Shadowfax Technologies IPO
Bookbuilding IPO | ₹1,907.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Jan 20, 2026
IPO Close
Thu, Jan 22, 2026
Price Band
₹118.00 to ₹124.00
Market Cap (Pre-IPO)
₹7,168.85 Cr
IPO Details
| IPO Date | Jan 20, 2026 to Jan 22, 2026 |
| Listing Date | Tentative: Jan 28, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹118.00 to ₹124.00 |
| Lot Size | 120 Shares (Minimum: ₹14,880.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹1,907.00 Crores |
| Total Shares Offered | 153,812,096 shares |
| Fresh Issue | 80,645,161 shares |
| Offer For Sale | 73,166,935 shares |
Shadowfax Technologies IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
Shadowfax Technologies IPO Lot Size
Investors can bid for a minimum of 120 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹193,440 |
| S-HNI (Min) | 14 | 1,680 | ₹208,320 |
| S-HNI (Max) | 67 | 8,040 | ₹996,960 |
| B-HNI (Min) | 68 | 8,160 | ₹1,011,840 |
Shadowfax Technologies Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.06 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| NET Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserves and Surplus | 281.26 | 248.16 | 172.47 | 171.20 |
| Total Borrowing | 147.44 | 132.23 | 40.33 | 66.69 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 0.00% |
| ROCE (Return on Capital Employed) | 0.00% |
| Debt/Equity | 0.20 |
| RoNW (Return on Net Worth) | 0.97% |
| PAT Margin (Profit After Tax Margin) | 0.00% |
| EBITDA Margin | 1.96% |
| Price to Book Value | 8.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 0.12 | 0.73 |
| P/E (x) | 1,017.96 | 170.39 |
| Promoter Holding | 19.13% | - |
Company Overview
🔹 Company Overview
Shadowfax Technologies Ltd, incorporated in June 2016, is a technology-driven logistics solutions provider in India. The company specializes in e-commerce express parcel delivery and offers a comprehensive suite of value-added logistics services. Shadowfax enables end-to-end, last-mile, and hyperlocal delivery solutions for leading digital commerce platforms across the country.
🔹 Business Model Description
Shadowfax operates an asset-light logistics model, leasing logistics facilities and linehaul infrastructure while owning automation systems and machinery for operational control. The company runs a dedicated fleet of over 3,000 trucks daily, ensuring efficient and scalable transportation across India.
🔹 Services Offered
- E-commerce and D2C delivery services
- Hyperlocal and quick commerce delivery (same-day / within hours)
- SMS & personal courier services via Shadowfax Flash App
- End-to-end logistics and last-mile delivery solutions
🔹 Logistics Network & Infrastructure
As of September 30, 2025, Shadowfax operates a nationwide logistics network with:
- 4,299 touchpoints including first-mile, last-mile, and sort centers
- Coverage across 14,758 pin codes in India
- Over 3.50 million sq. ft. of operational space
- 53 sort centers covering 1.80 million sq. ft. for shipment consolidation and dispatch
🔹 Technology & Delivery Partner Network
The company’s digital platform supported 205,864 average quarterly unique transacting delivery partners as of September 30, 2025, enabling scalable and reliable logistics execution across urban and semi-urban India.
🔹 Key Clients & Partnerships
Shadowfax serves leading e-commerce, quick commerce, food delivery, and hyperlocal platforms, including:
Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, Licious, Purplle, Pincode, Kartrocket, and others.
This diverse client base positions Shadowfax as a large-scale logistics provider across multiple commerce verticals.
🔹 Workforce & Human Resources
As of September 30, 2025, Shadowfax employed:
- 4,472 permanent employees
- 17,182 contract workers
This strong workforce supports operations across logistics hubs and delivery networks nationwide.
🔹 Key Highlights
- Founded: 2016
- Industry: Logistics & Supply Chain
- Coverage: 14,758 pin codes across India
- Business Model: Asset-light logistics
- Core Strength: Last-mile, hyperlocal & quick commerce delivery
Company Strengths
- Agile and customisable logistics services that enable faster go-to-market for clients.
- Largest last-mile gig-based delivery partner infrastructure.
- Network infrastructure serves as the backbone of our efficient and scalable delivery system.
- Proprietary and agile technology capabilities.
- Proven business model, with focus on profitability, while delivering healthy growth.
- Experienced management team supported by entrepreneurial founders.
Use of Proceeds
| 1) | Funding of capital expenditure requirements of the Company in relation to the network infrastructure | 423.43 |
| 2) | Funding of lease payments for new first mile centers, last mile centers and sort centers | 138.64 |
| 3) | Funding of branding, marketing and communication costs | 88.57 |
| 4) | Unidentified inorganic acquisitions and general corporate purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Shadowfax Technologies IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Shadowfax Technologies Ltd. | 0.13 | 0.13 | 13.83 | 0.00 | 0.97 | 0.00 | Consolidated |
| Blue Dart Express Limited | 106.38 | 106.38 | 657.05 | 50.70 | 17.25 | 9.34 | Consolidated |
| Delhivery Limited | 2.19 | 2.14 | 124.77 | 195.07 | 1.75 | 2.06 | Consolidated |
Quick Info
| Sector | Logistics |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹7,168.85 Cr |
| GMP |
6 (4.84%)
Date: 20 Jan 2026 |
Important Dates
| IPO Open | Jan 20, 2026 |
| IPO Close | Jan 22, 2026 |
| Allotment Date | Jan 23, 2026 |
| Credit to Demat | Jan 27, 2026 |
| Listing Date | Tentative: Jan 28, 2026 |
Lead Manager(s)
ICICI Securities Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
Shadowfax Technologies IPO is a book build issue of ₹1,907.27 crores. The issue is a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale of 7.32 crore shares aggregating to ₹907.27 crores.
Shadowfax Technologies IPO opens for subscription on Jan 20, 2026 and closes on Jan 22, 2026. The allotment for the Shadowfax Technologies IPO is expected to be finalized on Jan 23, 2026. Shadowfax Technologies IPO will list on BSE, NSE with a tentative listing date fixed as Jan 28, 2026.
Shadowfax Technologies IPO price band is set at ₹118 to ₹124 per share. The lot size for an application is 120. The minimum amount of investment required by an retail is ₹14,880 (120 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840.