IPO List Shadowfax Technologies IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jan 20 to Jan 22 2026
Price Band
₹118 - 124
Current GMP
₹112.6 (-9.19%)
Subscription
2.86 times
IPO Details
| IPO Date | 20 to 22 Jan, 2026 |
| Listing Date | Wed, Jan 28, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹118 to ₹124 |
| Issue Price | ₹124 per share |
| Lot Size | 120 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 15,38,12,014 shares (agg. up to ₹ 1,907 Cr) |
| Fresh Issue | 8,06,45,160 shares (agg. up to ₹ 1,000 Cr) |
| Offer for Sale | 7,31,66,854 shares of ₹ 10 (agg. up to ₹ 907 Cr) |
| Share Holding Pre Issue | 49,74,88,085 shares |
| Share Holding Post Issue | 57,81,33,245 shares |
| BSE Script Code / NSE Symbol | 544685 / SHADOWFAX |
| ISIN | INE12UN01015 |
IPO Date
20 to 22 Jan, 2026
Listing Date
Wed, Jan 28, 2026
Face Value
₹ 10 per share
Price Band
₹118 to ₹124
Issue Price
₹124 per share
Lot Size
120 Shares
Sale Type
Fresh Capital & OFS
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Total Issue Size
15,38,12,014 shares (agg. up to ₹ 1,907 Cr)
Fresh Issue
8,06,45,160 shares (agg. up to ₹ 1,000 Cr)
Offer for Sale
7,31,66,854 shares of ₹ 10 (agg. up to ₹ 907 Cr)
Share Holding Pre Issue
49,74,88,085 shares
Share Holding Post Issue
57,81,33,245 shares
BSE Script Code / NSE Symbol
544685 / SHADOWFAX
ISIN
INE12UN01015
IPO Subscription Details
| Anchor | 1 |
| QIB (Ex Anchor) | 4.00 |
| NII | 0.88 |
| bNII (> ₹10L) | 0.66 |
| sNII (< ₹10L) | 1.33 |
| Retail | 2.43 |
| Employees | 2.17 |
| Total ** | 2.86 |
Anchor
1
QIB (Ex Anchor)
4.00
NII
0.88
bNII (> ₹10L)
0.66
sNII (< ₹10L)
1.33
Retail
2.43
Employees
2.17
Total **
2.86
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|---|---|---|---|---|---|---|
| Jan 2 0 (Day 1) | 0.40 | 0.23 | 0.13 | 0.42 | 1.20 | 1.02 | 0.50 |
| Jan 2 1 (Day 2) | 0.40 | 0.35 | 0.21 | 0.61 | 1.75 | 1.54 | 0.63 |
| Jan 2 2 (Day 3) | 4.00 | 0.88 | 0.66 | 1.33 | 2.43 | 2.17 | 2.86 |
DayJan 2
0 (Day 1)
QIB (Ex Anchor)0.40
NII0.23
NII (> ₹10L)0.13
NII (< ₹10L)0.42
Retail1.20
EMP1.02
Total0.50
DayJan 2
1 (Day 2)
QIB (Ex Anchor)0.40
NII0.35
NII (> ₹10L)0.21
NII (< ₹10L)0.61
Retail1.75
EMP1.54
Total0.63
DayJan 2
2 (Day 3)
QIB (Ex Anchor)4.00
NII0.88
NII (> ₹10L)0.66
NII (< ₹10L)1.33
Retail2.43
EMP2.17
Total2.86
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 28-01-2026 | 124.00 | -3.5(-2.82%) | 120.5 |
| 27-01-2026 | 124.00 | -3.5(-2.82%) | 120.5 |
| 26-01-2026 | 124.00 | -4(-3.23%) | 120 |
| 25-01-2026 | 124.00 | -4(-3.23%) | 120 |
| 24-01-2026 | 124.00 | -4(-3.23%) | 120 |
| 23-01-2026 | 124.00 | 0(0.00%) | 124 |
| 22-01-2026 | 124.00 | 0(0.00%) | 124 |
| 21-01-2026 | 124.00 | 1.5(1.21%) | 125.5 |
| 20-01-2026 | 124.00 | 4(3.23%) | 128 |
| 19-01-2026 | 124.00 | 6(4.84%) | 130 |
| 18-01-2026 | 124.00 | 10(8.06%) | 134 |
| 17-01-2026 | 124.00 | 9(7.26%) | 133 |
| 16-01-2026 | 124.00 | 15(12.10%) | 139 |
| 15-01-2026 | 124.00 | 16(12.90%) | 140 |
| 14-01-2026 | 124.00 | 16(12.90%) | 140 |
| 13-01-2026 | 0(%) | (%) |
Date28-01-2026
Price124.00
GMP-3.5(-2.82%)
Estimate List Price120.5
Date27-01-2026
Price124.00
GMP-3.5(-2.82%)
Estimate List Price120.5
Date26-01-2026
Price124.00
GMP-4(-3.23%)
Estimate List Price120
Date25-01-2026
Price124.00
GMP-4(-3.23%)
Estimate List Price120
Date24-01-2026
Price124.00
GMP-4(-3.23%)
Estimate List Price120
Date23-01-2026
Price124.00
GMP0(0.00%)
Estimate List Price124
Date22-01-2026
Price124.00
GMP0(0.00%)
Estimate List Price124
Date21-01-2026
Price124.00
GMP1.5(1.21%)
Estimate List Price125.5
Date20-01-2026
Price124.00
GMP4(3.23%)
Estimate List Price128
Date19-01-2026
Price124.00
GMP6(4.84%)
Estimate List Price130
Date18-01-2026
Price124.00
GMP10(8.06%)
Estimate List Price134
Date17-01-2026
Price124.00
GMP9(7.26%)
Estimate List Price133
Date16-01-2026
Price124.00
GMP15(12.10%)
Estimate List Price139
Date15-01-2026
Price124.00
GMP16(12.90%)
Estimate List Price140
Date14-01-2026
Price124.00
GMP16(12.90%)
Estimate List Price140
Date13-01-2026
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open | Tue, Jan 20, 2026 |
| IPO Close | Thu, Jan 22, 2026 |
