Shadowfax Technologies IPO Details
Shadowfax Technologies IPO Summary
Shadowfax Technologies IPO opens for subscription on 20 Jan 2026 and closes on 22 Jan 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 28 Jan 2026.
Shadowfax Technologies IPO price band has been fixed at ₹118 – ₹124 per share. The face value is ₹10 per share with a lot size of 120.
Shadowfax Technologies IPO total issue size comprises 15,38,12,016 shares (aggregating up to ₹1907.27 Cr). This includes a fresh issue of 8,06,45,161 shares (aggregating up to ₹1000.00 Cr). Offer for Sale consists of 7,31,66,855 shares (aggregating up to ₹907.27 Cr).
Shadowfax Technologies IPO carries a ₹-3.5 (-2.82%) GMP, reflecting investor sentiment.
Shadowfax Technologies IPO Lot Size :Retail Minimum is 1 lot (120 shares) amounting to ₹14,880. Retail Maximum is 13 lots (1,560 shares) amounting to ₹193,440. SHNI Minimum is 14 lots (1,680 shares) amounting to ₹208,320. SHNI Maximum is 67 lots (8,040 shares) amounting to ₹996,960. BHNI Minimum is 68 lots (8,160 shares) amounting to ₹1,011,840.
The Lead Managers for Shadowfax Technologies IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is ICICI Securities Ltd, Morgan Stanley India Company Pvt Ltd, Jm Financial Ltd. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For detailed information, Refer to the Shadowfax Technologies Limited RHP.
Shadowfax Technologies IPO Details
Shadowfax Technologies IPO Subscription
Shadowfax Technologies IPO Application Wise Breakup (Approx)
Shadowfax Technologies IPO Dates
- 20 Jan 2026Opening dateOpen
- 22 Jan 2026Closing dateClose
- 23 Jan 2026Allotment Date Allotment
- 27 Jan 2026Initiation of RefundsRefund
- 27 Jan 2026Credit of SharesCredit
- 28 Jan 2026Listing dateListing
Shadowfax Technologies IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1560 | ₹193,440 |
| SHNI Minimum | 14 | 1680 | ₹208,320 |
| SHNI Maximum | 67 | 8040 | ₹996,960 |
| BHNI Minimum | 68 | 8160 | ₹1,011,840 |
Shadowfax Technologies IPO Reservation
Promoter Holding
Documents
Shadowfax Technologies IPO Valuations
Shadowfax Technologies Financial Information
| 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 ₹ Crore | ||||
About Shadowfax Technologies IPO
Incorporated in June 2016, Shadowfax Technologies Limited is one of India’s leading technology-driven logistics solutions providers, offering comprehensive end-to-end delivery services across e-commerce, quick commerce, food delivery, and hyperlocal segments.
The Company provides a wide range of logistics services, including e-commerce and direct-to-consumer (D2C) express parcel delivery, hyperlocal and quick commerce deliveries with same-day or intra-hour timelines, and SMS and personal courier services through its proprietary Shadowfax Flash application. Its integrated platform enables scalable first-mile, middle-mile, and last-mile delivery solutions tailored to diverse customer requirements.
As of September 30, 2025, Shadowfax operated a nationwide logistics network comprising 4,299 touchpoints, including first-mile centres, last-mile centres, and sort centres, serving 14,758 pin codes across India. The Company’s operations are supported by over 3.50 million square feet of operational space, including 53 sort centres spanning approximately 1.80 million square feet, facilitating shipment consolidation, sorting, and dispatch.
The Company follows an asset-light operating model, leasing its logistics facilities and linehaul infrastructure while owning critical automation systems and machinery that ensure operational control and efficiency. It operates a dedicated fleet of over 3,000 trucks daily as part of its linehaul network.
Shadowfax’s delivery ecosystem is powered by a large and flexible workforce. As of September 30, 2025, the platform had 205,864 average quarterly unique transacting delivery partners, enabling high service reliability and geographic reach. Additionally, the Company employed 4,472 permanent employees and engaged 17,182 contract workers.
