Shadowfax Technologies IPO, a ₹1,907.27 Crore book-built mainboard issue, is a fresh issue and offer-for-sale of ₹1,000 Crore and ₹907.27 Crore, respectively, at face value ₹10/share.
Shadowfax Technologies IPO starts its bidding on 20 January 2026 and ends on 22 January 2026. Shadowfax Technologies shares will be allotted on 23 January 2026 and listed on 28 January 2026 at BSE and NSE.
Shadowfax Technologies fixes its share price band at ₹118/share to ₹124/share. The retail investors shall bid with a minimum application size of 120 shares/lot, with an investment of ₹14,880 (at the upper band).
Shadowfax Technologies IPO: Details
| IPO Opens | 20 January 2026 |
| IPO Closes | 22 January 2026 |
| Face value | ₹10 |
| Price Band | ₹118 to ₹124/share |
| Issue price | – |
| IPO Lot Size | 120 shares |
| Offer for sale | 7,31,66,935 Equity Shares (₹907.27 Crore) |
| Fresh issue | 8,06,45,161 Equity Shares (₹1,000 Crore) |
| Issue Type | Book-building IPO |
| Listing | BSE, NSE |
| Total Issue Size (₹ Crore) | ₹1,907.27 Crore (15,38,12,096 Equity Shares) |
| Minimum Retail Investment | ₹14,880 |
Shadowfax Technologies IPO Timeline
| Bid Opening Date | 20 January 2026 |
| Bid Closing Date | 22 January 2026 |
| Allotment | 23 January 2026 |
| Refunds Initiated | 27 January 2026 |
| Share Credit Date | 27 January 2026 |
| Listing Date | 28 January 2026 |
| UPI mandate Cut-off time | 22 January 2026 (5 PM) |
Shadowfax Technologies Key Performance Indicators (KPIs)
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | – | – | – |
| ROCE (%) | – | – | – |
| Debt-Equity Ratio (in times) | 20.02 | 9.56 | 37.83 |
| RoNW (%) | 0.97 | -2.82 | -80.9 |
| PAT Margin (%) | – | – | – |
| EBITDA Margin (%) | 1.96 | 1.02 | -7.18 |
| Price-Book Value | – | – | – |
Shadowfax Technologies IPO Financial Information
| 2025 (in ₹ Crore) | 2024 (in ₹ Crore) | 2023 (in ₹ Crore) | |
| Revenue | 2,485.13 | 1,884.82 | 1,415.13 |
| Assets | 1,259.25 | 786.14 | 442.73 |
| Profit After Tax | 6.43 | (11.88) | (142.64) |
Subscription Status: Shadowfax Technologies IPO
Keep a track of the Shadowfax Technologies IPO subscription rate!
| Day | QIB | NII | Individual Investor | Employee | Total Subscription |
| 20 January(Day 1) | 0.00x | 0.60x | 0.44x | 0.36x | 0.10x |
| 21 January(Day 2) | – | – | – | – | – |
| 22 January(Day 3) | – | – | – | – | – |
Shadowfax Technologies IPO GMP
Shadowfax Technologies IPO GMP currently stands at ₹6, which indicates a mild optimism. At a listing price estimated at ₹130, the issue is expected to deliver a listing upside of nearly 4.84% compared to the issue price.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 20 January 2026 | ₹6 | ₹130 | ₹720 (4.84%) | ⬆️Increased |
| 19 January 2026 | ₹6 | ₹130 | ₹720 (4.84%) | ⬇️Decreased |
| 18 January 2026 | ₹10 | ₹134 | ₹1,200 (8.06%) | ⬆️Increased |
| 17 January 2026 | ₹9 | ₹133 | ₹1,080 (7.26%) | ⬇️Decreased |
Note: GMP figures are unofficial in nature and can fluctuate based on investor sentiment, subscription demand, and prevailing market conditions.
Shadowfax Technologies IPO Reservation
The IPO share reservation structure of Shadowfax Technologies is stated in the table below:
| Category | % of Shares Offered | Shares offered |
| QIBs | 29.92% | 4,60,22,638 |
| Anchor Investors | 44.88% | 6,90,33,955 |
| Retail Investors | 9.97% | 1,53,40,879 |
| NII shares offered (HNI) | 14.96% | 2,30,11,319 |
| Employee shares | 0.26% | 4,03,226 |
| Total Shares Offered | 100% | 15,38,12,017 |
Shadowfax Technologies IPO: Lot Size
The minimum bid for each application by retail investors is 120 shares/lot.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 1 | 120 | ₹14,880 |
| Retail Investors Maximum Application | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum Application | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum Application | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum Application | 68 | 8,160 | ₹10,11,840 |
Shadowfax Technologies IPO: Anchor Investors Details
| Bidding Open Date | 19 January 2026 |
| Shares to be Offered | 6,90,33,955 |
| Anchor Investor Issue Size (in Crore) | 856.02 |
| 30 days lock-in expiry date (For 50% shares) | 22 February 2026 |
| 90 days lock-in expiry date (Remaining shares) | 23 April 2026 |
Shadowfax Technologies IPO Prospectus
| Shadowfax Technologies IPO DRHP(Doc) | |
| Shadowfax Technologies IPO RHP(Doc) | |
| Shadowfax Technologies IPO Anchor Investors | |
| Shadowfax Technologies IPO Final Prospectus | – |
About Shadowfax Technologies Limited
Shadowfax Technologies Ltd., founded on 21 April 2015, is a technology-driven third-party logistics (3PL) company, focused on supporting digital commerce across India. The company uses technology to facilitate its operation, and as of 30 September 2025, the company’s service network spans 14,758 Indian pin codes.
