Shadowfax Technologies Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹118 - ₹124
- Lot size
- 120 shares
- Issue amount
- ₹1,907.27 cr
- Total subscription
- 2.86×
- Opens
- 20 Jan 2026
- Closes
- 22 Jan 2026
- Allotment
- 23 Jan 2026
- Listing
- 28 Jan 2026
Offer at a glance
Issue overview
- Issue size
- 15,38,12,096 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,160
- Fresh issue
- ₹1,000 cr
- Offer for sale
- ₹907.27 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,880
- Issue type
- Bookbuilding IPO
- Shares before issue
- 49,74,88,085
- Shares after issue
- 57,81,33,246
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 120 | ₹14,880 |
| sHNI | 14 | 1,680 | ₹2,08,320 |
| bHNI | 68 | 8,160 | ₹10,11,840 |
Share reservation
Subscription & GMP
Subscription by category
Reported 22 Jan 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,27,841 | 2,29,070 |
| EMPLOYEES | 0 | 5,123 |
| HNIs(10L +) | 9,131 | 1,122 |
| HNIs (2-10L) | 4,566 | 5,417 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 570.68 | 2,282.02 |
| FIIs | 0 | 1,361.35 |
| FIs | 0 | 68.54 |
| Mutual Funds | 0 | 710.19 |
| Others | 0 | 141.95 |
| RETAIL | 190.23 | 460.84 |
| HNIs 2+ | 95.11 | 126.41 |
| HNIs 10+ | 190.23 | 125.48 |
| EMPLOYEES | 5 | 10.86 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 0.41 | 0.13 | -0.28 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 3.03 | 0.97 | -2.82 |
| PRE IPO(PE) | 0 | 1,017.96 | 0 |
| POST IPO(PE) | 170.39 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Shadowfax Technologies Limited | 1017.96 | 0 | 10.00 | 13.83 | 0.97 | 0.13 |
| Blue Dart Express Limited | 50.70 | 0 | 10.00 | 657.05 | 17.25 | 106.38 |
| Delhivery Limited | 195.07 | 0 | 1.00 | 124.77 | 1.75 | 2.19 |
Company information
Company profile
Incorporated in June 2016, Shadowfax Technologies Ltd is a technology-led logistics solutions provider in India focused on e-commerce, D2C, hyperlocal, quick commerce, and personal courier services, offering solutions such as express parcel delivery, same-day and quick commerce, hyperlocal delivery, and personal courier services through the Shadowfax Flash app. The company operates a nationwide logistics network with 4,299 touchpoints across first-mile, last-mile, and sort centres, covering 14,758 pin codes as of September 30, 2025, supported by over 3.50 million sq. ft. of operational space including 53 sort centres. Following an asset-light model, it leases facilities and linehaul while owning automation and machinery, operating over 3,000 trucks daily and supported by an average of 205,864 quarterly unique delivery partners, along with 4,472 permanent employees and 17,182 contractual workers. Shadowfax serves leading clients such as Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, and others, and plans to utilize IPO proceeds for network expansion capex, lease payments, branding and marketing, inorganic acquisitions, and general corporate purposes.
Strengths
- Agile & Customisable Platform: Enables faster go-to-market with scalable logistics solutions.
- Large Gig-Based Delivery Network: Strong last-mile infrastructure supporting e-commerce and quick commerce.
- Robust Nationwide Network: Extensive touchpoints and automation improve efficiency and scalability.
Risk factors
- Operating Losses & Negative Cash Flows: Past losses and negative cash flows may continue due to high growth investments.
- Network Concentration Risk: Heavy dependence on an integrated logistics network makes operations vulnerable to disruptions.
- High Client Concentration: A single major client contributes around 49–59% of revenue, posing business risk if the relationship is lost.
Promoters
Abhishek Bansal
Vaibhav Khandelwal
Registrar & documents
Lead manager
ICICI Securities Limited, Jm Financial Limited, Morgan Stanley India Company Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
3rd Floor, Shilpitha Tech Park Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village,Bellandur, Varthur Hobli Bengaluru, Karnataka, 560103
NA
[email protected]Company website ↗Understanding SHADOWFAX IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.