What was the market debut performance of Shadowfax Technologies' IPO?

Shadowfax Technologies had a disappointing debut on stock exchanges on January 28, 2026, listing below its IPO price on both NSE and BSE.

How was the subscription for Shadowfax Technologies' ₹1,907.27 crore IPO?

The IPO received a moderate response, with an overall subscription rate of 2.72 times, indicating mixed interest from different investor categories.

What are the profitability concerns for Shadowfax Technologies?

Despite strong revenue growth, Shadowfax Technologies reported modest profitability with an EBITDA margin of 2.3% and a net profit margin of 0.3% in FY25.

Home / Business and Economy / Shadowfax IPO Dips: Logistics Firm's Debut Falters

Shadowfax IPO Dips: Logistics Firm's Debut Falters

28 Jan

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Summary

Shadowfax Technologies listed at a discount on stock exchanges.
The ₹1,907.27 crore IPO saw a moderate subscription of 2.72 times.
Profitability remains modest despite strong revenue growth.

Shadowfax IPO Dips: Logistics Firm's Debut Falters

Shadowfax Technologies' initial public offering (IPO) of ₹1,907.27 crore experienced a weak market debut on January 28, 2026. The logistics solutions provider listed at a discount on both the NSE and BSE, trading significantly below its issue price of ₹124.

The IPO itself garnered a moderate response, with an overall subscription rate of 2.72 times. While qualified institutional buyers showed decent interest, non-institutional investors exhibited tepid demand.

Founded in 2016, Shadowfax operates an extensive third-party logistics network across India, serving major e-commerce and food delivery platforms. The company has demonstrated strong revenue growth, with revenues reaching ₹2,485 crore in FY25.