Shadowfax Tech IPO received 1.68 times subscription on the final day of bidding on Thursday so far.
The three-day initial public offer of logistics services provider Shadowfax Technologies Ltd received bids for 14.95 crore shares against 8.9 crore shares on offer, according to NSE data till 2:20 p.m.
The category for retail individual investors (RIIs) fetched 2.02 times subscription. The portion for qualified institutional buyers (QIBs) received 2.13 times subscription, and the quota for non-institutional investors got subscribed 54 percent.
Earlier, it collected Rs 856 crore from anchor investors. The price band has been fixed at Rs 118-124 apiece for the IPO, valuing the company at over Rs 7,100 crore at the higher end.
The logistics solutions company's IPO consists of fresh issue of shares worth up to Rs 1,000 crore with existing shareholders selling Rs 1,000-crore shares.
According to platforms tracking the grey market activities, the shares of Shadowfax Tech are commanding a GMP of up to 1 percent in the unofficial market. Investorgain quoted a GMP of Re 1 for the shares of the company, indicating a listing gain of up to 1 percent. Meanwhile, IPO Watch quoted a GMP of 1.21 percent.
The company proposes to utilise proceeds from the fresh issue towards enhancing capacity in terms of network infrastructure, funding of lease payments for new first-mile and last-mile, and sort centres, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. It is India's leading logistics service provider for e-commerce express parcel and value-added services.
The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. It offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
Chola Securities issued a 'Subscribe' rating to the IPO, saying the company is actively diversifying its client base. In FY24, the top five clients accounted for 83% of total revenue, which has since reduced to 74% in H1FY26. Meesho remains the largest contributor, with a share of 47–48%, though concentration risk is gradually declining.
"The direct-to-customer (D2C) business has emerged as the fastest-growing segment, contributing nearly 25% of revenue in H1FY26. In terms of revenue mix, the express business contributes 70%, the hyperlocal business contributes 20%, and the remaining 10% comes from other logistics services," it added.
Ventura Securiites also recommended a subscribe rating to the issue. It said, "Shadowfax has demonstrated strong growth potential, technology differentiation, and an established presence in India’s fast-evolving logistics market. The IPO comprises a fresh issue and an offer for sale, aimed at funding expansion initiatives, strengthening technology capabilities, enhancing working capital, and providing liquidity to existing shareholders while increasing the company’s visibility in public markets."
Shadowfax Tech IPO shares are likely to be allotted on January 23, while share listing is scheduled to take place on January 28.
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