Shadowfax IPO GMP: Grey Market Premium Rises Ahead Of Launch, Check Price Band

Shadowfax IPO GMP: Shadowfax Technologies Ltd, a logistics company, will launch its initial public offering (IPO) this week. The company is planning to raise up to Rs 1,907.27 crore from the primary market.

comprising a fresh issue worth Rs 1,000 crore and an offer for sale (OFS) of Rs 907.27 crore by existing shareholders. The issue will open for subscription on January 20, 2026, and close on January 22, 2026. The company is expected to list on the BSE and NSE on January 28, 2026.

Shadowfax Technologies IPO Price Band

The price band has been fixed at Rs 118–124 per share with a face value of Rs 10. Retail investors can apply for a minimum of one lot of 120 shares, requiring an investment of Rs 14,880 at the upper end of the price band.

ICICI Securities is the book-running lead manager to the issue, while Kfin Technologies is acting as the registrar.

Shadowfax Technologies IPO GMP

According to market observers, unlisted shares of Shadowfax Technologies Ltd are currently trading at Rs 134 apiece in the grey market, which is a 08.06 per cent premium over the IPO price of Rs 124. It indicates a modest listing gains for investors. Its listing will take place on January 28, 2026, with allotment of unlisted shares set for January 23, 2026.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Shadowfax Technologies IPO Details

Shadowfax plans to use the fresh issue proceeds mainly to expand its logistics network. Around Rs 423 crore will be used for capital expenditure on network infrastructure, while Rs 138.6 crore will go towards lease payments for new first-mile, last-mile and sort centres. The company also plans to spend Rs 88.6 crore on branding and marketing, with the remaining funds earmarked for inorganic acquisitions and general corporate purposes.

Founded in 2016, Shadowfax provides e-commerce, D2C, hyperlocal and quick commerce delivery services. As of September 2025, it operated across 14,758 pin codes with over 4,299 touchpoints nationwide.

The company has shown a turnaround in profitability, reporting a profit after tax of Rs 21 crore in FY26 (till September), compared with losses in earlier years. Its pre-IPO market capitalisation stands at around Rs 7,169 crore, positioning Shadowfax as a key player in India’s fast-growing logistics ecosystem.

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