Shadowfax Technologies, a logistics and last-mile delivery company, experienced a subdued reaction to its initial public offering (IPO), with only 2.72 subscriptions, compared to 3.81 times the bids from QIBs.
Key Highlights
- Shadowfax IPO closes with strong investor demand, achieving 2.7x overall subscription.
- Robust interest across categories signals confidence in logistics startup’s growth prospects.
Exchange data shows that Non-Institutional Investors (NIIs) subscribed merely 0.84x, while Qualified Institutional Buyers (QIBs) led the demand with a 3.8x subscription, followed by retail investors at 2.3x and the employee quota at 2x.
Bidding for the IPO took place between January 20 and 22, with a lot size of 120 shares, a minimum investment of Rs 14,160, and a price range of Rs 118–124 per share. The company is scheduled to list on the BSE and NSE on January 28, and the share allocation is anticipated on January 23.
A new issue of about Rs 1,000 crore and an offer-for-sale (OFS) component of about Rs 907 crore make up Shadowfax's initial public offering (IPO). Eight Roads Investments, a Fidelity affiliate, is anticipated to generate over 10X profits on shares worth Rs 197 crore, while Flipkart, one of Shadowfax's early investors, is likely to generate roughly 3X returns by selling shares worth approximately Rs 237 crore via the OFS.
The company raised Rs 850 crore by allocating 6.9 crore equity shares to anchor investors at a price of Rs 124 each prior to the public offering. ICICI Prudential MF, Nippon India MF, Motilal Oswal MF, and other domestic and international investors were drawn to the anchor book.
Also Read: Shadowfax IPO Subscribed 4x So Far on Day 1 Despite Grey Market Dip
The Bengaluru-based company, which was founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, offers last-mile delivery to over 14,000 pin codes via 1.25 lakh delivery partners in the e-commerce and hyperlocal sectors.
In FY25, Shadowfax recorded a net profit of Rs 6.4 crore and a 32% year-over-year increase in revenue to Rs 2,485 crore. The company reported revenue of Rs 1,806 crore and profit of Rs 21 crore in the first half of FY26.
