Shadowfax Technologies IPO: Retail investors show strong interest with 2.31x subscription
Shadowfax Technologies's IPO wrapped up with 2.72 times overall subscription on January 22, 2026.
The offer included a fresh issue of ₹1,000 crore and an OFS of ₹907 crore from existing investors including Flipkart and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.
What does the company do?
Shadowfax is a tech-powered logistics company helping e-commerce, quick commerce, and food delivery brands like Meesho, Swiggy, Zepto, Zomato, and Flipkart get orders delivered fast across 14,758 pin codes (as of September 2025) in India.
Other details
The IPO saw big demand: institutional buyers subscribed 3.8 times their quota; retail investors went for 2.3 times; employees doubled their portion; non-institutional investors were just under full subscription.
Shadowfax also raised ₹856 crore from major anchor investors like Nippon India Mutual Fund before the main IPO.
The funds will go toward expanding its delivery network and boosting marketing efforts.