Shadowfax Technologies IPO: Long-term investment or short-term listing gains? Anil Singhvi answers

Logistics services provider Shadowfax Technologies on Tuesday opened its initial public offering for public subscription.

The IPO will remain open till January 22, 2026, with the allotment expected to be finalised on January 23. Shares of the company are likely to list on the BSE and NSE on January 28, 2026.

Shadowfax Technologies IPO Price Band and Issue Details

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The IPO price band has been fixed at Rs 118 to Rs 124 per share, with a lot size of 120 shares. The issue size stands at Rs 1,907 crore and includes a fresh issue of shares worth Rs 1,000 crore and an offer for sale of Rs 907.27 crore by existing shareholders.

Shadowfax Technologies IPO Subscription Status

The IPO saw moderate demand on the first day of bidding. As per the latest subscription data, the portion reserved for Qualified Institutional Buyers was subscribed 0.34 times, with bids for 1.66 crore shares against 4.84 crore shares on offer.

The non-institutional investors’ segment was subscribed 0.16 times, while the retail individual investors’ portion was subscribed 0.98 times, close to full subscription.

The employee category saw a subscription of 0.83 times. Overall, the issue was subscribed 0.41 times, with bids received for 3.64 crore shares against the total issue size of 8.91 crore shares.

Shadowfax Technologies IPO: Anchor Investor

Ahead of the issue opening, Shadowfax raised Rs 856 crore from anchor investors at Rs 124 per share, the upper end of the price band.

The anchor book saw participation from domestic and global institutional investors, including mutual funds, insurance companies, pension funds and foreign institutions.

As per the issue structure, 75 per cent of the IPO has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.

Anil Singhvi’s View on the Company

Market expert Anil Singhvi has shared a largely positive view on the company while advising investors to assess the issue with a long-term approach.

“The biggest positive for the company is its young, dynamic and well-qualified management team,” Singhvi said. “The company is led by young professionals who have built a strong, technology-based and scalable business model,” he added.

Business Model and Network

Singhvi said Shadowfax operates an asset-light model and has built a wide national footprint. “The company has more than 4,300 touch points across the country and over two lakh delivery partners,” he said.

According to him, the company has created diversified revenue models across segments and customers, which supports business stability. He noted that revenue growth over the past three years has been strong and that the company turned profitable in the financial year 2025 at both the net and EBITDA levels.

“The growth outlook going ahead looks strong, considering the way the company is executing its operations,” Singhvi said. He also pointed out that the company has not spent on branding or marketing so far and has grown largely through word-of-mouth.

Promoter Commitment

On the IPO structure, Singhvi said the founding promoters are not selling any shares in the offer for sale. “This reflects the promoters’ commitment to the company’s long-term future,” he said.

However, he also highlighted certain risks. Singhvi said the profitability track record is limited, as the company has been profitable for only one year so far.

He added that dependence on e-commerce and quick commerce clients is relatively high, and competition in the segment remains intense.

Shadowfax Technologies IPO: Long Term vs Listing Gains

Looking ahead, Singhvi said the benefits of scalability are expected to fully materialise by the financial year 2028. “Over the next two years, the company should be able to grow its business efficiently and maintain profitability,” he said.

For investors, Singhvi advised that those with a higher risk appetite and a two-year investment horizon may consider applying for the IPO for the long term.

For short-term investors, he said limited listing gains could be possible, depending on market conditions, and advised placing a suitable stop loss after listing to protect capital.