Shadowfax IPO Closes with 2.72x Subscription The IPO was open for subscription from January 20 to January 22, with a price band of INR 118 to INR 124 per share.
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Logistics and last-mile delivery company Shadowfax Technologies received a mixed response to its initial public offering (IPO), with the issue subscribed 2.72 times overall, as per exchange data. Interest in the IPO was mainly led by institutional investors, while demand from other categories was relatively lower.
Qualified Institutional Buyers (QIBs) subscribed to the issue 3.81 times their allotted portion. Retail investors showed moderate interest, subscribing 2.3 times, while the employee quota was subscribed two times. However, Non-Institutional Investors (NIIs) subscribed only 0.84 times, indicating limited participation from this segment.
The IPO was open for subscription from January 20 to January 22, with a price band of INR 118 to INR 124 per share. Investors could apply in lots of 120 shares, requiring a minimum investment of INR 14,160. The share allotment is expected to be completed on January 23, and the company is scheduled to list on the BSE and NSE on January 28.
Shadowfax's IPO consists of a fresh issue of shares worth about INR 1,000 crore and an offer-for-sale (OFS) of nearly INR 907 crore. Through the OFS, early investor Flipkart plans to sell shares worth around INR 237 crore, which is expected to result in nearly three times returns on its investment. Eight Roads Investments, a Fidelity affiliate, is set to sell shares worth about INR 197 crore and is expected to make close to ten times returns.
Before opening the IPO to the public, Shadowfax raised INR 850 crore from anchor investors by allotting 6.9 crore equity shares at INR 124 each. The anchor investors included domestic and global funds such as ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Motilal Oswal Mutual Fund, Government Pension Fund Global, HSBC Global Investment Funds, and Societe Generale.
Founded in 2015, Shadowfax is based in Bengaluru and operates in the e-commerce and hyperlocal delivery segments. The company delivers services across more than 14,000 pin codes with the help of around 1.25 lakh delivery partners.
In FY25, Shadowfax reported revenue of INR 2,485 crore, a 32% increase from the previous year, and posted a net profit of INR 6.4 crore. In the first half of FY26, it recorded revenue of INR 1,806 crore and a profit of INR 21 crore.
