Just days ago, the buzz around the Shadowfax Technologies IPO was hard to miss. A decent grey market premium and one of India’s fast-growing logistics had put the issue firmly in the spotlight.
But as the IPO reaches its final day of bidding today (January 22), the unofficial market indicates that many retail investors track closely has gone quiet. However, it is important to note that GMP is not an official indicator and can fluctuate based on market sentiment.
The logistics-driven company’s public issue, which opened for subscription on January 20, is now seeing its grey market premium drop to zero. With bidding set to close today and allotment around the corner, let’s take a look at what is driving the slowdown, how the numbers have moved, and the key factors investors should watch.
Shadowfax Technologies IPO: Grey market buzz fades as momentum cools
Ahead of the IPO opening, Shadowfax had generated strong interest in the grey market. The grey market premium, or GMP, climbed to a peak of Rs 16 on January 16 and 17. At that level, the stock was trading at nearly a 13% premium over the upper end of the price band of Rs 124.
However, that optimism did not sustain through the bidding period. As of today, January 22, the final day of the issue, the GMP has slipped to around Rs 0–Rs 1. This suggests that the stock is now expected to list close to its issue price.
From the peak of Rs 16, the GMP has effectively fallen by about Rs 15, marking a decline of over 90%. In percentage terms, the premium has shrunk from nearly 13% to under 1%.
Meanwhile, it is to understand GMP is unofficial and changes as per market sentiment
Shadowfax Technologies IPO: Timeline
Shadowfax Technologies IPO closes for subscription today, January 22. Following this, the basis of allotment is scheduled to be finalised on January 23. Successful bidders can expect the shares to be credited to their demat accounts ahead of listing, which is scheduled for January 28 on both the National Stock Exchange and the Bombay Stock Exchange.
Shadowfax Technologies IPO: Issue size, price band and structure
The Shadowfax Technologies IPO is a book-built issue of Rs 1,907.27 crore. This includes a fresh issue of shares worth Rs 1,000 crore, along with an offer for sale of Rs 907.27 crore by existing shareholders.
The price band for the issue has been fixed at Rs 118 to Rs 124 per share. The company has already raised Rs 856.02 crore from anchor investors, with the anchor book opening on January 19.
ICICI Securities is the book-running lead manager for the issue, while Kfin Technologies has been appointed as the registrar.
Shadowfax Technologies IPO: Where the money will be used
The proceeds from the fresh issue will be used to strengthen the company’s network infrastructure. This includes funding lease payments for new first-mile and last-mile hubs, as well as sortation centres.
A portion of the funds will also be allocated towards branding, marketing and communication initiatives. The company has also kept room for potential inorganic acquisitions and general corporate purposes.
Shadowfax Technologies IPO: What brokerages are saying
Bajaj Broking, in its IPO note, highlighted the company’s technology-driven logistics platform and broad client base. It noted, “ShadowFax Technologies (STL) 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 FY25 earnings.”
SBI Securities, on the other hand, adopted a more cautious stance. The brokerage noted, “At the upper price band of Rs 124, the IPO is valued at 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 FY23–25 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. The company does not own any delivery vehicles while touchpoints and last-mile facilities are managed through a leasing model. Considering the low per capita shipment (3–5 in India) compared to 60–70 in the USA and 75–85 in China, the growth prospects appear promising. When comparing the issue with its closest peers, the IPO seems to be valued slightly at a premium. We maintain a ‘Neutral’ view on the IPO and intend to observe its performance post listing.”
Shadowfax Technologies IPO: How to check allotment status online
Once the allotment is finalised, investors can check their status through multiple platforms. Applications can be tracked on the BSE website by selecting the issue name and entering the application number or PAN.
Similar details can be accessed on the NSE’s IPO tracking page.
Investors can also check directly on the registrar Kfin Technologies website using PAN, application number or demat details.