Shadowfax Technologies IPO Subscription Status and Updates
Last Updated: 23 January, 2026
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The Shadowfax Technologies IPO has concluded with steady investor interest, achieving a final subscription of 2.86 times on its closing day, January 22, 2026. After a relatively quiet opening earlier in the week, the issue saw a significant pickup in momentum during the final hours of bidding.
The company offered its shares in a price band of Rs. 118 to Rs. 124 per share, with a minimum lot size of 120 shares. The total issue size was Rs. 1,907.27 crore, consisting of a fresh issue of Rs. 1,000 crore and an offer for sale of Rs. 907.27 crore.
Shadowfax Technologies IPO Subscription Status - Final (Day 3)
By the end of the final bidding window, the IPO recorded oversubscription across most categories. Qualified Institutional Buyers (QIBs) led the demand, booking their portion 4.00 times. The Retail segment also saw healthy participation, ending with a subscription of 2.43 times.
Category | Subscription Times |
Qualified Institutional Buyers (QIB) | 4.00x |
Non-Institutional Investors (NII) | 0.88x |
Retail Category Investors | 2.43x |
Total | 2.86x |
Last updated: 6:19 PM, Thursday, 22 Jan 2026
Company Overview of Shadowfax Technologies
Incorporated in 2016, Shadowfax Technologies Ltd is a leading on-demand third-party logistics (3PL) solution provider in India. Based in Bengaluru, the company operates an asset-light nationwide network that provides e-commerce express parcel delivery, hyperlocal quick commerce, and specialized courier services through its Flash app.
Shadowfax’s platform serves an impressive roster of clients, including Meesho, Flipkart, Myntra, Swiggy, Zepto, and Bigbasket. As of September 2025, the company’s network covered over 14,700 pin codes across India.
Financial Performance
The company has demonstrated a strong path toward financial stability. It reported a net profit of Rs. 21.04 crore for the first half of FY26 on a total income of Rs. 1,819.80 crore, following a successful turnaround from losses in previous years.
Also Read: Is Shadowfax Technologies IPO Good or Bad
Strengths and Risks of Shadowfax Technologies IPO
Key Strengths
Large-Scale Gig Infrastructure: Operates one of India’s largest last-mile gig-based delivery networks.
Asset-Light Model: Efficiency maintained by leasing facilities and a flexible fleet of 3,000+ trucks.
Diversified Client Base: Key partner for major e-commerce players and ONDC participants.
Operational Turnaround: Successfully shifted from losses to being PAT positive in FY25.
Potential Risks
High Valuation: The IPO carries a high P/E multiple, requiring consistent high-margin growth.
Intense Competition: Faces pressure from both traditional logistics players and new-age tech startups.
Sector Dependency: Revenue is sensitive to the growth and spending patterns of the Indian e-commerce market.
How to Apply for Shadowfax Technologies IPO
Visit the Rupeezy app or here.
Navigate to the IPO section on the Home Page
Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.
You can read the Red Herring Prospectus for the issue details.
Enter your UPI ID for payment & place the bid.
While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size.
Submit to complete the order.
FAQs:
What was the overall subscription of the Shadowfax IPO?
The Shadowfax IPO was subscribed 2.86 times on the final day.
How much was the Shadowfax IPO subscribed in the QIB category?
The Shadowfax IPO QIB portion was subscribed 4.00 times.
What was the retail subscription for the Shadowfax IPO?
The Shadowfax IPO retail category was subscribed 2.43 times
Was the Shadowfax IPO fully subscribed in the NII category?
No, the Shadowfax IPO NII segment was subscribed 0.88 times.
Did the Shadowfax IPO receive oversubscription overall?
Yes, the Shadowfax IPO was oversubscribed by 2.86 times.
Which category led demand in the Shadowfax IPO subscription?
The QIB category led demand in the Shadowfax IPO.
On which day did Shadowfax IPO see peak subscription momentum?
The Shadowfax IPO saw maximum momentum on its final bidding day.
Did retail investors show strong interest in the Shadowfax IPO?
Yes, retail investors showed strong interest with 2.43× subscription.
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