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Explore how Shadowfax Technologies Ltd’s IPO performed on its opening day, including investor participation, price band details, key dates, and the step-by-step process to apply through ASBA or UPI.
The Shadowfax Technologies Ltd IPO opened for subscription on January 20, 2026, marking the public market debut of the logistics and supply chain solutions company. Shadowfax operates in the rapidly expanding last-mile delivery and logistics technology space, catering to e-commerce, food delivery, and hyperlocal segments across India.
The issue is valued at ₹1,907.27 crore and is a book-built issue, offering equity shares in the price band of ₹118 to ₹124 per share. The IPO comprises a fresh issue along with an offer for sale, and the shares are proposed to be listed on the NSE and BSE mainboard.
The Shadowfax Technologies IPO opened to a cautious response on its first day of bidding, with participation largely driven by retail investors. Institutional interest remained muted during the initial phase, while non-institutional investors showed limited activity.
On the first day of bidding, the Shadowfax Technologies Ltd IPO was subscribed 0.42× overall. Retail Individual Investors (RII) led the demand on Day 1, while Non-Institutional Investors (NII) and employees showed modest participation. Qualified Institutional Buyers (QIB) did not participate meaningfully on the opening day.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
0.34× |
Retail Individual Investors (RII) |
1.00× |
Non-Institutional Investors (NII) |
0.16× |
Employee Reserved |
0.86× |
Total |
0.42× |
The Day 1 trend indicates cautious optimism from retail and employee investors, with expectations that institutional participation may increase as the issue progresses.
On the second day of bidding, the Shadowfax Technologies Ltd. IPO saw a notable rise in overall subscription, reaching a total of 0.58x. Institutional participation remained subdued, while retail investors continued to show robust interest. Non-Institutional Investors (NII) also contributed significantly, reflecting growing confidence in the company’s prospects.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
0.38x |
Retail Individual Investors (RII) |
1.59x |
Non-Institutional Investors (NII) |
0.31x |
Employee Reserved |
1.41x |
Total |
0.58x |
The subscription data suggests that retail investors are particularly optimistic about Shadowfax Technologies’ future growth, with strong participation from this segment. While institutional demand is currently modest, the overall positive trend hints at increased investor interest as the IPO progresses.
On the third day of bidding, the Shadowfax Technologies Ltd. IPO witnessed a gradual improvement in investor participation, led by steady retail demand and rising interest from non-institutional investors. Overall subscription moved closer to the fully subscribed mark by the end of Day 3.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
0.38× |
Retail Individual Investors (RII) |
1.92× |
Non-Institutional Investors (NII) |
0.45× |
Employee Reserved |
1.71× |
Total |
0.68× |
Retail investors continued to anchor demand on Day 3, crossing the 1× mark, while employee participation remained strong. Institutional interest, however, stayed muted, keeping overall subscription below full coverage.
The price band for the Shadowfax Technologies IPO is fixed at ₹118 to ₹124 per share, with a face value of ₹10 per share. Investors can apply for a minimum of 1 lot (120 shares) and in multiples thereof.
| Investor Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
Retail (Min/Max) |
1 |
120 |
₹14,880 |
S-HNI (Min) |
14 |
1,680 |
₹2,08,320 |
B-HNI (Min) |
68 |
8,160 |
₹10,11,840 |
The relatively lower minimum investment for retail investors makes the IPO accessible to a wide range of market participants.
For detailed insights about the company, issue particulars, and the latest updates, visit the Shadowfax Technologies IPO on Bajaj Markets.
The table below highlights the key dates related to the Shadowfax Technologies IPO:
| Event | Date | Details |
|---|---|---|
IPO Open Date |
January 20, 2026 |
Issue opens for subscription |
IPO Close Date |
January 22, 2026 |
Last day to submit bids |
Basis of Allotment |
January 23, 2026 |
Finalisation of allotment |
Refunds Initiation |
January 27, 2026 |
Refunds begin |
Credit of Shares |
January 27, 2026 |
Shares credited to Demat |
Listing Date |
January 28, 2026 |
Listing on NSE & BSE |
Note: These dates represent procedural milestones based on publicly available data and are intended for informational purposes only.
Investors can apply for the Shadowfax Technologies Ltd IPO using either the ASBA facility through your bank or via UPI on broker platforms.
This is a convenient and secure method where your application amount stays blocked until shares are allotted.
Log in to your internet banking account.
Go to the ‘Investments’ or ‘IPO Application’ section.
Select ‘Shadowfax Technologies Ltd IPO’ from the available list.
Enter your preferred bid quantity and price.
Confirm and submit your application.
The bid amount will remain blocked in your account until allotment.
Upon allotment, the amount will be debited, and shares credited to your Demat account.
You can apply using UPI through your stockbroker’s or financial marketplace’s online platform.
Log in to your trading account or Demat account on your broker’s platform or financial marketplace.
Navigate to the IPO section and select ‘Shadowfax Technologies Ltd IPO’.
Enter your application details including number of lots and price.
Provide your UPI ID linked to your bank account.
Approve the UPI mandate request on your UPI app (like BHIM, Google Pay, or PhonePe).
Funds will be debited only upon share allotment.
Once allotted, shares will be credited directly to your Demat account.
Check Upcoming IPO’s Here : Upcoming IPO
The information provided above is based on publicly available data from reliable financial news and market sources. Investors are advised to verify figures and consult financial experts before making investment decisions. Market conditions and subscription numbers are subject to change during the IPO window.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
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