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Shadowfax IPO Day 1: Overall subscription At 0.10x So Far With Modest GMP, Should You Subscribe?
Shadowfax IPO Day 1: Overall subscription At 0.10x So Far With Modest GMP, Should You Subscribe?
Shadowfax IPO GMP: Shadowfax Technologies Ltd, a logistics company, has launched its initial public offering (IPO) today. The company is planning to raise up to Rs 1,907.27 crore from the primary market. comprising a fresh issue worth Rs 1,000 crore and an offer for sale (OFS) of Rs 907.27 crore by existing shareholders. The issue opens for subscription on January 20, 2026, and will close on January 22, 2026. The company is expected to list on the BSE and NSE on January 28, 2026.
As of 11:00 am on Day 1, January 20, 2026, the Shadowfax issue is seeing muted demand overall, with total bids coming in at 0.10 times the shares on offer.
The price band has been fixed at Rs 118–124 per share with a face value of Rs 10. Retail investors can apply for a minimum of one lot of 120 shares, requiring an investment of Rs 14,880 at the upper end of the price band.
ICICI Securities is the book-running lead manager to the issue, while Kfin Technologies is acting as the registrar.
According to market observers, unlisted shares of Shadowfax Technologies Ltd are currently trading at Rs 130 apiece in the grey market, which is a 04.00 per cent premium over the IPO price of Rs 124. It indicates a modest listing gains for investors. Its listing will take place on January 28, 2026, with allotment of unlisted shares set for January 23, 2026.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Shadowfax plans to use the fresh issue proceeds mainly to expand its logistics network. Around Rs 423 crore will be used for capital expenditure on network infrastructure, while Rs 138.6 crore will go towards lease payments for new first-mile, last-mile and sort centres. The company also plans to spend Rs 88.6 crore on branding and marketing, with the remaining funds earmarked for inorganic acquisitions and general corporate purposes.
Founded in 2016, Shadowfax provides e-commerce, D2C, hyperlocal and quick commerce delivery services. As of September 2025, it operated across 14,758 pin codes with over 4,299 touchpoints nationwide.
The company has shown a turnaround in profitability, reporting a profit after tax of Rs 21 crore in FY26 (till September), compared with losses in earlier years. Its pre-IPO market capitalisation stands at around Rs 7,169 crore, positioning Shadowfax as a key player in India's fast-growing logistics ecosystem.
Prasenjit Paul, Equity Research Analyst at Paul Assets & Fund Manager of 129 Wealth Fund, says:
Investors looking at operating leverage play in new age business are likely to track Shadowfax closely, given its exposure to India's expanding logistics and last-mile delivery ecosystem. The company operates across ecommerce, hyperlocal delivery and SME logistics, areas that continue to benefit from the steady formalisation of digital commerce beyond metro cities.
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That said, logistics remains an execution-intensive business, the key monitorable for investors will be margin sustainability and cost discipline, mainly in last-mile delivery where competition and pricing pressure remain high. From an investment perspective, Shadowfax may appeal more to investors who are comfortable with operating leverage playing out over a longer time frame rather than those seeking certainty of listing day gain.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
Source: News18
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