Shadowfax lists at 9% discount on market debut

Logistics and last-mile delivery firm Shadowfax Technologies made a muted debut on the Indian stock exchanges on Wednesday, with its shares listing at a discount to the IPO issue price.

The company’s shares listed at around Rs 112–113 on the NSE and BSE, nearly 9% lower than the IPO’s upper price band of Rs 124. Shadowfax had raised around Rs 1,907 crore through its initial public offering, which was open for subscription between January 20 and January 22.

The IPO saw moderate overall demand. According to exchange data, Qualified Institutional Buyers (QIBs) led the subscription with 3.8x demand, followed by retail investors at 2.3x and the employee quota at 2x, while Non-Institutional Investors (NIIs) subscribed to just 0.84x of their allotted portion.

Shadowfax’s IPO comprised a fresh issue of around Rs 1,000 crore and an offer-for-sale (OFS) of approximately Rs 907 crore. Flipkart, one of Shadowfax’s early investors, is set to generate nearly 3X returns by selling shares worth about Rs 237 crore through the OFS, while Eight Roads Investments (a Fidelity affiliate) is expected to clock around 10X returns on shares worth Rs 197 crore.

Ahead of the public issue, the company allotted 6.9 crore equity shares to anchor investors at Rs 124 per share, raising Rs 850 crore.

Shadowfax operates in the last-mile and hyperlocal logistics space, serving ecommerce marketplaces, D2C brands and quick commerce players. It competes with players such as Delhivery, XpressBees, Ecom Express and Ekart, in a segment marked by intense competition and capital-intensive operations.

According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.

Shadowfax reported 32% year-on-year growth in revenue to Rs 2,485 crore in FY25, along with a net profit of Rs 6.4 crore. For the first half of FY26, the company posted Rs 1,806 crore in revenue and Rs 21 crore in profit.