The company is guided by its Chairman, Managing Director, and CEO Abhishek Bansal.
Their offerings span multiple logistics solutions, including express parcel movement, reverse collections, exchange deliveries, prime services, quick commerce, and on-demand hyperlocal fulfilment. The company also operates in mobility and other specialised services that enable it to handle varied and complex requirements of clients.
| Book Running Lead Managers (BRLM) | Morgan Stanley India Company Private Ltd. JM Financial Ltd. ICICI Securities Ltd. |
| IPO Registrar | KFin Technologies Ltd. |
Objectives of Shadowfax Technologies
| Particulars | Amount (in ₹ Crore) |
| Funding for networking infrastructure | 423.43 |
| Payment of lease for new centers | 138.64 |
| Expenditure for marketing costs | 88.57 |
| Corporate requirements | – |
Strength Of Shadowfax Technologies
- Flexible, fast logistics: The company provides end-to-end e-commerce and last-mile delivery across quick commerce, food, and hyperlocal segments under one platform.
- Large gig delivery network: The company operates one of India’s biggest crowdsourced last-mile delivery ecosystems, measured by average monthly active delivery partners.
- Pan-India delivery network: The company’s integrated first-mile, middle-mile, and last-mile infrastructure enables scalable and efficient nationwide operations.
- In-house tech platform: The company has custom-built logistics technology that is designed to support and scale digital commerce across Indian markets.
Risk of Shadowfax Technologies
- History of operating losses: The company has reported losses and negative cash flows, which may continue leading to rising operational expenses.
- Dependence on network infrastructure: The company depends on its large, unified logistics network, and any disruptions could impact its operations and cash flows.
- Network expansion challenges: The company may face growth constraints if its network expansion is not executed in a balanced manner.
- Delivery handling risks: The company faces risks from mishandling by delivery partners, which affects its service quality and client trust.
Shadowfax Technologies IPO Review
Shadowfax Technologies’ IPO reflects a scaled logistics platform that has strong revenue growth and a wide national reach. The company benefits from its delivery services and a large gig-based network.
However, its past losses, negative margins, and dependence on network stability remain a concern. The IPO suits investors with a focus on a medium-to-long-term goal who can balance growth against execution and profitability risks.
Other Recent IPO List
Check out this list comprising ongoing and upcoming IPOs in India, 2026:
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| Armour Security India IPO | GRE Renew Enertech IPO |
| Amagi Media Labs IPO | Avana Electrosystems IPO |
| Narmadesh Brass IPO | Defrail Technologies IPO |
Shadowfax Technologies IPO FAQs
The Shadowfax Technologies IPO is a mainboard book-built issue worth ₹1,907.27 crore, comprising a fresh issue and an offer for sale. The company operates as a technology-led third-party logistics provider serving e-commerce and hyperlocal delivery segments across India.
Investors can apply for the Shadowfax Technologies IPO through ASBA-enabled bank accounts or UPI-supported online platforms offered by brokers. Retail applicants must bid for a minimum of one lot and complete the mandate approval before the cut-off time.
The Shadowfax Technologies IPO presents a mixed picture. The company’s strong revenue growth, wide reach, and service diversity are positive, while historical losses, low margins, and execution risks weigh on the outlook. The IPO’s suitability depends on individual risk appetite and investment horizon.
The Shadowfax Technologies IPO, based on current GMP trends, indicates modest listing expectations rather than sharp gains. The actual returns will depend on subscription demand, market conditions, and post-listing business performance rather than grey market signals alone.
The Shadowfax Technologies IPO opens for subscription on 20 January 2026 and closes on 22 January 2026. Investors must submit bids and approve UPI mandates within this window to be considered for allotment.
The Shadowfax Technologies IPO lot size for retail investors is fixed at 120 equity shares. At the upper price band, this translates to a minimum investment of ₹14,880 for a single application.
The Shadowfax Technologies IPO allotment is scheduled for 23 January 2026. Investors can check their allotment status through the registrar’s website or their respective trading platforms.
The Shadowfax Technologies IPO shares are expected to list on 28 January 2026 on both the BSE and NSE, subject to final approvals and completion of the allotment and refund process.
