Shadowfax Technologies IPO Shows Moderate Response, Subscribed 2.86x on Day 3

Shadowfax Technologies Limited's initial public offering (IPO) has demonstrated moderate investor interest through its third and final day of subscription. The stock price band is set at ₹118-124 per share. The ₹1,907.27 crore IPO reached 2.86 times by 4:54:54 PM on day three. 

Shadowfax Technologies IPO  subscription reached moderate 2.86 times on day three. It was led by Qualified Institutional Buyers Ex-Anchor (4.00x), Retail Investors (2.42x), and Employees (2.17x). Total applications reached 2,25,296.

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Subscription Status of Shadowfax Technologies IPO:

Here are the subscription details for Shadowfax Technologies IPO as of Day 3 (January 22, 2026, 4:54:54 PM):

Key Highlights - Day 3:

• Overall subscription reached moderate 2.86 times, showing substantial improvement from day two's 0.63 times
• Qualified institutional buyers (ex-anchor) displaying strong performance at 4.00 times, building dramatically from day two's 0.40 times, indicating strong institutional appetite emerging on the final day for this logistics solution provider
• Retail investors showing moderate confidence at 2.42 times, building substantially from day two's 1.75 times, indicating moderate retail demand for this mainboard IPO
• Non-institutional investors showing weak performance at 0.88 times, building substantially from day two's 0.35 times, but still indicating inadequate HNI appetite
• Cumulative bid amount reached ₹3,005.22 crores, significantly exceeding the net offer size of ₹1,051.25 crores (excluding anchor portion) by approximately 2.9 times
• Anchor investors fully subscribed their allocation of ₹856.02 crores on January 19, 2026

Shadowfax Technologies IPO - Day 2 Subscription at 0.63 Times

Key Highlights - Day 2:

• Overall subscription reached weak 0.63 times, showing modest improvement from day one's 0.50 times
• Retail investors displaying moderate confidence at 1.75 times, building substantially from day one's 1.20 times
• Qualified institutional buyers displaying weak performance at 0.40 times, unchanged from day one's 0.40 times
• Non-institutional investors showing weak performance at 0.35 times, marginally improving from day one's 0.23 times

Shadowfax Technologies IPO - Day 1 Subscription at 0.50 Times

Key Highlights - Day 1:

• Overall subscription reached weak 0.50 times
• Retail investors displaying moderate confidence at 1.20 times
• Qualified institutional buyers displaying weak performance at 0.40 times
• Non-institutional investors showing weak performance at 0.23 times
   

About Shadowfax Technologies Limited

Incorporated in June 2016, Shadowfax Technologies Limited is a logistics solution provider company in India. The company offers e-commerce express parcel delivery and a suite of value-added offerings. Its service offerings include e-commerce and D2C delivery, hyperlocal and quick commerce within hours or same day, and SMS and personal courier services through Shadowfax's Flash app. The company's nationwide logistics network includes 4,299 touchpoints across first- and last-mile centres and sort centres as of September 30, 2025, serving 14,758 pin codes.