The Company serves a diversified and marquee client base that includes Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, and Magicpin, among others. This diversified customer portfolio positions Shadowfax as one of the few large-scale logistics providers in India capable of supporting last-mile and end-to-end e-commerce delivery, quick commerce, food delivery, and hyperlocal logistics services on a unified platform.
Strength Of Shadowfax Technologies IPO
- Agile and customisable logistics services that enable faster go-to-market for clients.
- Largest last-mile gig-based delivery partner infrastructure.
- Our extensive nationwide network.
- Proprietary and agile technology capabilities.
- Proven business model, with focus on profitability, while delivering healthy growth.
- Experienced management team supported by entrepreneurial founders.
Risk Of Shadowfax Technologies IPO
- The company incurred losses aggregating to Rs.(118.82) million and Rs.(1,426.38) million in the Financial Years 2024 and 2023, respectively and negative cash flows from operating, investing and financing activities in certain periods. The company may continue to experience losses and negative cash flows in the future as the comapany anticipate increased expenses in the future.
- The company significantly rely on a scaled and unified network infrastructure for its business operations, largely comprising 4,299 touchpoints, distributed across first and last mile centers and sort centers, and supported by more than 3.50 million square feet of operational space, and reaching 14,758 pin codes as of September 30, 2025. Any disruptions to our network may adversely affect the company's business operations, financial condition and cash flows.
- The company relys on key commercial relationships with its clients. The company's largest client contributed 48.91%, 51.23%, 48.00%, 59.23%, and 59.52% of its revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, and the Financial Years 2025, 2024, and 2023, respectively. The loss of any such key commercial relationships could adversely affect the company's business.
- While its total revenue from operations grew from Rs.14,151.24 million in the Financial Year 2023 to Rs.24,851.31 million in the Financial Year 2025, the company's historical growth rates may not reliably forecast future performance and failures to manage growth or execute strategies effectively could impede the company's expansion and materially affect its business and future prospects.
- Any inability to expand and grow the company's network infrastructure in a balanced manner could adversely affect its future growth, business operations, financial condition and cash flows.
- The company rely on its crowdsourced network of delivery partners, comprising of 205,864 Average Quarterly Unique Transacting Delivery Partners as of September 30, 2025, with whom the company does not have any exclusive arrangements, for certain aspects of the company's business, and any change to the supply of delivery partners may disrupt its business operations, lead to additional losses and expose the company to additional risks.
- Any mishandling of goods by its delivery partners may lead to operational inefficiencies and client dissatisfaction, which may affect the company's business, financial condition and results of operation.
- The company depends on third-party franchisees for a portion of its last-mile deliveries, and any failures in their performance or disruptions in our business relationships with them could adversely impact the company's service quality, financial performance, and reputation.
- Some of its clients choose cash on delivery as their preferred payment method. This practice involves the company acting as limited agents for the company's brands, merchants, and quick-commerce platforms, which presents operational challenges and potential risks regarding cash loss.
- The company leased all its logistics facilities as of September 30, 2025 and some of the company's lease agreements may have certain irregularities. Failures to renew its leases or to locate desirable alternatives for the company's facilities could materially and adversely affect its business.
Objectives Shadowfax Technologies IPO
1. Funding of capital expenditure requirements of the Company in relation to the network infrastructure
2. Funding of lease payments for new first mile centers, last mile centers and sort centers
3. Funding of branding, marketing and communication costs
4. Unidentified inorganic acquisitions and general corporate purposes
Company Contact Details
Shadowfax Technologies Ltd.
1st Floor, Appek Building, 93/A
4th B Cross Rd, 5th Block,
Koramangala,
Bengaluru, Karnataka, 560095
Email: hello@shadowfax.in
Website: https://www.shadowfax.in/
Registrar Contact Details
Shadowfax Technologies FAQs
The Shadowfax Technologies IPO is a MAINBOARD public issue comprising 153812016 equity shares with a face value of ₹10 each, aggregating to a total issue size of ₹1907.27 Cr. The issue price has been fixed at ₹124 per equity share, and the minimum application size is 120 shares.
The IPO opens for subscription on 20 Jan 2026, and closes on 22 Jan 2026.
Kfin Technologies Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹-3.5 (-2.82%).
Quick Links
Comments
