Shadowfax Technologies Share Price, IPO Listing, GMP Highlights: Shadowfax Technologies shares listed on both the National Stock Exchange and the BSE today, January 28. Shadowfax shares made a weak debut on the stock market. On the BSE, the stock opened at Rs 113, which was nearly 9% lower than its issue price of Rs 124. On the NSE, shares started trading at Rs 112.60, also at a similar discount to the issue price.
| Shadowfax Technologies IPO | Key Details |
| Issue price | Rs 124 per share |
| IPO Date | January 20-23 |
| GMP | -3.6% |
| IPO Allotment date | January 23 |
| Listing date | January 28 |
Shadowfax Technologies IPO: Key details of the issue
The company’s public issue opened for subscription on January 20 and closed on January 22. The book-built issue was sized at Rs 1,907.27 crore.
Of this, Rs 1,000 crore came from fresh shares issued by the company, while existing shareholders sold shares worth Rs 907.27 crore through an offer for sale.
The issue price for the issue was fixed at Rs 124 per equity share. Ahead of the public issue, the company raised Rs 856.02 crore from anchor investors on January 19.
Shadowfax Technologies IPO: Where the money will go
Shadowfax Technologies plans to use the fresh funds to strengthen its logistics network. This includes setting up new first-mile and last-mile delivery centres, expanding sorting facilities, and meeting lease-related costs.
A portion of the proceeds will also be used for branding, marketing, possible acquisitions, and other general business needs.
Shadowfax Technologies Share Price, IPO Listing Highlights: Check here Coverage on Shadowfax Technologies IPO Listing, GMP, Share Price, Price Band, Review
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Faster delivery network and rising market share
To meet the demand for quicker e-commerce deliveries, the company offers same-day and next-day delivery services under its prime delivery model. As per the Red Herring Prospectus, this network was active in over 30 cities. Between financial year 2022 and financial year 2025, the company expanded its scale steadily, increasing its share of e-commerce shipments from about 8% to nearly 23% in the six months ended September 30, 2025.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Tech-led logistics for fast-moving orders
The company provides technology-backed logistics services for businesses that handle high and fluctuating order volumes. Its services are used by food delivery platforms, quick service restaurants, pharmaceutical companies, and on-demand commerce players. Through customised system integrations, it helps clients manage orders efficiently, especially in time-sensitive delivery categories.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Prime delivery services
The company facilitates the movement of high-value and time-sensitive products, including mobile phones, luxury watches, and critical spare parts such as MRI components and essential construction equipment spares, as of the date of the Red Herring Prospectus.
Shadowfax Technologies Share Price, IPO Listing, 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 Share Price, IPO Listing, GMP Live: Post-listing view
“Shadowfax’s muted listing reflects valuation fatigue in the IPO market rather than doubts over the business. While the company boasts strong revenue growth and a pan-India logistics network, weak non-institutional demand and thin listing sentiment capped upside. Near-term stock performance will now hinge on execution, margin improvement and sustained profitability rather than growth alone,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Business overview
A major source of revenue for the company comes from its fast-paced delivery network. Backed by a flexible, time-critical technology platform, it works with leading clients such as Flipkart, Swiggy, Zomato, Zepto and Uber, and also supports the growing Open Network for Digital Commerce (ONDC).
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Hyperlocal services
The company’s differentiated network across high-density consumption centres enables it to address the growing demand for hyperlocal deliveries, particularly in the rapidly expanding quick commerce segment. In the financial year 2025 and the six - month period ended September 30, 2025, the company successfully delivered 94 .79 million and 66 .03 million orders, respectively. Its hyperlocal operations span three key service lines : (a) quick commerce services, (b) food and on- demand delivery, and (c) mobility solutions.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Key highlights of the issue
The public issue aimed to raise about Rs 1,907 crore, split between a fresh issue of shares worth Rs 1,000 crore and an offer for sale of roughly Rs 907 crore. The OFS portion saw several existing investors trim their holdings, including Eight Roads Investments Mauritius II, Flipkart Internet, Qualcomm Asia Pacific, NewQuest Asia Fund IV (Singapore), International Finance Corporation, Nokia Growth Partners IV, Mirae Asset–GS Retail New Growth Fund I and Mirae Asset–Naver New Growth Fund.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Stocks make weak debut
The shares of Shadownfax Technologies made a weak debut on the bourses, opening at a discount of 9% over the issue price. The shares of Shadowfax Tech opened at Rs 112.60 on the National Stock Exchange, a discount of 9.2%. The stock opened its first day of trade on the BSE at Rs 113, a discount of 8.8%.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Efficient management of product returns and exchanges
Reverse pickup logistics and hand-in-hand exchange services involve high operational complexity, requiring stringent control mechanisms and quality checks, and often entail higher costs, leading businesses across models to rely on 3PL partners for such services. The company provides efficient management of product returns and exchanges between end consumers and sellers, supported by innovative solutions such as doorstep quality checks, hand-in-hand exchanges, and reverse pickups. This versatility has positioned the company as the largest 3PL provider for reverse pickup shipments in terms of order volume for the financial year 2025 and the six-month period ended September 30, 2025.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: How the proceeds will be used
A large part of the funds raised will be directed towards expanding operations. This includes setting up new delivery hubs, sorting centres, and strengthening logistics infrastructure. Some portion will also be used to meet lease-related expenses and brand-building activities. The remaining amount will be kept aside for general corporate purposes, including potential acquisitions and routine business needs.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Subscription recap
The Shadowfax Technologies IPO was subscribed 2.86 times overall. Retail investors subscribed their portion 2.43 times, while institutional investors showed higher interest, with the QIB segment booked about four times.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Brokerage take on this IPO
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.”
Shadowfax Technologies Share Price, IPO Listing, GMP Live: SBI Securities on Shadowfax
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," added the brokerage house.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Prime delivery serivces
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, and it was the largest 3PL company for same-day delivery by order volume for the financial year 2025 and the six-month period ended September 30, 2025.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Extensive nationwide network
The company’s nationwide network infrastructure serves as the backbone of its efficient and scalable delivery system, encompassing first-mile, middle-mile and last-mile facilities. The infrastructure includes automated sort centres that have high sortation speed, accuracy and overall throughput, with some centres being operated through automised cross-belt sorters.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Last-mile delivery partner infrastructure
The last-mile delivery fleet is interoperable across all service offerings, enabled by a sophisticated demand-supply allocation engine. Utilising the same fleet across diverse services increases efficiency, lowers costs for clients and expands earning opportunities for gig-based delivery partners.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: Key risks
The company’s largest client contributed 49% and 48% of revenue for H1 FY26 and FY26, respectively. The loss of any such key commercial relationships could adversely affect the business. The company relies on a crowdsourced network of delivery partners with whom the company does not have any exclusive arrangement. Any potential strikes or changes to the supply of delivery partners may disrupt business operations.
Shadowfax Technologies Share Price, IPO Listing, GMP Live: SBI Securities on IPO valuation
"At the upper 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 FY23-25 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," said SBI Securities in an IPO note.