Mumbai, January 22, 2026 – The initial public offering of Shadowfax Technologies Limited has entered its final day of bidding, with subscription data showing strong participation from retail investors, while demand from institutional categories remains measured so far.
As per the cumulative demand schedule updated till 5:00 PM on January 21, 2026, the IPO has been subscribed 0.60 times overall.
Cumulative Subscription Status
Shadowfax Technologies Limited IPOData as of: January 21, 2026 | 05:00 PM
| Category | Shares Reserved | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 4,83,62,771 | 1,82,74,560 | 0.38 |
| Non-Institutional Investors (NIIs) | 2,41,81,385 | 79,29,360 | 0.33 |
| Retail Individual Investors (RIIs) | 1,61,20,923 | 2,64,97,320 | 1.64 |
| Employee Reserved | 4,23,728 | 6,12,360 | 1.45 |
| Total | 8,90,88,807 | 5,33,13,600 | 0.60 |
Category-wise Subscription Trends
The retail investor segment continues to anchor demand, with the RII portion subscribed 1.64 times, led largely by cut-off bids. The employee reservation has also crossed full subscription, standing at 1.45 times.In the non-institutional investor segment, overall subscription remains at 0.33 times, with the smaller HNI category (₹2–10 lakh bids) showing relatively better traction at 0.58 times, compared with 0.20 times in the large HNI category.
The qualified institutional buyers segment has been subscribed 0.38 times so far, with foreign institutional investors accounting for the bulk of QIB bids received till the previous session.
Grey Market Premium Trend (Indicative)
Disclaimer: GMP data is shared only for informational purposes. There is no recommendation or involvement in grey market trading.| Date | IPO Price (₹) | GMP (₹) | Subscription | Estimated Listing Price (₹) | Estimated Profit per Lot (₹) | Last Updated |
|---|---|---|---|---|---|---|
| 22-Jan-2026 (Close) | 124 | 1 | 0.63x | 125 (0.81%) | 120 | 22-Jan-2026 08:30 |
| 21-Jan-2026 | 124 | 1.5 | 0.63x | 125.5 (1.21%) | 180 | 21-Jan-2026 23:37 |
| 20-Jan-2026 (Open) | 124 | 4 | 0.50x | 128 (3.23%) | 480 | 20-Jan-2026 23:32 |
| 19-Jan-2026 | 124 | 6 | – | 130 (4.84%) | 720 | 19-Jan-2026 23:34 |
| 18-Jan-2026 | 124 | 10 | – | 134 (8.06%) | 1200 | 18-Jan-2026 23:33 |
Anchor Investor Participation
Ahead of the public issue, Shadowfax Technologies Limited raised Rs 856 crore from anchor investors through the allotment of 6.90 crore equity shares at Rs 124 per share, the upper end of the IPO price band.The anchor book saw participation from a mix of domestic mutual funds, global pension funds, insurance companies, and foreign institutions. Of the total anchor allocation, 53.24 percent was taken up by nine domestic mutual funds across 20 schemes, reflecting early institutional interest ahead of the IPO opening.
Prominent anchor investors included Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments, and Jupiter India Fund.
About the Company
Shadowfax Technologies Limited is a logistics services provider focused on express parcel delivery, reverse logistics, and hyperlocal solutions for e-commerce, quick commerce, food marketplaces, and on-demand mobility platforms. The company operates a nationwide logistics network covering more than 14,700 pin codes across India.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.