Shadowfax Technologies, a leading logistics solutions provider, has opened its Initial Public Offering (IPO) for subscription starting January 20. The company aims to raise nearly ₹1,900 crore through the issue. However, early indicators from the grey market suggest limited listing gains, pointing to cautious investor sentiment ahead of the IPO.
The IPO of Shadowfax Technologies officially opened for bidding on January 20. The company is targeting a fundraise of approximately ₹1,907 crore. Despite strong interest in the logistics and last-mile delivery segment, the IPO is witnessing muted enthusiasm in the grey market so far.
The estimated listing gain, based on grey market trends, is currently around 5%.
According to grey market tracking platform Investorgain, Shadowfax Technologies shares were trading at a grey market premium (GMP) of ₹6 on Tuesday morning.
IPO Upper Price: ₹124 per share
GMP: ₹6
Implied Premium: ~4.84%
Market experts caution that GMP is not an official indicator and is purely speculative in nature. Actual listing performance may differ significantly based on market conditions and demand.
Shadowfax Technologies’ IPO is a book-building issue with a total size of ₹1,907.27 crore, consisting of:
Fresh Issue: ₹1,000 crore
Offer for Sale (OFS): ₹907.27 crore
₹118 to ₹124 per share
Retail Investors:
Lot size: 120 shares
Investment at upper band: ₹14,880
Small NIIs (sNII):
Minimum: 14 lots
Investment: ~₹2.08 lakh
Big NIIs (bNII):
Minimum: 68 lots
Investment: ~₹10.11 lakh
IPO Opens: January 20
IPO Closes: January 22
Allotment Finalisation: January 23
Refunds & Demat Credit: January 27
Listing Date: January 28 (Expected)
Stock Exchange: BSE and NSE
Qualified Institutional Buyers (QIBs): 75%
Retail Investors: 10%
Non-Institutional Investors (NIIs): 15%
Book Running Lead Manager: ICICI Securities
Registrar: KFin Technologies
Swastik Investmart has given a Neutral rating to the IPO.
According to the brokerage:
Shadowfax benefits from strong growth in last-mile logistics and e-commerce delivery in India
However, the company’s profitability remains weak
Margin visibility is limited
A significant portion of the company’s revenue comes from Flipkart (also an investor) and Meesho, making revenue concentration a concern. Swastik advises that this IPO is better suited for high-risk, long-term investors, while conservative investors may prefer to wait for post-listing price discovery.
Online financial analysis platform Capital Market has rated the IPO 42/100.
Shadowfax is among a select group of 3PL companies in India
Provides end-to-end e-commerce delivery services
Strong presence in:
Quick commerce
Food delivery
Hyperlocal logistics
Offers value-added services such as:
Reverse pickups
Exchange deliveries
Same-day delivery
Capital Market also flagged several risks:
Highly concentrated revenue profile
In H1 FY26, nearly 50% of revenue came from the largest client
Top five clients contributed ~75% of total revenue
Dependence on non-exclusive delivery partners
Uneven expansion of logistics network infrastructure
These factors could impact scalability and long-term growth.
Shadowfax Technologies is a leading logistics and delivery solutions provider in India. The company caters to:
E-commerce platforms
Quick commerce players
Food delivery services
Hyperlocal businesses
It offers comprehensive last-mile delivery solutions along with reverse logistics and time-critical delivery services.