investors need to know.
Shadowfax IPO: Key Dates and Issue Structure
The Shadowfax IPO opened on January 20, 2026, and will close on January 22, 2026.
The company is expected to list on the BSE and NSE on January 28, 2026.
The issue includes a fresh issue of Rs 1,000 crore, which will be used by the company for growth.
Along with this, existing shareholders are selling shares worth Rs 907.27 crore through an offer for sale.
Money from this portion will go to the selling shareholders.
Day 1 Subscription Status: Slow Start
As of 11:00 am on Day 1, the IPO has seen muted demand, with overall subscription at just 0.10 times.
The Qualified Institutional Buyers (QIB) portion has not received any bids yet, showing that big investors are still on the sidelines.
The Non-Institutional Investors (NII) segment is subscribed 0.06 times.
Bids above Rs 10 lakh are extremely low, while the Rs 2 lakh to Rs 10 lakh category has seen slightly better interest.
Retail Individual Investors (RII) have shown relatively stronger demand.
The retail portion is subscribed 0.44 times, mostly through cut-off price bids, indicating that small investors are willing to accept the final price.
Price Band and Investment Details
Shadowfax has fixed the price band at Rs 118 to Rs 124 per share.
The face value of each share is Rs 10.
Retail investors can apply for a minimum of one lot, which consists of 120 shares.
At the upper price band, this requires an investment of Rs 14,880.
ICICI Securities is the book-running lead manager for the issue, while KFin Technologies is the registrar.
Grey Market Premium Signals Modest Gains
In the grey market, Shadowfax shares are currently trading around Rs 130.
This reflects a premium of about 4 percent over the upper IPO price of Rs 124.
This suggests that investors may see limited listing gains.
However, the grey market premium keeps changing and depends heavily on market sentiment.
How Shadowfax Will Use IPO Funds
The company plans to use most of the fresh issue proceeds to strengthen its logistics network.
Around Rs 423 crore will be spent on building network infrastructure.
About Rs 138.6 crore is allocated for lease payments related to new first-mile, last-mile, and sorting centres.
Shadowfax also plans to invest Rs 88.6 crore in branding and marketing.
The remaining funds will be used for acquisitions and general corporate purposes.
Company Profile and Financial Performance
Founded in 2016, Shadowfax provides delivery services across e-commerce, D2C, hyperlocal, and quick commerce segments.
As of September 2025, the company operated in 14,758 pin codes with more than 4,299 touchpoints across India.
Shadowfax has recently turned profitable. It reported a profit after tax of Rs 21 crore in FY26 (till September), after posting losses in previous years.
Its pre-IPO market valuation stands at around Rs 7,169 crore.
Should You Subscribe to the Shadowfax IPO?
Market expert Prasenjit Paul believes Shadowfax could attract investors looking for long-term growth in India’s expanding logistics and last-mile delivery space.
However, logistics is a highly competitive and execution-heavy business.
Investors should closely track margins, cost control, and pricing pressure in last-mile delivery.
Shadowfax may be more suitable for long-term investors who are comfortable waiting for operating leverage to improve, rather than those looking for quick listing-day gains.
