The much-awaited IPO of Shadowfax Technologies opens for public subscription today, January 20, 2026, marking the logistics firm’s debut on Dalal Street. The ₹1,907-crore issue comes at a time when investor interest in tech-led logistics and e-commerce enablers remains strong.
Ahead of the opening, Shadowfax raised ₹856 crore from anchor investors, drawing participation from a mix of domestic mutual funds, insurers, pension funds and foreign institutions—setting a steady tone for the issue.
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Issue size and structure
The IPO comprises a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of shares valued at ₹907.27 crore. Through the OFS, early and strategic investors including Flipkart Internet, Eight Roads Investments, NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Bansal will partially pare their holdings.
Key IPO dates to track
The issue will remain open till Thursday, January 22, 2026. The basis of allotment is likely to be finalised on January 23, while shares are expected to be credited to demat accounts on January 27. Shadowfax is scheduled to make its stock market debut on January 28, 2026.
Price band and lot size
Shadowfax has fixed the price band at ₹118 to ₹124 per share. Retail investors can bid for a minimum lot of 120 shares, which translates to an investment of ₹14,880 at the upper end of the band.
In terms of allocation, 75% of the issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.
Shadowfax IPO GMP today
In the grey market, Shadowfax shares were last seen trading at around ₹130, indicating a grey market premium (GMP) of ₹6, or nearly 4.8%, over the upper issue price. While GMP offers a snapshot of market sentiment, analysts caution that it is unofficial and can change quickly.
Where the money will be used
Proceeds from the fresh issue will be deployed to expand the company’s logistics network, fund lease payments for new first-mile and last-mile facilities, strengthen sorting centres, and boost branding and marketing efforts. A portion will also go towards potential acquisitions and general corporate purposes.
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About the company
Backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds, Shadowfax has built a strong presence in e-commerce-driven logistics. The company provides express parcel delivery, hyperlocal services, forward and reverse logistics, and critical delivery solutions to e-commerce platforms, quick commerce players, food marketplaces and on-demand mobility firms.
With scale, strong institutional backing and growing demand for fast deliveries, Shadowfax’s IPO will be closely watched by both retail and institutional investors this week.
