The initial public offering of Shadowfax IPO recorded 60% overall subscription on Day 2 of bidding. While retail participation remained strong, grey market trends showed signs of weakening, prompting investors to stay cautious.
📊 Shadowfax IPO Subscription Overview (Day 2)
As per stock exchange data, bids were received for 5.33 crore shares against an offer size of 8.91 crore shares.
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Retail investors subscribed their portion 1.64 times
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Non-institutional investors booked 33%
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Institutional investors subscribed 38%
Retail interest continues to support demand, even as broader sentiment remains mixed.
💹 Grey Market Trend Before Listing
Unofficial market data suggests that unlisted shares were trading at a marginal premium of around 0.8%, indicating muted listing expectations.
This marks a sharp decline compared to higher levels seen earlier in the week, reflecting cautious short-term sentiment.
🏢 Shadowfax IPO Company Background
The Bengaluru-based firm operates as a technology-enabled logistics platform, offering services across:
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E-commerce deliveries
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Quick commerce
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Hyperlocal logistics
The public issue aims to raise ₹1,907.2 crore, combining a fresh issue and an offer for sale by early investors.
📅 Shadowfax IPO: Key Issue Details
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Price band: ₹118–₹124 per share
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Minimum investment: ₹14,160
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Issue closes: January 22
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Expected listing: January 28
💰 Use of Funds
Funds from the fresh issue will be allocated toward:
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Network expansion and infrastructure
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Leasing of new sort and delivery centres
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Brand visibility and marketing
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Potential acquisitions and general business needs
🧾 Anchor Investor Participation
Ahead of the public issue, the company secured ₹856 crore from anchor investors, including several domestic mutual funds. This provided early confidence, although secondary market sentiment has softened since.
📈 Industry Outlook & Expert View
Brokerage reports highlight that India’s logistics ecosystem is entering a high-growth phase, supported by:
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Rising online shopping adoption
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Rapid expansion of quick commerce
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Increasing demand for time-sensitive deliveries
Analysts believe the business model offers long-term potential, though near-term listing gains may remain limited due to current market conditions.
📝 Should Investors Consider It?
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✅ Suitable for long-term investors focused on sector growth
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⚠️ Short-term gains appear uncertain
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📌 Best for those comfortable tracking execution and margins