Shadowfax IPO now open for subscription: Should you invest?
20 Jan 2026

Shadowfax Technologies' initial public offering (IPO) has for subscription today, January 20. The company hopes to raise ₹1,907.2 crore through the public issue.

The IPO consists of a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of shares worth ₹907.2 crore by various investors including Flipkart, Eight Roads Investments, Qualcomm, and NewQuest Asia Fund.

Shadowfax's IPO performance and investor interest
Subscription details

As of today morning, Shadowfax Technologies IPO had been subscribed 4%. The company has received bids for 39.80 lakh shares against an offer size of nearly 8.91 crore shares, data from the National Stock Exchange (NSE) showed.

Retail investors are leading the charge with a subscription of 20% in their reserved portion while non-institutional investors (NII) have taken up to 3% so far.

Shadowfax's IPO price band and investment details
Investment specifics

The price band for Shadowfax Technologies's IPO has been fixed at ₹118-124 per share.

Investors can bid for a minimum of 120 shares, which translates to an investment of ₹14,160.

The public issue will remain open for subscription till January 22. Allotments are expected to be finalized by January 23 and the shares will be listed on stock exchanges on January 28.

Shadowfax's IPO proceeds utilization and anchor book details
Fund allocation

The company plans to use the fresh issue proceeds for network infrastructure expansion, lease payments for new centers, branding and marketing initiatives, potential acquisitions, and general corporate purposes.

On January 19, Shadowfax raised ₹856.02 crore from 39 anchor investors ahead of its public offering.

The allocation included nine domestic mutual funds such as ICICI Prudential AMC, Nippon Life India among others.

Shadowfax's IPO and India's logistics industry growth
Market potential

The Indian logistics industry is witnessing strong growth, fueled by the rapid expansion of online retail and quick commerce.

Master Capital Services has projected that the industry will be worth ₹21-23 trillion in FY2025.

The brokerage also highlighted that online retail is the fastest growing channel in organized retail, expected to grow at a CAGR of 20-25% from FY25 to FY30.