Shadowfax Technologies entered its second day of IPO today on January 21, 2026. The public subscription window for Shadowfax IPO opened yesterday and will remain open till January 22, 2026. Shadowfax Technologies is a third-party logistics company in India and provides services like express forward parcel deliveries, reverse pickups, exchange deliveries, prime deliveries, quick commerce and hyperlocal deliveries, mobility services, and critical logistics solutions.

The allotment process for Shadowfax IPO is expected to be finalised on January 23, 2026 and the shares will be listed on both the NSE and BSE. The tentaive listing date is fixed as January 28, 2026.

Shadowfax IPO: Issue Details

The IPO is a book-build issue of ₹1907.27 crores, consisting of a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale (OFS) of 7.32 crore shares aggregating to ₹907.27 crores.

The minimum lot size for the IPO is 120 shares and the IPO price band is between ₹118 to ₹124 per share. The minimum investment amount (for retail investors) is ₹14,160.

ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited are the book-running lead managers while KFin Technologies Limited is the registrar for the issue.

Shadowfax IPO Day 2 Subscription Status

[January 21, 2026, 10:33 AM]

*Investor Category*	*Subscription (Times)*
Qualified Institutional Buyers (QIBs)	0.38
Non-Institutional Investors	0.27
Retail Individual Investors (RIIs)	1.33
Employees	1.16
Total	0.52

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Utilisation of IPO Proceeds

The net proceeds from the fresh issue will be used towards the following purposes:

Funding of capital expenditure requirements of the Company in relation to the network infrastructure.
Funding of lease payments for new first mile centers, last mile centers and sort centers.
Funding of branding, marketing and communication costs.
Unidentified inorganic acquisitions and general corporate purposes.

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Shadowfax Technologies Ltd GMP

As per media reports, the Grey Market Premium (GMP) of Shadowfax Technologies Ltd is reported at ₹4 or 3.23% over the upper end of the price band.

Shadowfax Technologies Ltd - Business Overview

Shadowfax Technologies Ltd is a Bengaluru-based, technology-led third-party logistics (3PL) and delivery services company, founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal. It operates an extensive logistics network across India, providing end-to-end express parcel delivery, reverse logistics, same-day and next-day services, quick commerce and other value-added logistics solutions to e-commerce, quick commerce, D2C brands and on-demand platforms.

Financially, the company has shown rapid growth in recent years. For the year ended March 31, 2025 (FY25), Shadowfax reported revenue of approximately ₹2,515 crore, up from about ₹1,896 crore in FY24.

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