Logistics and last-mile delivery company Shadowfax Technologies experienced a subdued response to its IPO, with subscriptions reaching just 2.72 times. Qualified Institutional Buyers (QIBs) were notably active, accounting for 3.81 times the bids. Exchange data indicates that QIBs led the charge with a subscription of 3.8x, while retail investors followed with a 2.3x subscription rate. The employee quota saw a 2x subscription, in contrast to Non-Institutional Investors (NIIs), who subscribed at only 0.84x. The IPO was available for bidding from January 20 to 22, setting a share price range of Rs 118–124 per share, with a minimum investment of Rs 14,160 and a lot size of 120 shares. Share allotment is anticipated on January 23, with the company intending to list on the BSE and NSE on January 28. Shadowfax’s IPO includes a new issue of around Rs 1,000 crore and an offer-for-sale (OFS) segment of approximately Rs 907 crore. Flipkart, an early backer of Shadowfax, is poised to realise nearly 3X returns from selling shares valued at about Rs 237 crore via the OFS. Eight Roads Investments, affiliated with Fidelity, expects around 10X returns on shares worth Rs 197 crore. For a thorough analysis of Shadowfax’s IPO returns, explore here. Prior to the public offering, the company allocated 6.9 crore equity shares to anchor investors at Rs 124 each, raising Rs 850 crore. The anchor book attracted a mix of domestic and international investors, including ICICI Prudential MF, Nippon India MF, Motilal Oswal MF, Government Pension Fund Global (Norges Bank), HSBC Global Investment Funds, and Societe Generale. Established in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, this Bengaluru-based firm provides last-mile delivery services across e-commerce and hyperlocal sectors, reaching over 14,000 pin codes through a network of 1.25 lakh delivery partners. Shadowfax reported a 32% year-on-year revenue growth, amounting to Rs 2,485 crore in FY25, alongside a net profit of Rs 6.4 crore. In H1 FY26, the firm achieved Rs 1,806 crore in revenue and a profit of Rs 21 crore.