Shadowfax Technologies Limited is entering the public markets through Mainboard IPO with an issue size of ₹1,907.27 crore. The issue consists of a fresh issue of ₹1,000.00 crore and an offer for sale of ₹907.27 crore. The shares are proposed to be listed on NSE & BSE.
The IPO subscription window opens on January 20, 2026 and will remain open until January 22, 2026. The company plans to list its shares on January 28, 2026. Since this is a Mainboard IPO, participation is expected from a wide range of investors.
Shadowfax Technologies Limited IPO Timeline
IPO Quick Facts
This section covers the main IPO details of Shadowfax Technologies Limited that investors generally review before applying.
IPO Details at a Glance
| Company Name | Shadowfax Technologies Limited |
|---|---|
| IPO Segment | Mainboard |
| Sale Type | Fresh Issue + Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Price | ₹118 – ₹124 Per Share |
| Lot Size | 120 Shares |
| Face Value | ₹10 Per Share |
| Exchange | NSE & BSE |
Investor Category & Share Allocation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 115,056,593 | 74.80% |
| — Anchor Investor | 69,033,955 | 44.88% |
| — QIB (Ex Anchor) | 46,022,638 | 29.92% |
| NII (HNI) | 23,011,318 | 14.96% |
| — bNII > ₹10L | 15,340,879 | 9.97% |
| — sNII < ₹10L | 7,670,439 | 4.99% |
| Retail | 15,340,878 | 9.97% |
| Employee Reservation | 403,225 | 0.26% |
| Total Shares Offered | 153,812,014 | 100.00% |
Shadowfax Technologies Limited IPO Important Dates
The following table highlights the key dates for the Shadowfax Technologies Limited IPO, covering the subscription period and the expected listing timeline.
| IPO Opening Date | 20 Jan 2026 |
|---|---|
| IPO Closing Date | 22 Jan 2026 |
| Allotment Finalization | 23 Jan 2026 |
| Initiation of Refunds | 27 Jan 2026 |
| Credit of Shares | 27 Jan 2026 |
| IPO Listing Date | 28 Jan 2026 |
Shadowfax Technologies Limited IPO Size & Structure
| Total IPO Size | ₹1,907.27 Crore |
|---|---|
| Offer For Sale | ₹907.27 Crore |
| Fresh Issue | ₹1,000.00 Crore |
Shadowfax Technologies IPO Lot Size & Minimum Investment
The table below shows the lot size and investment amount for the Shadowfax Technologies IPO, calculated using the cut-off price. The price band for this IPO ranges from ₹118 to ₹124 per share.
Investors can apply for the IPO with a minimum of 120 shares. Applications must be made in multiples of 120 shares.
- Retail investors can apply from 1 lot to 13 lots.
- Small HNI (SHNI) investors must apply for at least 14 lots.
- Big HNI (BHNI) investors need to apply for a minimum of 68 lots.
This information helps investors understand the minimum investment required before applying for the IPO.
Note: Retail investors generally apply at the cut-off price, which is ₹124 per share.
| Category | Lots | Shares | Price | Amount |
|---|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹124 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹124 | ₹193,440 |
| S-HNI (Min) | 14 | 1,680 | ₹124 | ₹208,320 |
| S-HNI (Max) | 67 | 8,040 | ₹124 | ₹996,960 |
| B-HNI | 68 | 8,160 | ₹124 | ₹1,011,840 |
Shadowfax Technologies Limited IPO GMP (Grey Market Premium)
The latest Shadowfax Technologies Limited IPO GMP (Grey Market Premium), along with Kostak rates and Subject to Sauda rates, helps in understanding market sentiment. The current Shadowfax Technologies Limited IPO GMP is ₹0 (0.00%), compared to the IPO issue price of ₹124. Based on the current GMP, the expected listing price is around ₹124. The Lowest GMP was ₹0 on 28 Jan 2026, while the highest GMP reached ₹16 on 17 Jan 2026.
Shadowfax Technologies Limited IPO was listed on the stock exchange on 28 Jan 2026. The IPO was subscribed 2.71 times. The first reported GMP was ₹16 (12.9%), while the latest recorded GMP stood at ₹0 (0%).Listing Details:
- Issue Price: ₹124 per share.
