Logistics firm Shadowfax finally enters Dalal Street; shares list at a 9% discount to IPO issue price

Shadowfax Technologies made a muted debut on the Indian stock exchanges on Wednesday, January 28, listing at a discount to its IPO price in line with market expectations.

The logistics company’s shares opened at Rs 112.60 on the National Stock Exchange (NSE) and Rs 113 on the Bombay Stock Exchange (BSE), translating into a discount of about 9% to the upper end of the IPO price band of Rs 124 per share.

The #NSEBell has rung in the celebration of the listing of Shadowfax Technologies Limited at our exchange @nseindia.#NSEIndia#listing#IPO#StockMarket#ShareMarket#ShadowfaxTechnologiesLimited@ashishchauhanpic.twitter.com/9TLDI0v9ML

— NSE India (@NSEIndia) January 28, 2026

As a result, IPO allottees saw a notional loss of over 9% on listing day. Ahead of the debut, the grey market premium for the issue had slipped into negative territory, at around minus Rs 3.5 per share, according to trackers.

The mainboard IPO, which opened for subscription on January 20 and closed on January 22, was subscribed 2.72 times overall, according to NSE data.

The Qualified Institutional Buyers segment was booked 3.81 times, Retail Individual Investors subscribed 2.31 times, while the Non-Institutional Investors category saw 84% subscription. The allotment was finalised on January 23.

Shadowfax was looking to raise Rs 1,907.27 crore through the offering, comprising a fresh issue of 8.06 crore equity shares worth Rs 1,000 crore and an offer for sale of 7.32 crore shares aggregating Rs 907.27 crore.

At the upper end of the price band, the issue valued the company at around Rs 7,169 crore.

Under the offer for sale, several existing shareholders pared their stakes, including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV, Nokia Growth Partners IV, the International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, as well as Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Eight Roads Investments emerged as one of the largest sellers, offloading 1.58 crore shares for about Rs 197 crore, translating into a reported 10.4 times return on its initial investment. Flipkart Internet sold shares worth around Rs 400 crore through the OFS.

The company plans to deploy proceeds from the fresh issue towards strengthening its network infrastructure, meeting lease obligations for new first-mile, last-mile and sorting facilities, increasing branding and marketing spends, exploring inorganic growth opportunities, and meeting general corporate requirements.

Ahead of the IPO, Shadowfax had also raised Rs 856 crore from anchor investors including BofA Securities, Government Pension Fund Global, Societe Generale, HSBC Global Investment Funds, Jupiter India Fund, Eastspring Investments and Morgan Stanley Asia.

Founded in 2015, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery and quick commerce companies across India. Quick commerce is its fastest-growing segment and contributes about 20–21% of operating revenue.

In the first half of FY26, the company reported a 68% year-on-year increase in operating revenue to Rs 1,805 crore, compared to Rs 1,072 crore in the same period last year. Net profit rose 114% to Rs 21 crore from Rs 9.8 crore in H1 FY25.