News ArticleShadowfax Technologies Utilizes Rs. 101.67 Crore of IPO Proceeds as Per Prospectus in Q2 FY27
CARE Ratings' monitoring report affirms no deviations in utilization of Rs. 942.58 crore net IPO proceeds for the quarter ended September 30, 2026
Shadowfax Technologies Limited disclosed that it has utilized IPO proceeds as per prospectus objectives with no deviations for the quarter and half year ended September 30, 2026. The monitoring agency CARE Ratings confirmed Rs. 101.67 crore was deployed towards specified objects during Q2 FY27, maintaining full compliance with SEBI regulations.
Shadowfax Technologies Limited
Legal / Regulatory
Shadowfax Technologies Limited reported full adherence to its IPO fund usage plans with Rs. 101.67 crore spent in the quarter ending September 30, 2026, per monitoring by CARE Ratings Ltd.
The company's fresh IPO raised gross proceeds of Rs. 1,000 crore, with net proceeds available for utilization at Rs. 942.58 crore after issue expenses of Rs. 57.42 crore.
CARE Ratings Limited, appointed as the Monitoring Agency, confirmed zero deviations from the prospectus objectives and no changes in financing means or major deviations from previous reports.
The report covers utilization for the quarter and half year ending September 30, 2026, and confirms funds were allocated towards capital expenditure, lease payments, marketing, acquisitions, and general corporate purposes as disclosed in the offer document.
The IPO comprised a fresh issue of 8,06,45,160 shares and an offer for sale of 7,31,66,854 shares at ₹124 per share, totaling a consideration of ₹1,907.27 crore, oversubscribed by 2.72 times.
Monitoring agency disclosures clarify that it provides an objective view and does not conduct independent audits, with its responsibilities limited to reporting on fund utilization as per SEBI regulations.
Highlights
- Shadowfax Technologies' IPO raised Rs. 1,000 crore fresh issue with net proceeds of Rs. 942.58 crore for business use.
- Rs. 101.67 crore deployed during Q2 FY27 in compliance with IPO prospectus objectives.
- No deviation or change in utilization plan detected for the quarter or half year ended September 30, 2026.
- IPO was oversubscribed by 2.72 times, with overall allotment of 15.38 crore shares at ₹124 each.
- CARE Ratings Limited acts as Monitoring Agency, confirming accuracy based on issuer-provided information and certificates.
Key Data Snapshot
What happened
- Shadowfax Technologies Limited filed the Monitoring Agency Report relating to its IPO proceeds for the quarter and half year ended September 30, 2026.
- CARE Ratings Limited, serving as the monitoring agency, confirmed there were no deviations in fund utilization from IPO objectives.
- A total of Rs. 101.67 crore was utilized during the quarter towards the specified objects as per the prospectus.
- The IPO involved a fresh issue of Rs. 1,000 crore and an offer for sale, with shares issued at ₹124 each, oversubscribed by 2.72 times.
Key details
- Net proceeds available for expenditure after issue expenses amounted to Rs. 942.58 crore.
- Funding categories detailed in the prospectus included capital expenditures, lease payments, marketing, acquisitions, and general corporate purposes.
- The company received management and Chartered Accountant certificates supporting the utilization figures.
- No material deviations, changes in financing, or outstanding regulatory approvals were reported during the period.
Regulatory and governance context
- The report was submitted in compliance with SEBI Listing Regulations and Issue of Capital and Disclosure Requirements Regulations, 2018.
- Monitoring Agency does not perform audits but provides an objective report based on issuer-supplied data and certifications.
- No conflict of interest was found between CARE Ratings and Shadowfax Technologies in relation to monitoring and ratings activities.
Highlights
- Shadowfax Technologies' IPO raised Rs. 1,000 crore fresh issue with net proceeds of Rs. 942.58 crore for business use.
- Rs. 101.67 crore deployed during Q2 FY27 in compliance with IPO prospectus objectives.
- No deviation or change in utilization plan detected for the quarter or half year ended September 30, 2026.
- IPO was oversubscribed by 2.72 times, with overall allotment of 15.38 crore shares at ₹124 each.
- CARE Ratings Limited acts as Monitoring Agency, confirming accuracy based on issuer-provided information and certificates.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Regulation 32
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Regulation 41
Promoters: Mr. Abhishek Bansal and Mr. Vaibhav Khandelwal
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