- Listing Price: ₹113.00 (approx. 8.87% discount)
- Listing Date: 28 Jan 2026
Shadowfax Technologies Limited IPO GMP Today - Trend Analysis
| Date | Issue Price (₹) | GMP Price (₹) | Estimated Gain (%) | Estimated Price (₹) | Estimated Profit (₹) |
|---|---|---|---|---|---|
| 28 Jan 2026 | ₹124 | ₹0 | 0% | ₹124 | ₹0 |
| 27 Jan 2026 | ₹124 | ₹0 | 0% | ₹124 | ₹0 |
| 26 Jan 2026 | ₹124 | ₹0 | 0% | ₹124 | ₹0 |
| 24 Jan 2026 | ₹124 | ₹0 | 0% | ₹124 | ₹0 |
| 23 Jan 2026 | ₹124 | ▼ ₹0 | ▼ 0% | ₹124 | ₹0 |
| 22 Jan 2026 | ₹124 | ▲ ₹2 | ▲ 1.21% | ₹126 | ₹180 |
| 21 Jan 2026 | ₹124 | ▼ ₹1 | ▼ 0.81% | ₹125 | ₹120 |
| 20 Jan 2026 | ₹124 | ▼ ₹6 | ▼ 4.84% | ₹130 | ₹720 |
| 19 Jan 2026 | ₹124 | ▼ ₹9 | ▼ 7.26% | ₹133 | ₹1,080 |
| 17 Jan 2026 | ₹124 | ₹16 | 12.9% | ₹140 | ₹1,920 |
| 16 Jan 2026 | ₹124 | ▲ ₹16 | ▲ 12.9% | ₹140 | ₹1,920 |
Shadowfax Technologies Limited IPO GMP gives retail and institutional investors an idea about short-term market expectations. Although grey market premium does not guarantee listing performance, it is still commonly referred to while analysing IPOs. Investors are advised to look at Shadowfax Technologies Limited fundamentals along with IPO GMP data before making any investment decision.
GMP Disclaimer: GMP (Grey Market Premium) prices are unofficial and only reflect market sentiment. We neither participate in grey-market trading nor encourage it. Investors are strongly advised to review the company’s fundamentals, risks, and official documents before considering an investment in the Shadowfax Technologies Limited IPO.
Shadowfax Technologies Limited IPO Subscription Status
Shadowfax Technologies Limited IPO was subscribed 2.71 times overall on the final day of bidding (as of 22 Jan 2026).The subscription opened on 20 Jan 2026. The Retail portion was subscribed 2.25 times, while QIB and NII categories were subscribed 3.81 times and 0.83 times respectively. The Employee category was subscribed 2.01 times, reflecting broad investor interest across segments.
Subscription by Category (QIB, NII, Retail, Employee)
Daily Subscription Trend (Day-wise):
| Date | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| 20 Jan 2026 | 0.38x | 0.22x | 1.12x | 0.95x | 0.47x |
| 21 Jan 2026 | 0.38x | 0.33x | 1.65x | 1.45x | 0.6x |
| 22 Jan 2026 | 3.81x | 0.83x | 2.25x | 2.01x | 2.71x |
The Shadowfax Technologies Limited IPO opened with a steady response on Day-1, supported mainly by early interest from Retail investors.
On Day-2, the Shadowfax Technologies Limited IPO witnessed better demand, led by increased participation from Retail, followed by Employee investors.
By the end of the bidding period, the IPO was subscribed 2.71x overall, reflecting strong demand from key investor categories, led by QIB, followed by Retail and Employee investors. Overall subscription for the Shadowfax Technologies Limited IPO increased from 0.47x on Day-1 to 2.71x by the final day.
Shadowfax Technologies Limited IPO Final Subscription
| Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 3.81x |
| Non-Institutional Investors (NII) | 0.84x |
| Retail Investors | 2.29x |
| Employee | 2.06x |
| Total | 2.72x |
Shadowfax Technologies Limited IPO Allotment Status
The Shadowfax Technologies Limited IPO allotment status was released on 23 Jan 2026. Investors who applied for the IPO can now check their Shadowfax Technologies Limited allotment status online through the official registrar website and NSE / BSE portal.
- 🗓 Allotment Date: 23 Jan 2026
- 📈 Listing Date: 28 Jan 2026
How to Check Shadowfax Technologies Limited IPO Allotment Status Online?
Investors can check the Shadowfax Technologies Limited IPO allotment status online through KFin Technologies Limited, NSE and BSE websites. All platforms provide easy access to the IPO allotment details.
