Shadowfax Technologies IPO GMP Day 3, Subscription Status Live Updates: Shadowfax Technologies IPO enters Day 3 of subscription today (January 22). The issue will remain open till January 22. The company has fixed the price band at Rs 118-124 per share.
| Shadowfax Technologies IPO | Key Details |
| Issue price | Rs 118-124 per share |
| IPO Date | January 20-23 |
| GMP | 1% |
| IPO Allotment date | January 23 |
| Listing date | January 28 |
Issue structure: Fresh money and shareholder exit
The Rs 1,907.27 crore IPO is a mix of fresh issue and offer for sale. The company plans to raise Rs 1,000 crore through fresh issuance. Alongside this, existing shareholders would be selling 7.32 crore shares worth Rs 907 crore through an offer for sale.
The basis of allotment is expected to be finalised on January 23, while the shares are likely to debut on the BSE and NSE on January 28.
Where the money will be used
A large part of the fresh funds will go toward expanding Shadowfax’s delivery network. Around Rs 423 crore is placed for capital expenditure, including new first-mile, last-mile, and sorting centres.
Another Rs 138 crore will be used for lease payments on infrastructure, while about Rs 88 crore is set aside for branding and marketing. ICICI Securities is the book-running lead manager, and KFin Technologies is the registrar to the issue.
Shadowfax Technologies IPO Subscription Status, GMP Live: Business model
A primary revenue driver for the company is its high-velocity delivery ecosystem. Supported by a flexible, time-sensitive technology platform, the company serves an elite roster of industry leaders, including Flipkart, Swiggy, Zomato, Zepto, and Uber, as well as the emerging ONDC network.
Shadowfax Technologies IPO Subscription Status, GMP Live: Delivery network
To meet the rising demand for faster e-commerce fulfilment, the company offers same-day and next-day delivery through its Prime delivery services, enhancing delivery speed and the overall customer experience. As of the Red Herring Prospectus date, its Prime delivery network was operational across more than 30 cities.
Shadowfax Technologies IPO Subscription Status, GMP Live: Food delivery partners association
The company delivers technology-driven logistics solutions for food and on-demand platforms, including pharma companies, quick service restaurants, and ONDC participants, enabling efficient management of dynamic order volumes through customised integrations. It works with a broad set of clients, including leading food delivery platforms such as Zomato and Swiggy, as well as other on-demand delivery players like Magicpin, Licious, and Pincode, to fulfil last-mile orders. Additionally, the company enables last-mile delivery of food orders on the Government of India’s Open Network for Digital Commerce platform.
Shadowfax Technologies IPO Subscription Status, GMP Live: IPO fully subscribed
As of 05:00 PM on January 22, 2026, the IPO of Shadowfax Technologies Limited was fully subscribed, garnering an overall subscription of 2.72 times. The issue witnessed strong interest from Qualified Institutional Buyers (QIBs), who subscribed 3.81 times their allocated portion. Retail Individual Investors (RIIs) also showed healthy participation with a subscription of 2.31 times, while the Employee Reserved category was subscribed 2.07 times. In contrast, the Non-Institutional Investors (NII) segment saw comparatively muted demand, with subscriptions reaching 0.84 times. Overall, the subscription figures indicate solid investor confidence, led primarily by institutional and retail participation.
Shadowfax Technologies IPO Subscription Status, GMP Live: Revenue focus
The company is also 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.
Shadowfax Technologies IPO Subscription Status, GMP Live: Revenue concentration
The company is also 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.
Shadowfax Technologies IPO Subscription Status, GMP Live: D2C a growing segment
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.
Shadowfax Technologies IPO Subscription Status, GMP Live: Improving delivery services and experience
To address the growing demand for faster fulfilment in e-commerce, the company offers same-day and next-day delivery under its prime delivery services, improving delivery speed and overall customer experience. As of the date of the Red Herring Prospectus, its prime delivery network was operational in more than 30 cities.
