Shadowfax IPO oversubscribed 2.7x on final day

he ₹1,907 crore issue saw Qualified Institutional Buyers (QIBs) take the lead in the final hours, while High-Net-Worth Individuals (NIIs) remained notably cautious.

Final Subscription Figures (as of Jan 22, 5:30 PM)

Grey Market & Listing Outlook

The primary concern for “listing gain” seekers has been the sharp correction in the Grey Market Premium (GMP).

• Current GMP: ₹0 (Nil) as of January 23, 2026.
• Estimated Listing Price: ₹124, which is exactly at par with the upper price band.
• The “Flat” Signal: Analysts suggest the nil GMP reflects investor caution regarding Shadowfax’s valuation (EV/EBITDA of ~62x) relative to peers like Delhivery, despite Shadowfax turning profitable in FY25 with a net profit of ₹6.4 crore.

Important Dates for Investors

If you applied for the Shadowfax IPO, the next 48 hours are critical for your application status:

• Allotment Finalization: Friday, January 23, 2026 (Today).
• Refund Initiation: Tuesday, January 27, 2026.
• Credit of Shares to Demat: Tuesday, January 27, 2026.
• Listing Date: Wednesday, January 28, 2026 (Tentative).

How to Check Your Allotment Status

You can check if you have been allotted shares by visiting the KFin Technologies (Registrar) website or the exchange portals:

1. Registrar: https://ipostatus.kfintech.com/
2. BSE Status: Select “Equity” and “Shadowfax Technologies Limited” at bseindia.com.
3. NSE Status: Log in to the NSE IPO Portal.

Conclusion: A Test of Long-Term Value

The moderate 2.7x oversubscription suggests that Shadowfax is being viewed as a long-term play on India’s quick-commerce and e-commerce logistics, rather than a short-term speculative hit. With the funds earmarked for expanding its asset-light delivery network, the real test for the company will be its performance in the secondary market after the January 28 debut.