Shadowfax Technologies IPO
GMP, Subscription, Price, Dates & Financial Details
Logistics
Shadowfax Technologies LtdIncorporated: June 2016 Headquarters: India Industry: Logistics & Supply Chain SolutionsOverview: Shadowfax Technologies Ltd is one of India’s leading logistics solution providers, specializing in technology-driven, end-to-end delivery services. The company offers…
Open Date
Tue, 20 Jan 2026
Close Date
Thu, 22 Jan 2026
Price Band
₹ 118 – 124
Lot Size
120
Issue Size
₹ 1,907.00 Cr
Minimum Investment
₹ 14,880 (120 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Shadowfax Technologies IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹1,907 Crore, comprising 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 aggregating to ₹907.00 Crore by the existing shareholders.
The Shadowfax Technologies IPO remained open for subscription from January 20, 2026, to January 22, 2026. The basis of allotment was finalized on January 23, 2026, and the company's shares were listed on the NSE and BSE on January 28, 2026.
The company had fixed the price band at ₹118 to ₹124 per share, with a lot size of 120 shares. Retail investors were required to make a minimum investment of ₹14,880 (based on the upper price band) to apply for one lot.
KFin Technologies Limited served as the registrar to the issue. Morgan Stanley India Company Private Limited, ICICI Securities Limited, and JM Financial Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Shadowfax Technologies Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Shadowfax Technologies IPO Timeline (Tentative)
- IPO Open Date
- Tue, 20 Jan 26
- IPO Close Date
- Thu, 22 Jan 26
- Basis of Allotment
- Fri, 23 Jan 26
- Initiation of Refunds
- Tue, 27 Jan 26
- Credit of Shares to Demat
- Tue, 27 Jan 26
- Listing Date
- Wed, 28 Jan 26 — NSE & BSE
Open Date
20 January 2026
Close Date
22 January 2026
Basis Of Allotment
23 January 2026
Listing Date
28 January 2026
IPO Subscription
Check Live Subscription →The Shadowfax Technologies IPO has received bids for 24,23,88,360 shares against 8,90,88,807 shares offered, resulting in an overall subscription of 2.72x. the NII category is subscribed 0.84x, Retail Investors 2.31x, Employees 2.07x, and QIBs 3.81x. Within the NII category, BNII is subscribed 0.63x, while SNII is subscribed 1.26x.
QIB
3.81x
NII
0.84x
BNII
0.63x
SNII
1.26x
RII
2.31x
EMP
2.07x
Total
2.72x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 1,61,20,923 shares, representing 18.1% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 4,83,62,771 shares (54.29%), while Non-Institutional Investors (NIIs) receive 2,41,81,385 shares (27.14%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 48,362,771 | 54.29% |
| Non-Institutional | 24,181,385 | 27.14% |
| BNII | 16,120,924 | 18.1% |
| SNII | 8,060,461 | 9.05% |
| Retail Investors | 16,120,923 | 18.1% |
| Employees | 423,728 | 0.48% |
| Total | 89,088,807 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1453.16 | 1259.26 | 786.14 | 442.73 |
| Revenue | 1819.8 | 2514.66 | 1896.48 | 1422.89 |
| Profit After Tax | 21.04 | 6.43 | -11.88 | -142.64 |
| Net Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserve & Surplus | 281.26 | 248.16 | 172.47 | 171.2 |
| Total Borrowings | 147.44 | 132.23 | 40.33 | 66.69 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Shadowfax Technologies Limited KPI Information
| Particular | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.2 | 9.56 | 37.83 |
| RoNW % | 3.03 | 0.97 | -2.82 | -80.9 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Shadowfax Technologies Ltd | 10 | 0 | 0.13 | 0.13 | 0.97 | 13.83 |
| Blue Dart Express Ltd | 10 | 50.7 | 106.38 | 106.38 | 17.25 | 657.05 |
| Delhivery Limited | 1 | 195.07 | 2.19 | 2.14 | 1.75 | 124.77 |
About Shadowfax Technologies Limited
Shadowfax Technologies Ltd
Incorporated: June 2016
Headquarters: India
Industry: Logistics & Supply Chain Solutions
Overview:
Shadowfax Technologies Ltd is one of India’s leading logistics solution providers, specializing in technology-driven, end-to-end delivery services. The company offers comprehensive logistics solutions covering e-commerce express parcel delivery, direct-to-consumer (D2C) fulfillment, hyperlocal and quick commerce, and personal courier services through its Flash app.
Service Offerings:
- E-commerce and D2C Delivery: Nationwide parcel delivery for online and direct-to-consumer businesses.
- Hyperlocal & Quick Commerce: Rapid delivery services, including same-day and intra-hour deliveries.
- Flash App Services: SMS and personal courier services designed for individuals and small businesses.
Operational Network (as of September 30, 2025):
- Total Touchpoints: 4,299 across India, including first-mile, last-mile, and sort centers.
- Coverage: 14,758 pin codes nationwide.
- Operational Space: Over 3.50 million sq. ft., including:
- 53 sort centers covering 1.80 million sq. ft. for shipment consolidation, sorting, and dispatch.