Just follow the below mentioned steps to check your allotment status.You can also visit
KFin Technologies
to know more about the IPO registrar.
Check on KFin Technologies Limited (IPO Registrar)
- Visit → KFin Technologies Limited
- Select Shadowfax Technologies Limited
- Enter Application No / Demat Account / PAN details
- Click Submit to view allotment status
Check on NSE (National Stock Exchange) Website
- Go to → NSE Website
- Select Equity & SME IPO Bid Details.
- Choose Shadowfax Technologies Limited IPO.
- Enter your PAN & Application Number.
- Click on Submit button.
The National Stock Exchange (NSE) provides an online facility to check the Shadowfax Technologies Limited IPO allotment status.
Check on BSE (Bombay Stock Exchange) Website
- Visit → BSE Website.
- Select Issue Type: Equity.
- Choose Shadowfax Technologies Limited IPO.
- Enter your PAN or Application Number.
- Click on Search button.
The Bombay Stock Exchange (BSE) also allows investors to check the Shadowfax Technologies Limited IPO allotment status online.
Note: Allotment status is published only on the official registrar websites. We do not collect investor data or provide allotment verification directly.
How to Apply for Shadowfax Technologies Limited IPO?
Login to Your Trading App
Open your trading app such as Angel One, Zerodha, Upstox, Groww or any brokerage app.
Go to the IPO Section
Navigate to the IPO section in the app, search for the IPO, and enter your bid details.
Enter Your UPI ID
Provide your UPI ID that is linked to your bank account for payment authentication.
Approve the Mandate
Open your UPI app and approve the payment mandate to block the required amount.
Application Confirmation
Application submitted successfully, the funds will remain blocked until allotment is finalized.
Shadowfax Technologies Limited IPO Listing Analysis
Below is a quick summary of the Shadowfax Technologies Limited IPO issue price, listing price, and listing gain on BSE and NSE.
| IPO Status | Issue Price | Listing Price | Listing Gain |
|---|---|---|---|
| Listed (BSE) | ₹124 | ₹113 | ▼ -8.87% |
| Listed (NSE) | ₹124 | ₹113 | ▼ -9.19% |
Shadowfax Technologies Limited made a weak debut on the stock market on 28 Jan 2026, listing at ₹113, which was -₹11 lower (-8.87%) than its IPO issue price of ₹124. This indicated a negative listing sentiment, and IPO investors faced an immediate notional loss on debut.
Selling pressure continued throughout the session, and the stock slipped further by -2.74% from the listing price, closing at ₹109.9. From the IPO issue price, this translated into a total decline of -₹14 per share (-11.37%) by the end of the day.
For investors who were allotted one lot of 120 shares, the investment of ₹14,880 reduced to ₹13,188. Investors booked an overall loss of -₹1,692 per lot on the listing day.
📌 IPO Issue Price and Lot Size
The IPO of Shadowfax Technologies Limited was offered in the price band of ₹118 to ₹124 per share.
- The final issue price was fixed at ₹124.
- One lot consisted of 120 shares.
- Minimum investment: ₹124 × 120 = ₹14,880
- Investment after Day-1: ₹109.9 × 120 = ₹13,188
- By the end of the listing session, investors faced a loss of -₹1,692 per lot.
📌 IPO Subscription Analysis
| Day | QIB | NNI | Retail | Total |
|---|---|---|---|---|
| Day 1 | 0.38x | 0.22x | 1.12x | 0.47x |
| Day 2 | 0.38x | 0.33x | 1.65x | 0.6x |
| Day 3 | 3.81x | 0.83x | 2.25x | 2.71x |
📌 Final Assessment
Overall Outcome: Below Expectations IPO
- Subscription Phase: Weak investor participation
- Listing Phase: Weak listing performance
- Investor Experience: Negative short-term experience
3rd Floor, Shilpitha Tech Park
Sy No. 55/3 & 55/4
Outer Ring Road, Devarabisanahalli Village, Bellandur,
Varthur Hobli, Bengaluru – 560103
Karnataka, India
IPO Financial Summary
- Total Assets changed by 60.18% in FY 2024-2025.
- Total Revenue changed by 32.6% in FY 2024-2025.
- Profit After Tax turned positive in FY 2025 at 6.06.
- Reserves & Surplus changed by 43.89% in FY 2024-2025.
