Shadowfax Technologies Ltd. IPO
Shadowfax Technologies IPO is a book building IPO issue of Rs. 1,907.27 crore, comprising a fresh issue of 8.06 crore equity shares aggregating to Rs. 1,000.00 crore and an offer for sale of 7.32 crore equity shares aggregating to Rs. 907.27 crore. The IPO opens for subscription on Tuesday, January 20, 2026 and closes on Thursday, January 22, 2026. The allotment is expected to be finalised on Friday, January 23, 2026, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of Wednesday, January 28, 2026.
The IPO is offered in a price band of Rs. 118 to Rs. 124 per share with a lot size of 120 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 14,880 for 1 lot (120 shares), while sNII investors are required to apply for a minimum of 14 lots (1,680 shares), amounting to Rs. 2,08,320 and bNII investors are required to apply for a minimum of 68 lots (8,160 shares), amounting to Rs. 10,11,840. ICICI Securities Ltd. is the Book Running Lead Manager to the issue and Kfin Technologies Ltd. is the Registrar.
🕗 Last Update: 14 January 2026, 6.00 AM
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| Particulars | Details |
|---|---|
| IPO Type | Book Building IPO |
| Issue Size | Rs. 1,907.27 Cr |
| Fresh Issue | 8,06,45,161 shares (Rs. 1,000.00 Cr) |
| Offer for Sale | 7,31,66,935 shares (Rs. 907.27 Cr) |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 118 to Rs. 124 |
| Lot Size | 120 shares |
| Listing Platform | BSE, NSE |
| Market Cap (Pre-IPO) | Rs. 7,168.85 Cr |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Tue, Jan 20, 2026 |
| IPO Closes | Thu, Jan 22, 2026 |
| Allotment | Fri, Jan 23, 2026 |
| Refunds | Tue, Jan 27, 2026 |
| Credit of Shares | Tue, Jan 27, 2026 |
| Listing | Wed, Jan 28, 2026 |
IPO Reservation Structure
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| NII (HNI) | Not more than 15% of the Net Offer |
| Retail (RII) | Not more than 10% of the Net Offer |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | 1 | 120 | 14,880 |
| Retail (Max) | 13 | 1,560 | 1,93,440 |
| S-HNI (Min) | 14 | 1,680 | 2,08,320 |
| S-HNI (Max) | 67 | 8,040 | 9,96,960 |
| B-HNI (Min) | 68 | 8,160 | 10,11,840 |
Investor Category Reservations
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs. 2 Lakhs | Yes |
| Only sNII | Rs. 2 Lakhs to Rs. 10 Lakhs | No |
| Only bNII | Rs. 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs. 5 Lakhs | Yes |
| Employee + RII/NII | Employee limit: Up to Rs. 5 Lakhs; If applying as RII: up to Rs. 2 Lakhs; If applying as NII: sNII > Rs. 2 Lakhs and up to Rs. 10 Lakhs and bNII > Rs. 10 Lakhs | Yes for Employee and RII/NII |
About the business
Shadowfax Technologies Ltd. was incorporated in June 2016 and is a logistics solutions provider in India, offering e-commerce express parcel delivery and a suite of value-added services.
Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day delivery, and SMS & personal courier services through Shadowfax’s Flash app.
The company’s logistics network includes 4,299 touchpoints across first-mile, last-mile and sort centres (as of September 30, 2025), serving 14,758 pin codes. It operates with over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft.
The company follows an asset-light model by leasing logistics facilities and linehaul, while owning automation and machinery for control. It operates a dedicated fleet of over 3,000 trucks daily as part of its linehaul network. As of September 30, 2025, the platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.
Key clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others.
As of September 30, 2025, the company had 4,472 permanent employees and 17,182 contract workers.
Competitive Strengths
| Key Strength | Commentary |
|---|---|
| Agile and customisable services | Enables faster go-to-market for clients |
| Largest last-mile gig infrastructure | Strong delivery partner base supporting scale |
| Strong network backbone | Scalable first-mile to last-mile delivery ecosystem |
| Proprietary technology | Technology-led operations and optimisation |
| Profitability focus | Proven model with improving profitability trends |
| Experienced team | Founders and management with execution capability |
Company Financials (Restated Consolidated – Rs. Cr.)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total 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 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| PAT | 21.04 | 6.06 | -11.88 | -142.64 |
| Net Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserves & Surplus | 281.26 | 248.16 | 172.47 | 171.20 |
| Total Borrowings | 147.44 | 132.23 | 40.33 | 66.69 |
IPO Objects of the Issue
| No. | Issue Objects | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Funding of capital expenditure requirements in relation to 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 | Balance |
Key Performance Indicators (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| Debt / Equity | 0.21 | 0.20 |
| RoNW | 3.03 | 0.97 |
| EBITDA Margin | 2.86% | 1.96% |
| Price to Book Value | — | 8.97 |
Valuation Snapshot
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 0.12 | 0.73 |
| P/E (x) | 1017.96 | 170.39 |
| Market Cap | — | Rs. 7,168.85 Cr |
| Promoter Holding | 19.13% | — |
Promoters
The promoters of the Company are Abhishek Bansal and Vaibhav Khandelwal
IPO Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
shadowfax.ipo@kfintech.com
Visit Website
IPO Lead Manager(s)
ICICI Securities Ltd. (Past IPO Performance)
Morgan Stanley India Co. Pvt. Ltd. (Past IPO Performance)
JM Financial Ltd. (Past IPO Performance)
Contact Details
Shadowfax Technologies Ltd. Address
3rd Floor, Shilpitha Tech Park
Sy No. 55/3 & 55/4, Outer Ring Road,
Devarabisanahalli Village, Bellandur, Varthur Hobli
Bengaluru, Karnataka, 560103
hello@shadowfax.in
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Disclaimer
This IPO coverage is for informational and educational purposes only. Chanakya Ni Pothi does not recommend investments based on GMP data. Investors should read the RHP carefully and consult a SEBI-registered investment advisor before investing.
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