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Logistics major Shadowfax Technologies made a muted debut on the bourses today, with the company’s shares listing at INR 112.60 apiece on the NSE. This was a discount of 9.19% to the issue price of INR 124.

The stock got listed at INR 113 on the BSE, down 8.87% below the issue price.

The company had set a price band of INR 118-124 per share for the public issue, valuing it at INR 7,169 Cr (about $781.6 Mn) at the upper end of the price band.

Shadowfax’s IPO comprised a fresh issue of INR 1,000 Cr and an offer-for-sale (OFS) component of up to 7.32 Cr shares aggregating to over INR 900 Cr. The public issue was oversubscribed 2.7X.

While Flipkart Internet sold shares worth INR 400 Cr via the OFS, Eight Roads Investments emerged as the biggest gainer from the listing. The firm raked in INR 197 Cr by selling 1.58 Cr shares, a 10.4X return on its initial investment.

IFC, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset-backed funds are among the other shareholders who offloaded shares through the OFS.

Shadowfax plans to use the proceeds from the fresh issue to fund capital expenditure for network infrastructure, lease payments, branding, marketing and communication costs, and other expenses.

Ahead of its IPO, the logistics major raised INR 856 Cr from anchor investors like BofA Securities, Government Pension Fund Global, Societe Generale, HSBC Global Investment Funds, Jupiter India Fund, Eastspring Investments and Morgan Stanley Asia, among others.

Founded in 2015, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries. It serves ecommerce, food delivery and quick commerce companies across India. Quick commerce is the company’s fastest-growing segment and accounts for around 20-21% of its operating revenue.

On the financial front, Shadowfax reported a 68% jump in operating revenue to INR 1,805 Cr in the first half of FY26 from INR 1,072 Cr in the same period last year. Net profit rose 114% to INR 21 Cr from INR 9.8 Cr in H1 FY25.

Shadowfax is the second new-age tech company to get listed in 2026. Last week, Amagi became the first such company to go public this year, making a muted debut on the bourses. Its shares got listed at INR 317 apiece on the BSE, a 12.2% discount to the issue price of INR 361.

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