India’s IPO calendar has gone quiet. No major mainboard issues are opening for subscription this week. As a result, investor attention is focused on just a few names. Among them, Shadowfax Technologies is the highlight.
The company is set to list on the domestic indices, Sensex and Nifty on January 28. Ahead of the official listing, the hyper-local logistics player has sparked a mix of curiosity and caution.
The question on everyone’s mind – Is this a stock to buy for the long term, or could the debut be a letdown?
Let’s take a look at the key factors to watch of this upcoming listing –
Shadowfax Technologies IPO: A low-key market, a high-stakes debut
The primary market is in a calm phase. With no big IPOs opening, Shadowfax has a relatively clear runway.
Alongside five SME IPOs opening for bidding, Shadowfax will be the only mainboard company making its market entry this week.
But when compared to some of the high-profile IPOs in the past, the early indicators suggest that investors are not rushing in.
Shadowfax operates in last-mile delivery, covering e-commerce, food, and quick-commerce logistics.
Shadowfax Technologies IPO: Grey market hints at muted debut
In the unofficial market, the shares of Shadowfax currently stand at a discount of Rs 4. This suggests a listing price near Rs 120 versus the IPO upper price of Rs 124.
In simple terms, this points to a likely discount listing if trends hold. Over the past two weeks, the GMP has ranged from Rs 16 at its peak to Rs -4 at its low, but the recent trend leans toward the lower end.
However, it is important to note that GMP is not an official indicator and may fluctuate based on market sentiment.
Shadowfax Technologies IPO: Subscription details of the issue
During the IPO subscription from January 20 to 22, the issue was subscribed 2.72 times overall. Retail investors subscribed 2.31 times, qualified institutional buyers (QIBs) bid 3.81 times, while non-institutional investors covered only 84% of their portion.
Shadowfax Technologies IPO: Allotment and what’s next
Allotment was completed on January 23.
Investors who were not allocated shares will receive refunds on January 27, and those allotted will see the shares credited to their demat accounts the same day.
The stock is set to list on both BSE and NSE on January 28.
Shadowfax Technologies IPO: Should you jump in?
For investors who are thinking for a long-term, the key question now comes is whether Shadowfax’s business can scale sustainably in a crowded logistics space.
As the listing day is around the corner, now all eyes will be on the stock’s debut price movement on January 28. Will Shadowfax prove its mettle or confirm the cautious sentiment surrounding this hyper-local logistics player? The market is ready to decide.
Shadowfax Technologies IPO: Expert take
Here is a quick take on the IPO valuations by some leading brokerages-
SBI Securities on Shadowfax said, “They believe that at the upper end of the price band of Rs 124, “the IPO is valued at an EV/Sales and EV/EBITDA multiple of 2.4x and 106.5x, respectively. The company has exhibited strong revenue growth of 32.5% CAGR during the FY23-FY25 period and has been EBITDA positive since FY24. It operates an efficient and scalable asset-light business model, having an asset turnover of over 4x.”
Bajaj Broking in its IPO note, “ShadowFax Technologies is a new – age technology – led third – party logistics (“3PL”) company, and leverage technology to facilitate digital commerce, with its service network encompassing 14,758 Indian pin codes as of September 30 , 2025 . The company serves a wide category of enterprise clients including horizontal and non – horizontal e- commerce, quick commerce, food marketplace, and on – demand mobility companies . From a valuation perspective, the Company is currently valued at a P/B multiple of 9.3x based on its FY 25 earnings.”