Shadowfax Technologies Shares Listed at ~9% Discount on NSE and BSE

Shadowfax Technologies Listing: On January 28, 2026, Shadowfax Technologies shares made a weak debut in the secondary market, listing at a discount to the IPO issue price.

On the Bombay Stock Exchange (BSE), Shadowfax Technologies shares opened at ₹113, down 8.8% from the issue price of ₹124. On the National Stock Exchange (NSE), the stock debuted at ₹112.60, a 9.19% discount.

Weak Listing Despite Oversubscription 

The ₹1,907 crore Shadowfax Techologies IPO was subscribed 2.86 times, receiving bids for 24.23 crore shares against 8.9 crore shares on offer. 

The IPO was open for subscription from January 20 to January 22, with a fixed price band of ₹118–₹124 per share. The issue consisted of a fresh issue of ₹1,000 crore and an offer for sale (OFS) of ₹907 crore by existing shareholders, including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV, Nokia Growth Partners IV, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Use of IPO Proceeds

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 potential inorganic acquisitions, and meet general corporate purposes.

Also Read: Upcoming IPO: Kanohar Electricals Files DRHP with SEBI to Raise to ₹300 Crore

About ShadowfaxTechologies Limited

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

For H1 FY26, Shadowfax reported revenue of around ₹1,800 crore, a 68% year-on-year increase, while total revenue for FY25 stood at ₹2,485 crore. The e-commerce express parcel segment contributes about 70% of overall revenue, while hyperlocal and quick commerce logistics account for roughly 20%.

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