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Shadowfax Technologies IPO Review

Shadowfax Technologies IPO has been reviewed by 16 analysts, and the overall consensus is May Apply — carrying a score of 64. Out of the 16 analysts who have covered this IPO, 7 recommend subscribing while 9 advise caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹118 to 124 per share, with a minimum application size of 120 shares (minimum investment of approximately ₹14,160 at the upper band). Subscription ran from 20 Jan 2026 to 22 Jan 2026. The issue size is ₹1,907 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for Shadowfax Technologies IPO is quoting at ₹-6 (-5%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
64/ 100
May Apply 7 of 16 recommend subscribing
How analysts voted
Apply 7
May apply 2
Neutral 5
Avoid 2
Not rated 3

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Shadowfax Technologies runs a technology-led logistics network for e-commerce delivery. Revenue was ₹2,514.66 crore in FY24, having grown from ₹1,422.89 crore in FY22, with EBITDA turning positive at ₹56.19 crore. Views were split across nineteen notes: seven said subscribe, five stayed neutral and two said avoid.

Listing gains

Because profit is minimal, multiples look extreme. The notes value the issue between about 155 and 407 times earnings depending on the basis, against an industry average near 123 times, or roughly 2.4 to 2.8 times sales. Analysts describe it as expensive, which pointed away from listing gains.

Short-term strategy

The turnaround is real but early. EBITDA moved from a loss of ₹113.47 crore in FY22 to a positive ₹56.19 crore in FY24, though earnings per share remain under ₹1. Fresh money funds lease payments for new facilities and network infrastructure, so near-term profit stays thin.

Long-term strategy

The positive notes ask for a multi-year horizon, resting on market leadership, a technology moat and network density that is hard to replicate. The bearish view is simply that the price already assumes years of successful scaling, in a delivery market where a listed peer trades far lower on earnings.

How this is written: an AI-assisted summary of the 19 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Shadowfax Technologies IPO?

The analyst consensus for Shadowfax Technologies IPO tracked on this page is May Apply, with a score of 64/100. Out of 16 analysts who have reviewed this IPO, 7 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 64 mean for Shadowfax Technologies IPO?

The score of 64 is an aggregate of all analyst ratings tracked for Shadowfax Technologies IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of Shadowfax Technologies IPO?

Shadowfax Technologies IPO listed on January 28, 2026 at ₹112.60, against the issue price of ₹124 — a loss of -9.19% (₹11.4 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Shadowfax Technologies IPO?

Shadowfax Technologies IPO was priced at ₹118 to 124 per share. The minimum lot size is 120 shares, making the minimum investment approximately ₹14,160 at the upper end of the price band. Subscription ran from 20 Jan 2026 to 22 Jan 2026.

Explore Shadowfax Technologies IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Shadowfax Technologies IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
64 / 100
Listed at
₹112.60
Full IPO details