- Fleet: Operates a dedicated fleet of over 3,000 trucks daily within an asset-light linehaul network.
- Facilities: Leased logistics infrastructure and linehaul assets, with owned automation and machinery for operational control.
Workforce (as of September 30, 2025):
- Permanent Employees: 4,472
- Contract Workers: 17,182
- Average Quarterly Unique Transacting Delivery Partners: 205,864
Clientele:
Shadowfax serves a wide range of top-tier clients across e-commerce, food delivery, and hyperlocal segments, including:
Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others.
Market Position:
With its extensive reach, technology-led operations, and diversified service portfolio, Shadowfax Technologies Ltd stands as India’s only large-scale logistics provider offering integrated last-mile, end-to-end e-commerce delivery, and hyperlocal services, including quick commerce and food delivery.
Shadowfax Technologies IPO Promoters
- Abhishek Bansal
- Vaibhav Khandelwal
Promoters Holding
Holding Pre Issue
19.13%
Holding Post Issue
0.00%
Shadowfax Technologies IPO Objective
The Company Shadowfax Technologies IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding of capital expenditure requirements of our Company in relation to our network infrastructure
- Funding of lease payments for new first mile centers, last mile centers and sort centers
- Funding of branding, marketing and communication costs
- Unidentified inorganic acquisitions and general corporate purposes
Shadowfax Technologies Limited Address / Contact Details
Shadowfax Technologies Ltd.
3rd Floor, Shilpitha Tech Park
Sy No. 55/3 & 55/4, Outer Ring Road,
Devarabisanahalli Village,Bellandur, Varthur Hobli
Bengaluru, Karnataka, 560103
Email: hello@shadowfax.in
Website: https://www.shadowfax.in/
IPO Snapshot
Shadowfax Technologies IPO Lot Size
The Shadowfax Technologies IPO has a lot size of 120 shares. Retail investors require a minimum investment of ₹14,880 by applying for 1 lot (120 shares). The maximum application allowed for the retail category is 13 lots (1,560 shares), requiring an investment of ₹1,93,440.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 120 | 14,880.00 |
| Retail (Max) | 13 | 1,560 | 193,440.00 |
| S-HNI (Min) | 14 | 1,680 | 208,320.00 |
| S-HNI (Max) | 67 | 8,040 | 996,960.00 |
| B-HNI (Min) | 68 | 8,160 | 1,011,840.00 |
Issue Reservation
- QIB — 54.29%
- NII — 27.14%
- RII — 18.1%
- EMP — 0.48%
Book Running Lead Managers
- Morgan Stanley India Company Private Limited
- ICICI Securities Limited
- JM Financial Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Shadowfax Technologies IPO?
Shadowfax Technologies IPO is a Book-building IPO with a total issue size of ₹1907 crore. The Shadowfax Technologies IPO price band is ₹118 to 124 per share. The Shadowfax Technologies IPO subscription opens on Tue, Jan 20, 2026, and closes on Thu, Jan 22, 2026. The Shadowfax Technologies IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Shadowfax Technologies IPO.
When will the Shadowfax Technologies IPO open for subscription?
The Shadowfax Technologies IPO opens on Tue, Jan 20, 2026 and closes on Thu, Jan 22, 2026
What is Shadowfax Technologies IPO Price Band?
Shadowfax Technologies IPO Price Band is ₹118 to 124 per share.
What is Shadowfax Technologies IPO Lot Size?
Shadowfax Technologies IPO lot size is 120 shares, Retail investors need a minimum investment of ₹14880 based on the upper price band
What is the minimum investment for Shadowfax Technologies IPO?
The minimum investment for Shadowfax Technologies IPO is ₹14880, based on one lot of 120 shares at the upper price band of ₹124 per share.
How to apply for Shadowfax Technologies IPO?
Investors can apply for the Shadowfax Technologies IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Thu, Jan 22, 2026. The application amount remains blocked until the Shadowfax Technologies IPO allotment is finalized.
What is Shadowfax Technologies IPO Issue Size?
Shadowfax Technologies IPO issue size is ₹1907 crores.
What is the Shadowfax Technologies IPO Allotment Date?
Shadowfax Technologies IPO allotment date is Fri, Jan 23, 2026.
Who is the Shadowfax Technologies IPO Registrar?
The registrar for Shadowfax Technologies IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Shadowfax Technologies IPO allotment status, refund processing, and other IPO-related information.
What is the Shadowfax Technologies IPO GMP?
The Shadowfax Technologies IPO GMP (Grey Market Premium) is ₹0 as of Thu, Jan 22, 2026. Based on the upper price band of ₹124 per share, the estimated Shadowfax Technologies IPO listing price is ₹124, indicating a potential listing gain of approximately 0.00% over the issue price.
Who is the Shadowfax Technologies IPO Lead Manager?
The book-running lead managers (BRLMs) for the Shadowfax Technologies IPO are ICICI Securities Limited, and JM Financial Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Shadowfax Technologies IPO Red Herring Prospectus (RHP).