Two men, aged 35 and 36, have been arrested on suspicion of causing grievance bodily harm after the assault happened in Lancaster Road, Harlescott, at around 1am on Saturday.
The 35-year-old victim's injuries are not thought to be life-threatening.
Police taped off parts of Lancaster Road at the back of Arrow Point Retail Park in Harlescott while they investigated the assault.
Detective Inspector Oliver Ewels said: "This appears to have been an isolated incident among people who know each other.
"However many people in the local area may have seen or heard something that could be relevant to our investigation.
"There was a scene guard around the area this morning for a couple of hours but this has now been lifted.
"Locals may still notice some extra officers around while we conduct our enquiries and offer reassurance to those with questions or concerns."
Lancaster Road runs between Harlescott Lane and the Mount Pleasant roundabout next to BBC Radio Shropshire.
Armed officers were spotted in the area, although police said firearms officers are often sent out to a variety of incidents.
Anybody with information should call police on 101 and quote reference 035S of February 24.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org