Shadowfax Technologies IPO day 2: GMP, subscription, review, other details in 10 points. Apply or not?

Shadowfax Technologies IPO Day 2: The initial public offering (IPO) of Shadowfax Technologies Ltd has opened today and will remain open until 22 January 2026. This means Shadowfax Technologies' IPO date is 20-22 January 2026. The logistics solutions company has declared the Shadowfax Technologies IPO price band at ₹118 to ₹124 per equity share. The public issue is a mix of fresh capital and Offer for Sale (OFS). The company aims to raise ₹1,907 crore from the Shadowfax Technologies IPO, of which ₹1,000 crore will be raised through the issuance of fresh shares. The remaining ₹907 crore is reserved for the OFS route.

Shadowfax Technologies IPO GMP today

According to market observers, the company's shares are trading at a premium of ₹6 in the grey market today. This means Shadowfax Technologies IPO GMP (Grey Market Premium) today is ₹6.

Shadowfax Technologies IPO subscription status

By 11:30 AM on the second day of bidding, the public issue had been subscribed 0.54 times, the retail portion had been booked 1.48 times, the NII segment had been filled 0.27 times, and the QIB portion had been subscribed 0.38 times.

Shadowfax Technologies IPO: Apply or not?

BP Equities has recommended buying this public issue, saying, "At the upper end of the price band of Rs. 124 per share, the company is trading at a P/E of 155.0x based on its FY26 annualised earnings. Supported by strong industry tailwinds and clear profitability drivers, STL appears well-positioned to benefit from the evolving digital commerce landscape. We thus recommend a "SUBSCRIBE" rating to the issue from a medium-to long-term perspective."

Kantilal Chhaganlal Securities has also assigned a ‘subscribe’ tag to the public issue, saying, “It is well-positioned to benefit from the rapid expansion of India’s e-commerce and last-mile logistics market, with recent revenue and order volumes growing strongly. However, while revenue momentum and profitability have both been improving (including turning a small profit in FY25 and a notable net profit increase in the first half of FY26), overall margins remain modest, and earnings visibility is still developing. At around a 2.8× Price-to-Sales multiple, the IPO valuation is relatively high compared with peers such as Delhivery, making it a pricier play in the logistics space. As a small player, it has a lot of growth space in the industry, hence long-term can be promising.”

Cholamandalam Securities, SMIFS, Sushil Finance, and Ventura Securities have also assigned the ‘apply’ tag to this pubic issue.

Shadowfax Technologies IPO details

The most likely Shadowfax Technologies IPO allotment date is 23 January 2026. ICICI Securities, Morgan Stanley India, and JM Financial have been appointed as Lead Managers for the bookbuild issue. The most likely date for Shadowfax Technologies IPO listing is 28 January 2026.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.