Shadowfax Technologies IPO

Logistics / 3PL - Listed on 28 January 2026

-9.2% listing gain
Issue Price (Upper)
Rs 124
Listing Price
Rs 112.6
Closing Price (NSE)
Rs 109.98
Total Subscription
2.72x

Shadowfax Technologies IPO listing summary

Shadowfax Technologies (Logistics / 3PL) closed its IPO window in 2026 and listed on NSE and BSE on 28 January 2026 at an upper band issue price of Rs 124, opening at Rs 112.6 for a listing gain of -9.2% and closing day one at Rs 109.98 (-11.3% on closing basis). The IPO was subscribed 2.72x overall - QIB 3.81x, HNI/NII 0.84x, Retail 2.31x. The total issue size was Rs 1,907.27 Cr (Fresh Issue Rs 1000 Cr, OFS Rs 907.27 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.

About Shadowfax Technologies

Logistics / 3PL

Shadowfax provides third-party logistics and last-mile delivery services for e-commerce, brands and other businesses. Its network coordinates pickup, sorting and delivery across multiple customer segments. That places. Shadowfax. Technologies in a segment where demand can be affected by customer spending, competition and the pace of capacity expansion. Like other companies in this space, it must convert its operating network and customer base into consistent cash generation as it grows. Its day-to-day performance is likely to be read through operating volumes, margins, working capital and the quality of its disclosed customer or project pipeline. This description is intended to explain the company’s business in plain language; the statutory filings remain the source for detailed risks and financial claims.

About Shadowfax Technologies IPO

Issue structure, listing outcome and context

The ₹1,907.27 crore. IPO included ₹1,000 crore fresh capital and an offer for sale at ₹124. Shares listed below the issue price as investors weighed scale against delivery economics. It combined a fresh issue of ₹1000 crore with an offer for sale of ₹907.27 crore. The stock listed at ₹112.6, a reported opening gain of -9.19%. Investors comparing this issue with peers would also need to consider valuation, earnings quality, debt, competition and the risks disclosed in the offer documents. For a complete view of the offer, readers should check the final prospectus, the exchange listing notice and the company’s subsequent disclosures.

Listing day performance

Listing Gain (Open)
-9.19%
Listing Gain (Close)
-11.31%
Day Change After Listing
-2.12%
Retail Quota
35.0%

Subscription breakdown

Final (Day 3) subscription

Number of times each investor category subscribed by close of Day 3.

QIB3.81x
HNI / NII0.84x
Retail2.31x
Overall2.72x

Day-wise overall subscription

How overall subscription built up across the three-day issue window.

Day 10.47x
Day 20.60x
Day 3 (Final)2.72x

Shadowfax Technologies IPO GMP history

Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.

DayGMP (Rs)GMP %
Day 1Rs -6-4.84%
Day 2Rs -6-4.84%
Day 3Rs -6-4.84%
Day 4Rs -6-4.84%
Day 5Rs -6-4.84%

GMP Prediction vs IPOGyani AI Prediction

Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.

GMP Prediction Range
-4.8%
IPOGyani AI Prediction
-8.5%
Actual Listing Gain
-9.2%

Prediction Accuracy: 0.7 pp (Highly accurate)

Issue & financials

Issue SizeRs 1,907.27 Cr
Fresh IssueRs 1,000 Cr
OFSRs 907.27 Cr
IPO PE185.51
Peer / Sector PE152.00
PE vs Sector Ratio1.22
Latest EBITDA (Cr)1.96
Debt / Equity0.20

Market context at listing

How the broader market moved around the Shadowfax Technologies IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.

Nifty 3D Return+0.21%
Nifty 1W Return+0.44%
Nifty 1M Return-2.69%
Nifty during IPO window-0.95%

Shadowfax Technologies IPO - FAQs

What was the listing gain of Shadowfax Technologies IPO?

Shadowfax Technologies IPO listed at -9.2% versus the upper issue price of Rs 124 on 28 January 2026.

How many times was Shadowfax Technologies IPO subscribed?

Shadowfax Technologies IPO was subscribed 2.72x overall. QIB portion was subscribed 3.81x, HNI / NII 0.84x and Retail 2.31x.

What was the IPO GMP for Shadowfax Technologies?

IPO GMP started at Rs -6 on Day 1 and moved to Rs -6 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.

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