Shadowfax shares to list on NSE, BSE today; IPO sees 2.86x subscription

Shares of logistics services provider Shadowfax Technologies are set to make their Dalal Street debut on Wednesday, January 28, with the company scheduled to list on the NSE and BSE.

The company's ₹1,907 crore initial public offering (IPO) was subscribed 2.86 times on the final day of bidding. The issue received bids for 24.23 crore shares against 8.9 crore shares on offer.

Some reports indicate that the grey market premium for Shadowfax Technologies has slipped into negative territory. However, these remain unconfirmed, and the actual listing price may differ from GMP trends.

The IPO was open for subscription from January 20 to January 22. The Bengaluru-based company offered its shares in a fixed price band of ₹118 to ₹124 per share.

The issue comprised a fresh issue worth ₹1,000 crore and an offer for sale of ₹907 crore by existing shareholders.

Under the OFS, shareholders including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV, Nokia Growth Partners IV, Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal divested part of their holdings.

Proceeds from the fresh issue will be used to expand network infrastructure, fund lease payments for new first-mile, last-mile and sorting centres, support branding and marketing initiatives, pursue unidentified inorganic acquisitions, and meet general corporate purposes.

Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. The company operates a nationwide logistics network covering 14,758 pincodes as of September 2025.

It serves enterprise clients across e-commerce, quick commerce, food marketplaces and on-demand mobility. Its offerings include express forward parcel deliveries, reverse logistics, hyperlocal and critical logistics solutions.

For H1FY26, Shadowfax reported revenue of around ₹1,800 crore, marking a 68% year-on-year increase. Total revenue stood at ₹2,485 crore in FY25.

The e-commerce express parcel segment contributes about 70% of overall revenue, while hyperlocal and quick commerce logistics account for roughly 20%.

Note To Readers

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.