Shadowfax IPO closes with 2.72x subscription; QIBs lead the way

Logistics service provider Shadowfax Technologies Limited’s initial public offering (IPO) witnessed steady participation on its final day, with the total issue being oversubscribed 2.72x as of 5:30 pm on Thursday, January 22, the last day of bidding.

Qualified Institutional Buyers (QIBs) led the demand, with the portion oversubscribed 3.81 times. Retail Individual Investors (RIIs) also showed healthy interest, with subscriptions standing at 2.31 times. The portion reserved for employees was oversubscribed 2.07 times.

However, the Non-Institutional Investors (NII) segment saw a total subscription of 0.84 times. Within the NII category, bids reserved for amounts between Rs 2 lakh and Rs 10 lakh were subscribed 1.26x, while the portion for bid amounts exceeding Rs 10 lakh stood at 0.63x.

The data shows that against the total 8.9 crore shares offered, bids were received for 24.2 crore shares.

In comparison, Shadowfax’s 2.72x subscription reflects a more moderate demand compared to recent heavyweights. Ecommerce major Meesho saw its IPO oversubscribed a staggering 79.2 times on its final day, while Lenskart’s issue was booked 28 times.

Shadowfax's performance is more comparable to fintech firm Pine Labs, which saw its IPO subscribed 2.46 times on the third day, though it fared better than PhysicsWallah, which was subscribed 1.8 times. Meanwhile, Billionbrains Garage Ventures Ltd. (Groww) had recorded a 17.6x oversubscription on its final day.

The IPO, which opened on January 20 and closed today, comprised a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 907.3 crore. The total offer size was Rs 1,907.2 crore, with a price band set at Rs 118–124 per share.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company operates India's largest crowdsourced last-mile delivery fleet. Shadowfax distinguishes itself with a unified app that allows riders to toggle between delivery formats—such as ecommerce, food delivery, and quick commerce—to maximise their hourly earnings.

Ahead of the issue opening, the company had finalised its anchor book, allotting shares to marquee global investors, including Government Pension Fund Global and Morgan Stanley, as well as domestic mutual funds like ICICI Prudential MF and Nippon India MF.

With the bidding process now concluded, the basis of allotment is expected to be finalised soon, followed by the initiation of refunds and the credit of shares to demat accounts. Shares of Shadowfax Technologies are likely to list on the BSE and NSE next week.