Shadowfax IPO Day 3: Check Subscription Status, GMP & Key Highlights
The Initial Public Offering for Shadowfax Technologies Limited is closing today, January 22, 2026. The company opened its IPO on January 20, 2026, with an issue size of ₹1907.27 crores. On both Day 1 and Day 2, the Shadowfax IPO saw active participation from Retail Investors and Employee categories.
The shares of Shadowfax Technologies will be listed on both the NSE and the BSE, with the tentative listing date set for January 28, 2026. The allotment process for the Shadowfax IPO is expected to be finalised on January 23, 2026.
Shadowfax IPO: Issue Details
Shadowfax IPO is a book-build issue of ₹1907.27 crores. It consists of a combination of fresh issue of 8.06 crore shares and offer for sale (OFS) of 7.32 crore shares. The minimum lot size is 120 shares, and the IPO price band is ₹118-₹124 per share. The minimum investment amount (for retail investors) is ₹14,160.
Book-running lead managers: ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited
Registrar: KFin Technologies Limited
Shadowfax IPO Day 3 Subscription Status
[January 22, 2025, 10:45 AM]
On Day 3, Shadowfax IPO saw a subscription of 0.63 times as per the NSE data on January 22, 2026, 10:45 am. The public issue was subscribed 0.38 times by the Qualified Institutional Buyers (QIBs), 0.37 times by the Non Institutional Investors (NIIs), 1.78 times by the Retail Individual Investors (RIIs) and 1.58 times by the Employees.
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Utilisation of 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 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 ₹1.5 or 1.21% over the upper end of the price band.
Shadowfax Technologies Ltd - Business Overview
Shadowfax Technologies Ltd is a Bengaluru-based, technology-driven third-party logistics (3PL) company founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal. It operates a large pan-India logistics network and provides end-to-end delivery solutions, including express parcel delivery, reverse logistics, same-day and next-day services, and quick-commerce logistics. The company primarily serves e-commerce platforms, quick-commerce players, D2C brands, and other on-demand businesses.
Financially, Shadowfax has witnessed strong growth in recent years. For the year ended March 31, 2025 (FY25), the company reported revenue of approximately ₹2,515 crore, up from approximately ₹1,896 crore in FY24, reflecting the continued scale-up of its operations and network.
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