- Total Borrowings changed by 227.87% in FY 2024-2025.
| Metric | 2025-09-30 | 2025-03-31 | 2024-03-31 | 2023-03-31 |
|---|---|---|---|---|
| Total Assets (₹ Cr) | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Revenue (₹ Cr) | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax (₹ Cr) | 21.04 | 6.06 | -11.88 | -142.64 |
| Reserves & Surplus (₹ Cr) | 281.26 | 248.16 | 172.47 | 171.20 |
| Total Borrowings (₹ Cr) | 147.44 | 132.23 | 40.33 | 66.69 |
Shadowfax Technologies Peer Comparison
The following table helps investors compare Shadowfax Technologies IPO with its listed peers based on important financial and valuation parameters as of March 28, 2025.
| # | Company Name | EPS (₹) | P/E (x) | NAV (₹) | P/BV (x) | RoNW (%) |
|---|---|---|---|---|---|---|
| 1 | Shadowfax Technologies Limited | 0.13 | - | 13.83 | - | 0.97 |
| 2 | Blue Dart Express Limited | 106.38 | 50.70 | 657.05 | 9.34 | 17.25 |
| 3 | Delhivery Limited | 2.19 | 195.07 | 124.77 | 2.06 | 1.75 |
Utilisation of Proceeds
The Company proposes to utilise the net IPO proceeds of approximately ₹942.58 crore towards the following objectives:
| # | Purpose | Amount (₹ Cr) | % of Total |
|---|---|---|---|
| 1 | Funding of capital expenditure requirements of the Company in relation to the network infrastructure | 423.43 | 44.92% |
| 2 | Funding of lease payments for new first mile centers, last mile centers and sort centers | 138.64 | 14.71% |
| 3 | Funding of branding, marketing and communication costs | 88.57 | 9.40% |
| 4 | Unidentified inorganic acquisitions and general corporate purposes | 291.94 | 30.97% |
| Total | 942.58 | 100% | |
Shadowfax Technologies IPO Promoter Holding
| Promoter(s) | Abhishek Bansal and Vaibhav Khandelwal |
|---|---|
| Pre-Issue Holding | 19.13% |
Shadowfax Technologies Limited IPO FAQs
The Shadowfax Technologies Limited IPO is a Mainboard Bookbuilding IPO with a total issue size of ₹1,907.27 crore. The issue consists of a fresh issue of ₹1,000.00 crore and an offer for sale of ₹907.27 crore.
The IPO will open for subscription on Tue, 20 Jan 2026 and will close on Thu, 22 Jan 2026.
The shares are being offered at a price band of ₹118 to ₹124 per equity share.
Investors can apply for the IPO with a minimum lot size of 120 shares.
At the upper price band, the minimum investment required for one lot is approximately ₹14,880.
The shares of Shadowfax Technologies Limited are expected to be listed on NSE & BSE on Wed, 28 Jan 2026.
The Grey Market Premium (GMP) of Shadowfax Technologies Limited IPO is ₹0.
The Shadowfax Technologies Limited IPO was subscribed 2.72 times on the final day of subscription.
The retail portion is subscribed 2.25 times as of 22 Jan 2026.
The QIB portion is subscribed 3.81 times and the NII portion is subscribed 0.83 times .
The IPO registrar of Shadowfax Technologies Limited is KFin Technologies Limited. KFin is responsible for processing IPO applications, finalizing allotment, crediting shares, and initiating refunds.
The allotment date is expected on Fri, 23 Jan 2026.
Allotment status is generally updated in the evening (6 PM – 10 PM) on Fri, 23 Jan 2026 on the registrar or exchange website.
Shares are expected to be credited by Tue, 27 Jan 2026.
Refunds for unsuccessful applicants will be initiated on Tue, 27 Jan 2026.
Investors can check refund status via:
- UPI mandate / bank account (NACH, NEFT, RTGS)
- ASBA bank portal
Shadowfax Technologies Limited IPO is listed on NSE (SHADOWFAX) and BSE (544685).
The current share price of Shadowfax Technologies Limited is ₹120.85. The stock opened at ₹120.05, hit a high of ₹122.50 and a low of ₹120.05.
Shadowfax Technologies Limited share price has decreased by ₹1.65 (1.35%) compared to the previous close. The stock has gained 6.95% from its listing price of ₹113.00 on BSE and gained 7.33% from its listing price of ₹112.60 on NSE.
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