IPO Listed — 28 Jan 2026

Listing Price: ₹112.60 (-9.19% vs ₹124)

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Shadowfax Technologies IPO Review

Q: 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).

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

Shadowfax Technologies IPO is 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.

Shadowfax Technologies IPO has been reviewed by 16 analysts, and the overall consensus is May Apply — carrying a score of 63. 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. 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.

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.

Disclaimer: This review is an AI summary derived from the reviews of all analysts.

Analyst Verdict & Score
Detailed Review
Analyst Reviews
Frequently Asked Questions

Analyst Sentiment

Analytical Score

How it's calculated?

May Apply

63 / 100

Recommend Subscribe

Based on 16 analyst reviews

7 / 16

Higher consensus indicates broader analyst agreement.

Analyst Review

Analyst	Verdict	View
Arihant Capital	Neutral
SBI Securities	Neutral
BP Equities	Apply
SMIFS Limited	Apply
Sushil Finance	May apply
Lakshmishree Investment	Apply
Kantilal Chhaganlal Securities	Apply
Paresh Gordhandas	Apply
Marwadi Shares & Finance	Avoid
Capital Market	Neutral
Swastika Investmart	Neutral
Ventura Securities	Apply
Stoxbox	Apply
SMC Global	Neutral
Vibhor Varshney	Avoid
Suresh KP	May Apply
Bajaj finance pvt ltd	Not rated	-
Dilip Davda	Not rated	-
Pioneer Investcorp	Not Rated

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Frequently Asked Questions

Should I apply for Shadowfax Technologies IPO?

Based on analyst coverage tracked on this page, the overall verdict for Shadowfax Technologies IPO is May Apply. Out of 16 analysts who have reviewed this IPO, 7 recommend subscribing. Always cross-check with the full analyst reviews below and consult a SEBI-registered advisor before making any investment decision.

What does the score of 63 mean for Shadowfax Technologies IPO?

The score of 63 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. Scroll down to read individual analyst verdicts 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.

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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.