Shadowfax Technologies IPO Subscription Status, GMP Live: Food and on-demand delivery
The company delivers technology-driven logistics solutions for food and on-demand platforms, including pharma companies, quick service restaurants, and ONDC participants, enabling efficient management of dynamic order volumes through customised integrations. It works with a broad set of clients, including leading food delivery platforms such as Zomato and Swiggy, as well as other on-demand delivery players like Magicpin, Licious, and Pincode, to fulfil last-mile orders. Additionally, the company enables last-mile delivery of food orders on the Government of India’s Open Network for Digital Commerce platform.
Shadowfax Technologies IPO Subscription Status, GMP Live: Fastest-growing 3PL player
The sustained momentum has positioned the company as the fastest-growing 3PL player of scale in India in terms of order volume between the financial year 2022 and the financial year 2025. During this period, the company significantly increased its e-commerce shipment market share from approximately 8 % in the financial year 2022 to around 23 % in the six-month period ended September 30, 2025.
Shadowfax Technologies IPO Subscription Status, GMP Live: Express revenue of Shadowfax Tech
Between the financial year 2023 and the financial year 2025, the company’s express revenue grew at a CAGR of 28 .74%, underscoring strong execution capabilities supported by an expanding network and continuous customisation of value-added services to align with evolving industry requirements.
Shadowfax Technologies IPO Subscription Status, GMP Live: Improving delivery services and experience
To address the growing demand for faster fulfilment in e-commerce, the company offers same-day and next-day delivery under its prime delivery services, improving delivery speed and overall customer experience. As of the date of the Red Herring Prospectus, its prime delivery network was operational in more than 30 cities.
Shadowfax Technologies IPO Subscription Status, GMP Live: GMP slips 90%
Ahead of the issue opening, Shadowfax Technologies saw strong traction in the grey market, with the GMP rising to about Rs 16 on January 16 and 17. At that level, the unofficial premium indicated expectations of a listing well above the upper price band of Rs 124, reflecting positive early sentiment around the IPO.
That optimism, however, faded as the bidding period progressed. By January 22, the final day of the issue, the GMP had slipped to around Rs 0-Rs 1, pointing to a listing closer to the issue price. From its peak, the premium has fallen by nearly Rs 15.
However, it to note that GMP is unofficial and fluctuate based on market sentiment.
Also read: Shadowfax IPO: GMP crashes over 90% — Should investors be worried? What it means for listing day
Shadowfax Technologies IPO fully subscribed on the final day of bidding. The issue saw an overall subscription of 1.14 times so far. The retail investors portion subscribed 1.96 times, followed by the qualified institutional buyers segment at 1.19 times. The employee reserved portion was subscribed 1.75 times, while the non-institutional investors segment lagged at 0.48 times.
The IPO subscription window is scheduled to close later this evening.
Shadowfax Technologies IPO Subscription Status, GMP Live: Business model
A significant portion of the company’s revenue from operations is generated from services involving direct delivery to end customers. Its technology platform supports a wide range of time-sensitive and flexible delivery requirements for a diverse client base, including Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, and Magicpin, among others.
Shadowfax Technologies IPO Subscription Status, GMP Live: Key growth drivers
One of the key drivers of the next phase of growth for 3PL providers is expected to be the development of solutions that enhance the end-customer experience. The company is focused on leveraging innovation and operational efficiency to elevate client experience, with growth expected to be underpinned by three core pillars.
Shadowfax Technologies IPO Subscription Status, GMP Live: Key risks
The company is highly dependent on its technology infrastructure and third-party technology applications to operate and scale its business. Any failure to maintain, enhance, or effectively utilise its proprietary technology systems could disrupt operations, impair service quality, and adversely affect the company’s business.
The company's clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. This makes them the only large -scale provider for last-mile and end-to-end e-commerce delivery, as well as quick commerce, food delivery, and hyperlocal services.
Shadowfax Technologies IPO Subscription Status, GMP Live: Working model
The company leases its logistics facilities and linehaul, owning automation and machinery for control. It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network. As of September 30, 2025, the company's platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.
