Shadowfax IPO received bids for 3.45 Cr shares as against 8.9 Cr shares on offer by 14:00 IST
Retail investors showed the highest interest in the IPO, with the portion reserved for them subscribed over 88%
Shadowfax’s INR 1,907 Cr IPO comprises a fresh issue of INR 1,000 Cr and an offer-for-sale (OFS) component of up to 7.32 Cr shares
Logistics new-age tech company Shadowfax’s initial public offering (IPO) opened to robust demand on Tuesday, with the issue getting subscribed 38.77% till 14:00 IST on its opening day of bidding. As of now, it has received bids for 3.45 Cr shares as against 8.91 Cr shares on offer.
Retail investors have been the most bullish on the company’s IPO, subscribing their quota by over 88%. These investors have bid for 1.42 Cr shares against 1.61 Cr shares reserved for them as of now.
The portion reserved for non-institutional investors (NIIs) was subscribed 14.11, with these investors bidding for 34.12 Lakh shares against 2.42 Cr shares on offer for them.
Qualified institutional buyers’ (QIBs) have also placed bids for 1.66 Cr shares against the 4.84 Cr shares earmarked for them. This resulted in a subscription of 34% of their quota.
The company has set a price band of INR 118 to INR 124 for its public issue. Investors can apply in lots of 120 shares, translating to a minimum investment of INR 14,880 at the upper end of the price band.
At the upper end of the price band, the company is seeking a valuation of INR 7,169 Cr.
Shadowfax’s INR 1,907 Cr IPO comprises a fresh issue of INR 1,000 Cr and an offer-for-sale (OFS) component of up to 7.32 Cr shares aggregating to INR 907.27 Cr. The company raised INR 856 Cr from anchor investors ahead of its IPO, with nine domestic mutual funds accounting for the bulk of the anchor allocation.
Bengaluru-based ShadowFax plans to use a bulk of the proceeds, INR 423 Cr to be precise, to fund capital expenditure, including expansion of first-mile, last-mile and sorting facilities. Apart from this, the logistics company will use INR 138.6 Cr for lease payments for new first-mile centres, last-mile centres and sort centres and INR 88.6 Cr will be deployed toward marketing and branding activities, which includes customer acquisition costs.
Flipkart, Mirae Asset, Qualcomm Asia Pacific, NewQuest Asia, Nokia Growth Partners, International Finance Corporation and Eight Roads Investments are among the investors selling their shares as part of the OFS.
Founded in 2015 by Abhishek Bansal, Praharsh Chandra, Vaibhav Khandelwal and Gaurav Jaithliya, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery, and quick commerce companies across India.
On the financial front, Shadowfax reported a 68% jump in operating revenue to INR 1,805 Cr in the first half of FY26, compared with INR 1,072 Cr in the same period last year. Net profit rose 114% to INR 21 Cr from INR 9.8 Cr in H1 FY25.
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