| Allotment | Fri, Jan 23, 2026 |
| Refund | Tue, Jan 27, 2026 |
| Credit of Shares | Tue, Jan 27, 2026 |
| Listing | Wed, Jan 28, 2026 |
IPO Open
Tue, Jan 20, 2026
IPO Close
Thu, Jan 22, 2026
Allotment
Fri, Jan 23, 2026
Refund
Tue, Jan 27, 2026
Credit of Shares
Tue, Jan 27, 2026
Listing
Wed, Jan 28, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
ApplicationRetail (Min)
Lots1
Shares120
Amount₹14,880
ApplicationRetail (Max)
Lots13
Shares1,560
Amount₹1,93,440
ApplicationS-HNI (Min)
Lots14
Shares1,680
Amount₹2,08,320
ApplicationS-HNI (Max)
Lots67
Shares8,040
Amount₹9,96,960
ApplicationB-HNI (Min)
Lots68
Shares8,160
Amount₹10,11,840
Key Performance Indicator
| Debt/Equity | 0.21 |
| RoNW | 3.03 |
| EBITDA Margin | 2.86% |
| Price to Book Value |
Debt/Equity
0.21
RoNW
3.03
EBITDA Margin
2.86%
Price to Book Value
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Shadowfax Technologies Ltd. | 0.13 | 0.13 | 13.83 | 0.97 | ||
| Blue Dart Express Limited | 106.38 | 106.38 | 657.05 | 50.70 | 17.25 | 9.34 |
| Delhivery Limited | 2.19 | 2.14 | 124.77 | 195.07 | 1.75 | 2.06 |
Company NameShadowfax Technologies Ltd.
EPS (Basic)0.13
EPS (Diluted)0.13
NAV (₹ per share)13.83
P/E (x)
RoNW (%)0.97
P/BV Ratio
Company NameBlue Dart Express Limited
EPS (Basic)106.38
EPS (Diluted)106.38
NAV (₹ per share)657.05
P/E (x)50.70
RoNW (%)17.25
P/BV Ratio9.34
Company NameDelhivery Limited
EPS (Basic)2.19
EPS (Diluted)2.14
NAV (₹ per share)124.77
P/E (x)195.07
RoNW (%)1.75
P/BV Ratio2.06
IPO Reservation
| QIB Shares Offered | 11,50,56,593 (74.80%) |
| − Anchor Investor Shares Offered | 6,90,33,955 (44.88%) |
| − QIB (Ex. Anchor) Shares Offered | 4,60,22,638 (29.92%) |
| NII (HNI) Shares Offered | 2,30,11,318 (14.96%) |
| − bNII > ₹10L | 1,53,40,879 (9.97%) |
| − sNII < ₹10L | 76,70,439 (4.99%) |
| Retail Shares Offered | 1,53,40,878 (9.97%) |
| Employee Shares Offered | 4,03,225 (0.26%) |
| Total Shares Offered | 15,38,12,014 (100.00%) |
QIB Shares Offered
11,50,56,593 (74.80%)
− Anchor Investor Shares Offered
6,90,33,955 (44.88%)
− QIB (Ex. Anchor) Shares Offered
4,60,22,638 (29.92%)
NII (HNI) Shares Offered
2,30,11,318 (14.96%)
− bNII > ₹10L
1,53,40,879 (9.97%)
− sNII < ₹10L
76,70,439 (4.99%)
Retail Shares Offered
1,53,40,878 (9.97%)
Employee Shares Offered
4,03,225 (0.26%)
Total Shares Offered
15,38,12,014 (100.00%)
Information about company
Incorporated in June 2016, Shadowfax Technologies Ltd is a logistics solution provider company in India. The company offers e-commerce express parcel delivery and a suite of value-added offerings.
Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through Shadowfax's Flash app.
The company's nationwide logistics network includes 4,299 touchpoints across first- and last-mile centres and sort centres as of September 30, 2025, serving 14,758 pin codes. It is supported by over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft, for shipment consolidation, sorting, and dispatch.
The company leases its logistics facilities and linehaul, owning automation and machinery for control.
It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network.
As of September 30, 2025, the company's platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.
The company's clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. This makes them the only large-scale provider for last-mile and end-to-end e-commerce delivery, as well as quick commerce, food delivery, and hyperlocal services.
By September 30, 2025, the company's e-commerce logistics network spanned 14,758 pin codes throughout India.
As of September 30, 2025, the company had 4,472 permanent employees and 17,182 contract workers.
Competitive Strength:
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of capital expenditure requirements of the Company in relation to the network infrastructure 423.43 2 Funding of lease payments for new first mile centers, last mile centers and sort centers 138.64 3 Funding of branding, marketing and communication costs 88.57 4 Unidentified inorganic acquisitions and general corporate purposes 291.94
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