Shadowfax IPO Day 2: Subscription crosses halfway mark so far amid strong retail interest—Here’s what to know

Shadowfax IPO: The initial public offering (IPO) of Shadowfax Technologies stepped into the second day of its public bidding on Wednesday, January 21, 2025, with the issue subscribed 56 per cent so far, according to the provisional exchange data. The issue witnessed strong demand from the retail category and is oversubscribed against its reserved quota.

Shadowfax Technologies IPO subscription status

As of 1:19 pm, investors have bid for around 4.99 crore shares out of the total shares on offer. The subscription includes bids of 1.82 crore, 70.28 lakh, and 2.40 crore shares from institutional buyers, investors, and the retail category, respectively.

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Specifically, QIB, NII and RII quotas have booked 0.38, 0.29 and 1.49 times the net offer, respectively.

Shadowfax Technologies IPO details

Shadowfax Technologies IPO is a book-building issue of Rs 1,907.27 crore, consisting of a fresh issue of 8.06 crore shares (Rs 1,000 crore) and an offer-for-sale (OFS) of 7.32 crore shares (Rs 907.27 crore).

According to the company's RHP, ICICI Securities Ltd is the book-running lead manager, while Kfin Technologies Ltd is the registrar of the issue.

The IPO has reserved around 75 per cent, 15 per cent and 10 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

Price band: Rs 118 to Rs 124 per equity share, giving the company a market valuation of approximately Rs 7,168.85 crore, at the upper end of the price band.

Subscription date: January 20 to January 22, 2026

Lot size: 120 shares

Minimum investment for retailers: Rs 14,880, based on the upper end of the price band

Allotment date: January 23, 2026

Listing date: January 28, 2026

Shadowfax Technologies IPO anchor investment details

Shadowfax Technologies 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.

Use of the IPO proceeds

Shadowfax proposes to utilise the net proceeds from the issue primarily to fund its capital expenditure requirements related to the expansion and strengthening of its network infrastructure, funding lease payments for new first-mile centres, last-mile centres and sort centres.

In addition, a portion of the proceeds is proposed to be deployed for branding, marketing and communication initiatives to enhance visibility and customer outreach. The remaining proceeds will be utilised for unidentified inorganic acquisitions and for general corporate purposes.

Shadowfax Technologies company overview

Shadowfax Technologies Ltd, a logistics solution provider firm in India, was incorporated in June 2016. The firm provides e-commerce express parcel delivery and a variety of additional services.

Among the company’s major service offerings are e-commerce and direct-to-consumer delivery, hyperlocal & quick commerce in hours or same day, and SMS & personal courier services via Shadowfax's Flash app.

Financially, Shadowfax Technologies (FY2025) recorded a total revenue growth of Rs 2,514.66 crore and its first-ever profit with a PAT of Rs 6.06 crore, thus reversing the losses incurred in past years (FY24 loss of Rs 11.88 crore).