The Shadowfax Technologies’ IPO allotment is set to be finalised on Friday, January 23, as the IPO closed on January 22, 2026, with a total subscription of 2.86x, indicating a solid investor interest.
Retail investors subscribed ttoheir portion 2.43 times, while qualified institutional buyers showed strong demand, bidding four times their allocated quota of theinitial public offering (IPO). The non-institutional investors’ segment saw 88% subscription.
Shadofax IPO opened for subscription from January 20 to January 22, offering shares in a price band of ₹118–₹124. The issue consisted of a ₹1,000 crore fresh equity issuance, along with an offer for sale worth ₹907 crore by existing shareholders.
Several prominent investors reduced their holdings through the offer for sale, including Flipkart Internet, Eight Roads Investments Mauritius II, NewQuest Asia Fund IV, Nokia Growth Partners IV, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal co-founders Kunal Bahl and Rohit Kumar Bansal.
ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as book-running lead managers for the issue, with KFin Technologies serving as the registrar.
The company proposed to use the funds raised through the fresh issue for expanding network infrastructure, meeting lease obligations for new first-mile, last-mile, and sorting facilities, strengthening branding and marketing efforts, pursuing unidentified inorganic growth opportunities, and fulfilling general corporate needs.
Also Read: Duroflex Receives SEBI Approval for IPO Launch
Shadowfax operates a pan-India logistics network spanning 14,758 pincodes as of September 2025. It is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds,
The company serves enterprise clients across e-commerce, quick commerce, food delivery platforms, and on-demand mobility, offering services that include express parcel delivery, reverse logistics, hyperlocal fulfilment, and critical logistics solutions.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jan 23, 2026, 8:36 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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