Shadowfax Technologies Limited Link 
Allotment
Shadowfax Technologies IPO is a book-built issue worth ₹1,907.27 crore. The issue comprises a fresh issue of 8.06 crore equity shares aggregating to ₹1,000.00 crore and an offer for sale (OFS) of 7.32 crore equity shares totaling ₹907.27 crore.
The IPO will open for subscription on January 20, 2026, and close on January 22, 2026. The allotment is expected to be finalized on January 23, 2026, while the company’s shares are scheduled to list on BSE and NSE on January 28, 2026.
The price band for the Shadowfax Technologies IPO has been fixed at ₹118 to ₹124 per share. The lot size is 120 shares.
Retail investors need to invest a minimum of ₹14,880 (120 shares at the upper price band).
Small Non-Institutional Investors (sNII) must apply for a minimum of 14 lots (1,680 shares), amounting to ₹2,08,320.
Big Non-Institutional Investors (bNII) must apply for 68 lots (8,160 shares), amounting to ₹10,11,840.
ICICI Securities Ltd. is the Book Running Lead Manager, and KFin Technologies Ltd. is the Registrar to the issue.
₹124
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Open
₹124
HIgh - Low
₹124
Previous Close
₹124
Total Traded Value
0
52 Weeks High
₹124
52 Weeks Low
₹124
Updates On
Jan 15, 2026
IPO. Open
Jan 20, 2026
IPO. Close
Jan 22, 2026
IPO. Price
₹124.00
IPO Market price
₹7,168.85 Cr
IPO Details
| IPO Date | 28 Jan |
| IPO Listing Date | 28 Jan |
| IPO Face Value | ₹10.00 per share |
| IPO Price Range | ₹124.00 |
| IPO Issue Size | 15,38,12,096 shares |
| IPO Sale Type | Fresh Capital & OFS |
| Employee Discount | - |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 49,74,88,085 shares |
IPO Timeline
| IPO Open Date | 20 Jan |
| IPO Close Date | 22 Jan |
| IPO Allotment (Tentative) | 23 Jan |
| Refunds | 27 Jan |
| Credit to Demat Account | 27 Jan |
| IPO Listing Date | 28 Jan |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 11,50,56,593 Shares |
| NII (HNI) Shares Offered | 2,30,11,319 Shares |
| Retail Shares Offered | 1,53,40,879 Shares |
IPO Lot Size
Investors can apply for the IPO with a minimum bid of 120 equity shares, and thereafter in multiples of 120 shares.
| Application | Lots | Share | Amount |
|---|---|---|---|
| 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 |
Incorporated in June 2016, Shadowfax Technologies Ltd is a leading logistics solutions provider in India, offering end-to-end delivery services across multiple segments. The company primarily focuses on e-commerce express parcel delivery, supported by a wide range of value-added logistics solutions.
Shadowfax’s service portfolio includes e-commerce and D2C deliveries, hyperlocal and quick commerce deliveries (within hours or same-day), and SMS and personal courier services offered through its proprietary Shadowfax Flash app.
As of September 30, 2025, the company operated a nationwide logistics network of 4,299 touchpoints, comprising first-mile centres, last-mile centres, and sort centres, covering 14,758 pin codes across India. This network is supported by over 3.50 million square feet of operational space, including 53 sort centres spanning 1.80 million square feet, which facilitate shipment consolidation, sorting, and dispatch.
Shadowfax follows an asset-light operating model, leasing its logistics facilities and linehaul while owning critical automation systems and machinery for operational control. The company operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network.
As of September 30, 2025, the platform recorded 205,864 Average Quarterly Unique Transacting Delivery Partners, forming one of the largest gig-based delivery ecosystems in the country.
The company serves a diversified client base that includes Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, KartRocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. This positions Shadowfax as the only large-scale logistics provider offering last-mile and end-to-end delivery solutions across e-commerce, quick commerce, food delivery, and hyperlocal services.
As of September 30, 2025, Shadowfax employed 4,472 permanent employees and 17,182 contract workers.
Competitive Strengths
Agile and customizable logistics solutions enabling faster go-to-market for clients
India’s largest gig-based last-mile delivery partner infrastructure
Scalable and efficient nationwide network forming the backbone of operations
Proprietary, agile, and technology-driven logistics platform
Proven business model with a strong focus on profitability and sustainable growth
Experienced management team supported by entrepreneurial founders
Company Financials (Consolidated)
| Assets | 1,453.16 | 1,259.26 | 786.14 |
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 |
| Profit After Tax | 21.04 | 6.06 | -11.88 |
| EBITDA | 64.34 | 56.19 | 11.37 |
| NET Worth | 693.53 | 660.43 | 421.78 |
| Reserves and Surplus | 281.26 | 248.16 | 172.47 |
| Total Borrowing | 147.44 | 132.23 | 40.33 |
Key Performance Indicator (KPI)
| ROE | - |
| ROCE | - |
| Debt/Equity | 0.21 |
| RoNW | 3.03 |
| PAT Margin | - |
| EBITDA Margin | 2.86 |
| Price to Book Value | - |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 423.43 |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | - |
| 4 | Offer for Sale (OFS) | - |
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
https://www.shadowfax.in/
Detail Registrar
IPO Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
shadowfax.ipo@kfintech.com
https://ipostatus.kfintech.com/
The Shadowfax Technologies IPO is a book-built issue of ₹1,907.27 crore, comprising a fresh issue of ₹1,000 crore and an Offer for Sale worth ₹907.27 crore.
The IPO opens on January 20, 2026, and closes on January 22, 2026. Shares are expected to be listed on BSE and NSE on January 28, 2026.
The price band is fixed at ₹118 to ₹124 per share. Retail investors must apply for a minimum of one lot of 120 shares, requiring an investment of ₹14,880.
IPO proceeds will be used for network infrastructure expansion, lease payments for logistics centers, branding and marketing initiatives, and general corporate purposes, supporting long-term operational growth.
Shadowfax benefits from an asset-light logistics model, a large gig-based delivery partner network, advanced technology platforms, diversified clientele, and a scalable nationwide logistics infrastructure.
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