Shadowfax Shares Debut Weakly: Lists 9% Below IPO Price on NSE and BSE

Shares of Shadowfax Technologies made a subdued start to life on the Indian stock market on 28 January 2026, listing at a significant discount compared with the issue price set during its IPO. The Bengaluru-based logistics company’s share debut fell short of expectations, reflecting muted investor sentiment on the listing day.

On the National Stock Exchange (NSE), Shadowfax shares opened at roughly INR 112-112.60, about 9% lower than the IPO price of INR 124 per share. On the Bombay Stock Exchange (BSE), the shares also made a weak start, listing at approximately INR 113, a similar discount to the issue price.

This result signals a weak market debut for one of the more highly anticipated IPOs on Dalal Street this year, disappointing some investors who had hoped for a stronger listing gain.

IPO Details and Subscription Data

The Shadowfax Technologies IPO was open for subscription between 20 and 22 January 2026. It was priced in a band of INR 118-124 per share and raised approximately INR 1,907 crore through a mix of fresh issue and an offer-for-sale (OFS).

The IPO comprised a fresh issue of around INR 1,000 crore and an OFS of more than INR 900 crore, where existing investors, including Flipkart India, Eight Roads Investments, Qualcomm and others, sold some of their holdings.

Overall, the issue was subscribed about 2.7-2.8 times, with strong demand from qualified institutional buyers (QIBs) and retail investors, but weaker interest from non-institutional investors.

Grey Market and Listing Expectations vs Reality

Before listing, the grey market premium (GMP), an unofficial indicator of expected listing performance, had shown signs of weakening. By listing day, the GMP had slipped to a small discount range, hinting at a potentially weak debut.

Despite this, Shadowfax’s actual market debut missed even these subdued expectations, with shares opening more than 8-9% below the IPO price.

Investor Reaction and Early Trading Moves

Market reaction on listing day was mixed. After the initial weak start, the stock witnessed some rebound through the session, with investors buying at lower price levels, pushing the share price up in intraday trade.

However, overall sentiment remained cautious, with analysts advising long-term investors to hold with strict stop losses, while fresh buyers were urged to exercise restraint until the stock shows stability.

What This Means for Shadowfax and Investors

For early investors and company founders, the listing still represents value, as the company has delivered significant returns over earlier rounds of funding.

Yet, the weak debut highlights broader market caution towards tech-enabled logistics firms, particularly those with narrow profitability and dependency on a small number of large clients.

Shadowfax plans to use the funds raised to expand network infrastructure, support lease payments for distribution centres and invest in branding and growth initiatives.