Shadowfax IPO: GMP Plunges, Subscription Slows; Should You Invest?

• Shadowfax Technologies IPO closes today with only 0.68% subscription as of Thursday morning.
• Grey Market Premium (GMP) for Shadowfax shares has dropped significantly to Rs 1.5 from Rs 16 on Monday.
• Despite the company turning profitable (Rs 21.04 crore profit in H1 FY26), investor enthusiasm is low.
• High valuation (P/E ratio of 170 vs. Blue Dart's 50) and reliance on a few large clients (Flipkart, Meesho) are key concerns.
• The IPO price band is Rs 118-124 per share; allotment on Jan 23, listing on BSE/NSE on Jan 28.

Why It Matters: Shadowfax IPO faces low investor interest due to high valuation and client concentration, despite recent profitability.