Shadowfax Technologies Limited is scheduled to make its stock market debut on January 28, 2026, following the completion of its mainboard initial public offering earlier this month. The company operates in the logistics and last-mile delivery segment and has seen active participation across investor categories during the IPO process.
IPO Overview
The IPO of Shadowfax Technologies opened for subscription on January 20, 2026, and closed on January 22, 2026. The shares were offered in a price band of ₹118 to ₹124 per equity share, with a lot size of 120 shares. The total issue size stood at ₹1,907.27 crore.
The issue was managed by ICICI Securities, JM Financial, and Morgan Stanley India Company Private Limited as lead managers.
Subscription Details
The IPO received an overall subscription of 2.86 times, reflecting participation from institutional, non-institutional, retail, and employee categories.
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Qualified Institutional Buyers (QIBs) subscribed 4 times their reserved portion.
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Retail investors subscribed 2.42 times.
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Employees subscribed 2.17 times.
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Non-Institutional Investors (HNIs) subscribed 0.88 times, with higher-value HNI applications (₹10 lakh and above) subscribing 0.66 times, while the ₹2–10 lakh category saw a subscription of 1.33 times.
In terms of application count, the retail category received approximately 2.27 lakh applications, compared to around **1.28 lakh reserved applications.
Grey Market Indicator
Ahead of listing, the stock has been quoting at a grey market premium (GMP) of around (–₹4.5), indicating informal market expectations prior to listing. Grey market prices are unofficial and operate outside regulated exchanges.
Allotment and Listing Timeline
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Basis of allotment: January 23, 2026
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Listing date: January 28, 2026
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Exchanges: Expected to list on the mainboard segment of Indian stock exchanges
Financial Snapshot
Shadowfax Technologies has shown changes in its financial performance over recent periods.
For the period ended September 2025, the company reported:
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Total income: ₹1,819.80 crore
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Profit after tax: ₹21.04 crore
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EBITDA: ₹64.34 crore
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Net worth: ₹693.53 crore
In earlier financial periods, the company reported losses, including a loss of ₹11.88 crore in March 2024 and ₹142.64 crore in March 2023, indicating a shift in financial outcomes in more recent periods.
Total borrowings stood at ₹147.44 crore as of September 2025.
Valuation Comparison
At the issue price, Shadowfax Technologies is valued at a price-to-earnings (P/E) multiple of over 1,000 times, based on recent earnings. For comparison within the logistics and delivery space:
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Blue Dart Express Limited trades at a P/E of around 50x
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Delhivery Limited trades at a P/E of around 195x
These figures reflect differences in scale, business models, and financial structures among listed logistics companies.
About the Company
Shadowfax Technologies operates in the last-mile logistics and delivery services segment, providing end-to-end logistics solutions across multiple cities in India. The company services e-commerce platforms, direct-to-consumer brands, and other enterprises requiring time-bound delivery solutions.
With the completion of its IPO process and subscription data now finalised, Shadowfax Technologies is set to enter the secondary market on January 28, 2026. The listing will mark another addition to the growing set of logistics and technology-enabled service companies on Indian stock exchanges.
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