Shadowfax’s ₹1,907-crore IPO was about 40% subscribed on Day 1, led mainly by retail investor demand.
The issue, priced at ₹118–₹124 and open till January 22, saw modest NII and QIB interest, with a grey market premium of about ₹6.
Analysts flagged rich valuations and said focus will be on institutional demand and post-listing performance ahead of the January 28 listing.
Shadowfax IPO Subscribed 40% on Day 1, Retail Investors Show Strong Interest
RIIs showed stronger participation at roughly 0.94 times subscribed, the employee reserve segment was about 0.81 times subscribed, while NIIs and QIBs recorded lower demand at about 0.15 times and 0.34 times, respectively
Shadowfax IPO Subscribed 40% on Day 1, Retail Investors Show Strong Interest Shadowfax
Summary
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Shadowfax Technologies' ₹1,907-crore IPO opened for subscription on Tuesday, January 20, drawing moderate investor interest on the first day, according to exchange figures. The IPO, priced at ₹118–₹124 per share, will remain open for subscription until January 22, with shares expected to list on both the BSE and NSE around January 28.
Investors can apply through ASBA (Application Supported by Blocked Amount) using bank accounts or online trading platforms during this period.
As of 2.39 PM on Day 1, the overall subscription stood at about 40%, indicating a measured start to bidding activity. Within this, retail individual investors (RIIs) showed stronger participation at roughly 0.94 times subscribed, the employee reserve segment was about 0.81 times subscribed, while non-institutional investors (NIIs) and qualified institutional buyers (QIBs) recorded lower demand at about 0.15 times and 0.34 times, respectively.
This mix suggests that retail investors are showing relatively better appetite compared to other categories.
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In the grey market premium (GPM), where unofficial trading takes place before official listing, Shadowfax shares were changing hands at a premium of around ₹6 over the IPO’s upper price band. This premium points to muted expectations of listing gains among some market participants.
Brokerages tracking the live activity reportedly noted that valuations appear rich and urged investors to monitor post-listing performance, given profitability and growth balance concerns.
Shadowfax, a Bengaluru-based logistics and last-mile delivery provider, operates a technology-led network spanning thousands of pin codes and a large gig delivery partner base. The IPO consists of both a fresh issue to fund expansion and an offer for sale.
As subscription data continues to update over the next two days, attention will focus on whether institutional interest strengthens, a key driver for overall demand, and how auction dynamics impact final allotment and listing performance.
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