Shadowfax Technologies was incorporated on April 21, 2015. The company is a technology-led third-party logistics (3PL) provider that supports digital commerce across multiple sectors, including e-commerce, quick commerce, food marketplaces, and on-demand mobility. Its services cover express, reverse, and hyperlocal deliveries, as well as mobility and critical logistics, meeting diverse and complex client needs
| Bidding Dates |
|---|
| 20 Jan 2026 - 22 Jan 2026 |
| Subscription |
|---|
| 2.72x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,160 | 1 | 13 | 120 | 153.8 M | ₹118 - ₹124 | 16.71 % | ₹18149.8 M - ₹19072.7 M | RHP DOC |
Shadowfax Technologies IPO SUBSCRIPTION STATUS
22 Jan '26Shadowfax Technologies IPO overall subscription rate was 2.72 times the total available shares
Shadowfax Technologies IPO retail subscription rate was 2.31 times in the retail segment
Shadowfax Technologies IPO non-institutional investor subscription rate was 0.84 times in the non-institutional investor category
Shadowfax Technologies IPO Qualified Institutional Bidder subscription rate was 3.81 times the available shares for Qualified Institutional Bidder
Shadowfax Technologies IPO Employees subscription rate was 2.07 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - |
22 Jan 2026 (Day 3) | 2.31x | 0.84x | 3.81x | 2.07x |
21 Jan 2026 (Day 2) | 1.64x | 0.33x | 0.38x | 1.45x |
20 Jan 2026 (Day 1) | 1.11x | 0.22x | 0.38x | 0.94x |
Shadowfax Technologies FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 1,805.6 | 21.0 | 140.9 | 86.7 | 2.9% |
| H1FY25 | 1,072.1 | 9.8 | 57.4 | 33.4 | 2.4% |
| FY25 | 2,485.1 | 6.4 | 49.9 | -36.2 | 2.0% |
| FY24 | 1,884.8 | -11.9 | 131.6 | 78.4 | 1.0% |
| FY23 | 1,415.1 | -142.6 | -72.8 | -120.1 | -7.18% |
Shadowfax Technologies IPO SUBSCRIPTION STATUS DETAILS
Shadowfax Technologies had 153.8 M shares on offer
Shadowfax Technologies IPO offer price was in the range ₹118 - ₹124
Shadowfax Technologies IPO minimum Investment was ₹14160
Shadowfax Technologies IPO issue size was ₹ 18149.8 M - ₹ 19072.7 M
Shadowfax Technologies had a minimum lot size of 120 Shares per application
Shadowfax Technologies NUMBER OF SHARES ON OFFER
Shadowfax Technologies IPO IMPORTANT DATES
| Issue Open Date | 20 Jan 2026 |
| Issue close Date | 22 Jan 2026 |
| Allotment Date | 23 Jan 2026 |
| Refund Date | 27 Jan 2026 |
| Demat Account Credit Date | 27 Jan 2026 |
| Listing Date | 28 Jan 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Shadowfax Technologies Allotment Status | Exchange/ Registrar |
Shadowfax Technologies IPO subscription opened on 20 Jan 2026, and closed on 22 Jan 2026
IPO allotment for Shadowfax Technologies was finalized on Friday, 23 Jan 2026
IPO listing for Shadowfax Technologies was on NSE and BSE on Wednesday, 28 Jan 2026
Shadowfax Technologies IPO LISTING GAINS
| Issue Price (adjusted) | 124.0 |
| Listing Open Price | 112.6 |
| Listing Close Price | 110.0 |
| Listing Gain% | -9.2% |
| Current Gain% | 94.5% |
Shadowfax Technologies Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shadowfax Technologies Ltd. | 241.2 | 13946.9 | 83.5 | 0 | 3 | 6.4 | 3.9 | 4238.6 | 68.6 | 111.7 | 1638.4 | 2.9 | 2499.3 |
| Container Corporation of India Ltd. | 505.2 | 38476.9 | 31 | -7.3 | 4.2 | 9.6 | 8.2 | 9443.2 | 1.2 | 1241.8 | -3.6 | 16.3 | -4.2 |
| Delhivery Ltd. | 473.3 | 35452.8 | 379 | -7.2 | 3.2 | 1.6 | 1.2 | 10867 | 16 | 152.7 | -5.8 | 1.2 | -52.9 |
| Blue Dart Express Ltd. | 5089.5 | 12076.3 | 42.1 | 2.7 | 1.9 | 13.9 | 6 | 6182.8 | 7.3 | 247.4 | -2 | 121 | 15.8 |
| VRL Logistics Ltd. | 281.4 | 4921.9 | 18.4 | 0.8 | 1.5 | 20.7 | 9.1 | 3244.8 | 1.8 | 236.8 | 29.5 | 15.3 | 21.8 |
| Mahindra Logistics Ltd. | 402.7 | 3995.7 | 103.8 | 0.5 | 0.5 | 0.2 | 0.1 | 7016.4 | 14.6 | 2.3 | 106.4 | 3.9 | 203.1 |
Shadowfax Technologies INFORMATION ON IPO ISSUE