Shadowfax Technologies IPO is a book build issue of Rs 1,907.27 crores. The issue is a combination of fresh issue of 8.06 crore shares aggregating to Rs 1,000 crores at the upper band price of Rs 124. Offer for Sale (OFS) of 7.32 crore shares aggregating to Rs 907.27 crores at the upper band price of Rs 124.
Shadowfax Technologies IPO Subscription Status, GMP Live: Chola Securities on IPO valuation
In terms of revenue mix, the express business contributes 70%, the hyperlocal business contributes 20%, and the remaining 10% comes from other logistics services. The company is focusing on providing more value-added services to its customers, with reverse pickups and hand-in-hand exchanges being complex operations that require strict control and quality checks. "We have a ‘SUBSCRIBE’ rating for Shadowfax Technologies Ltd IPO for listing gains," said Chola Securities in an IPO note.
Shadowfax Technologies IPO Subscription Status, GMP Live: Industry overview
The Indian retail market has demonstrated resilient growth over the past decade, expanding at approximately 9% CAGR between FY16 and FY20 before the pandemic temporarily disrupted momentum. Following the easing of COVID-19 restrictions, pent-up demand drove a sharp recovery in FY 2022 with nearly 17% growth, though consumer spending gradually normalised thereafter. Looking ahead, the market is projected to grow at 8–10% CAGR from FY25 to FY30, supported by rising consumption trends and structural shifts in the sector.
Shadowfax Technologies IPO Subscription Status, GMP Live: D2C a growing segment
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.
Shadowfax Technologies IPO Subscription Status, GMP Live: Revenue concentration
The company is also 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.
Shadowfax Technologies IPO Subscription Status, GMP Live: Expert's take on IPO valuation
Margins remain thin, ROE and ROCE are modest, and revenue is concentrated with its top client contributing around 50%. "At the upper price band, the IPO implies an EV/EBITDA of 106x, which is rich compared with peers, suggesting that current valuations already reflect significant growth expectations. Overall, Shadowfax offers long-term exposure to India’s logistics and hyperlocal delivery sector, but the IPO is better suited for investors with a long-term horizon who are comfortable tracking execution, client diversification, and margin expansion over time. For short-term listing gains, the risk-reward appears balanced but neutral,” said Gaurav Garg, Research Analyst at Lemonn Markets.
Shadowfax Technologies IPO Subscription Status, GMP Live: Business and financial snapshot
Founded in 2015, Shadowfax operates in the logistics space, supporting e-commerce and quick-commerce deliveries. In financial year 2025, the company reported total income of Rs 2,515 crore, up 32% year-on-year. Earnings Before Interest, Tax, Depreciation and Amortisation rose to Rs 56 crore, with a net profit of Rs 6 crore.
Shadowfax Technologies IPO Subscription Status, GMP Live: Use of IPO proceeds
A large portion of the funds will be used for expansion-related expenses. Around Rs 423 crore is allocated for capital expenditure, including delivery hubs and sorting centres. Another Rs 138 crore is earmarked for lease payments, while Rs 88 crore will be used for branding and marketing activities.
Shadowfax Technologies IPO Subscription Status, GMP Live: Chola Securities on the IPO
“Going forward, the company is focusing on providing more value-added services to its customers, with reverse pickups and hand-in-hand exchanges being complex operations that require strict control and quality checks. We have a ‘SUBSCRIBE’ rating for Shadowfax Technologies IPO for listing gains,” said Chola Securities in its IPO note.
Shadowfax Technologies IPO Subscription Status, GMP Live: Price band and investment details
The price band for the issue is fixed between Rs 118 and Rs 124 per share. Investors can apply for a minimum lot size of 120 shares. At the upper end of the band, a retail investor will need to invest about Rs 14,880 to submit one application.
Shadowfax Technologies IPO Subscription Status, GMP Live: SBI Securities take on this IPO
SBI Securities, in its IPO note on the Shadowfax IPO, said, "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," added the brokerage report.