Shadowfax Technologies IPO - Company Analysis
Shadowfax Technologies IPO is a Mainboard IPO structured as a bookbuilding issue of ₹1,907.27 crore by Shadowfax Technologies Ltd. The company is an Indian logistics solutions provider offering e-commerce quick parcel delivery along with a wide range of value-added services.
Its service portfolio includes e-commerce and D2C delivery, hyperlocal and fast commerce with same-day or within-hours delivery, as well as SMS and personal courier services enabled through Shadowfax’s Flash software.
As of September 30, 2025, Shadowfax operated a nationwide logistics network covering 14,758 pin codes, supported by 4,299 touchpoints across first-mile and last-mile centers and sortation centers.
Shadowfax Technologies IPO Details
The Shadowfax Technologies Ltd IPO is scheduled to open from January 20 to January 22, 2026. The IPO allotment is expected on January 23, 2026, followed by refund initiation on January 27, 2026.
The ₹1,907.27 crore mainboard IPO consists of a fresh issue of 8.06 crore shares amounting to ₹1,000.00 crore, along with an offer for sale of 7.32 crore shares worth ₹907.27 crore.
The Shadowfax Technologies IPO is likely to be listed on Wednesday, January 28, 2026, on both the BSE and NSE. The price band for the IPO has been fixed at ₹118 to ₹124 per share.
| Events | Date |
| IPO Opening Date | January 20, 2026 |
| IPO Closing Date | January 22, 2026 |
| IPO Allotment Date | January 23, 2026 (Tentative) |
| Refund Initiation | January 27, 2026 (Tentative) |
| Tentative IPO Listing Date | January 28, 2026 |
Industry Outlook
(Source(s): National Council of Applied Economic Research (NCAER), India Economics Survey 2017-18, 2019-20, Redseer research and analysis).
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Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,259.26 | 786.14 | 442.73 |
| Total Income | 2,514.66 | 1,896.48 | 1,422.89 |
| PAT | 6.06 | -11.88 | -142.64 |
| EBITDA | 56.19 | 11.37 | -113.47 |
| Net Worth | 660.43 | 421.78 | 176.32 |
| Reserves & Surplus | 248.16 | 172.47 | 171.20 |
Cash Flows
The cash flows from various activities are presented below:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 498.67 | 1,315.52 | (728.34) |
| Net Cash Flow Investing Activities | (1,192.65) | (3,114.90) | (397.98) |
| Net Cash Flow Financing Activities | 1,303.90 | 2,003.55 | 896.06 |
Revenue Bifurcation
(Source RHP)
The Objective of The Issue
The cash flows for various activities are as follows:
- Funding capital expenditure requirements related to the Company’s network infrastructure – approximately ₹423.43 crore.
- Funding lease payments for new first-mile centers, last-mile centers, and sort centers – approximately ₹138.64 crore.
- Funding branding, marketing, and communication expenses – approximately ₹88.57 crore.
- Funding inorganic growth through unidentified acquisitions.
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Listed Peers of Shadowfax Technologies Ltd.
| Name of the Company | Face Value (₹ per share) | P/E (x) | EPS (₹) |
| Blue Dart Express Limited | 10 | 50.70 | 106.38 |
| Delhivery Limited | 1 | 195.07 | 2.19 |
Valuation
KPI
| Values |
| Debt / Equity | 0.20 |
| RoNW | 0.97 |
| EBITDA Margin | 1.96% |
| Price to Book Value | 8.97 |
IPO's Strengths
- Flexible and agile logistics services that enable clients to reach the market faster.
- The largest infrastructure supporting gig-based last-mile delivery partners.
- A strong network infrastructure that forms the foundation of an efficient and scalable delivery system.
- Nimble, proprietary technological capabilities.
IPO Weaknesses
- Future growth may be adversely affected if the company is unable to develop and scale its network infrastructure in a balanced manner.
- Improper handling of items by delivery partners could lead to customer dissatisfaction and operational inefficiencies, potentially impacting the business.
- The goods distributed, along with the contents of shipments and inventory handled across the service network, present inherent risks to the company’s operations.
Shadowfax Technologies IPO GMP
As of January 22, 2026, the Shadowfax Technologies IPO GMP (Grey Market Premium) is ₹1.00. With the IPO price band capped at ₹124, the estimated listing price is expected to be around ₹134 per share. This indicates a potential listing gain of approximately 8.06%, reflecting positive market sentiment for the Shadowfax Technologies IPO among investors.
Shadowfax Technologies Limited IPO Summary
| IPO Opening & Closing Date | Jan 20, 2026 to Jan 22, 2026 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 118 to Rs. 124 |
| Lot Size | 120 Shares |
| Issue Size | 15,38,12,096 Shares (Rs. 1,907 Cr) |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | Kfin Technologies Ltd. |
Shadowfax Technologies IPO Lot Size
The Shadowfax Technologies Ltd. IPO offers retail investors the opportunity to apply for a minimum of 1 lot (120 shares) amounting to ₹14,880 and a maximum of 13 lots (1,560 shares) amounting to ₹1,93,440.
For S-HNI investors, the minimum application size is 14 lots (1,680 shares), requiring an investment of ₹2,08,320.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 13 Lots |
| SHNI (Minimum) | 14 Lots |
| SHNI (Maximum) | 67 Lots |
| BHNI (Minimum) | 68 Lots |
Shadowfax Technologies IPO Reservation
| Institutional Share Portion | 75% |
| Retail Investors' Share Portion | 10% |
| Non-Institutional Shares Portion | 15% |
Shadowfax Technologies IPO Allotment Status
To check the Shadowfax Technologies IPO allotment status, investors can visit the official Registrar’s website or the BSE website. The relevant website links are provided below for easy access.
BSE Website - BSE IPO allotment status
Promoters And Management of Shadowfax Technologies Ltd.
- Abhishek Bansal
- Vaibhav Khandelwal.
| Pre-Issue Promoter Shareholding | 19.13% |
| Post-Issue Promoter Shareholding | - |
Shadowfax Technologies IPO Lead Managers
- ICICI Securities Ltd.
Dividend Policy
The company has not declared or paid any dividend in the past three financial years.
Conclusion
With a robust nationwide network and technology-driven operations, the Shadowfax Technologies IPO offers investors exposure to India’s rapidly growing logistics and e-commerce delivery sector. While improved financial performance and reduced losses are key advantages, high valuations and thin profit margins remain significant risks for investors.