About Shadowfax Technologies
Shadowfax Technologies was incorporated on April 21, 2015. The company is a technology-led third-party logistics (3PL) provider that supports digital commerce across multiple sectors, including e-commerce, quick commerce, food marketplaces, and on-demand mobility. Its services cover express, reverse, and hyperlocal deliveries, as well as mobility and critical logistics, meeting diverse and complex client needs
Object of the Issue
- Funding of capital expenditure requirements of the company in relation to their 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 - PROMOTERS
| Name |
|---|
| Abhishek Bansal |
| Vaibhav Khandelwal |
Shadowfax Technologies - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Abhishek Bansal | Chairman, Managing Director & Chief Executive Officer |
| Vaibhav Khandelwal | Whole-Time Director |
| Gaurav Jaithlia | Whole-Time Director |
| Praharsh Chandra | Whole-Time Director |
| Bijou Kurien | Non-Executive Independent Director |
| Pirojshaw Aspi Sarkari | Non-Executive Independent Director |
| Ruchira Shukla | Non-Executive Independent Director |
| Dinkar Gupta | Non-Executive Independent Director |
Shadowfax Technologies Book Running Lead Manager
ICICI Securities Limited
shadowfax.ipo@icicisecurities.com
Morgan Stanley India Company Private Limited
shadowfax_ipo@morganstanley.com
JM Financial Limited
shadowfax.ipo@jmfl.com
Shadowfax Technologies Registrar to the Offer
KFin Technologies Limited
shadowfax.ipo@kfintech.com
Shadowfax Technologies Strengths
Agile & customisable logistics
The company operates India’s largest crowdsourced last-mile delivery fleet among 3PL e-commerce players, with over 205,000 active delivery partners across 2,300+ cities as of September 2025. Its gig-based, tech-enabled platform ensures cost efficiency, higher partner earnings, and seamless delivery experiences through an interoperable fleet used across multiple service categories
Last-mile gig-based delivery partner
The company is India’s only large-scale 3PL offering both end-to-end e-commerce and last-mile delivery for quick commerce, food, and hyperlocal needs. Its comprehensive logistics solutions serve major clients like Meesho, Flipkart, Swiggy, Zepto, and Zomato
Proprietary & agile technology capabilities
The company has developed a technology-driven logistics platform designed to enhance digital commerce in India. Its AI-enabled, microservices-based system manages diverse services and a dynamic gig fleet with high efficiency and scalability. Built in-house, the platform enables seamless integration, innovation, and superior client experiences across multiple logistics use cases
Shadowfax Technologies Risks
Mishandling risks
Delivery partners may occasionally mishandle goods due to tight schedules or limited training, leading to damage during transit. Such incidents increase return rates, add logistical and financial strain, and negatively impact client and customer satisfaction
Dependent on telecommunications & IT infrastructure
The company’s operations depend heavily on stable telecommunications and IT infrastructure. Any network failure, system error, or software malfunction could disrupt services, slow platform performance, or damage its reputation. Internally developed systems may also face undetected issues, potentially leading to costs, delays, and reduced customer satisfaction
Innovation & adaption risks
The company’s growth depends on its ability to innovate and adapt to changing market trends and customer needs. Failure to introduce new solutions or adjust strategies in a timely and cost-effective manner could lead to loss of customers, higher costs, and a negative impact on business performance
IPO FAQs
This IPO consists of an offer for sale of up to Rs 907.3 crore, of 73,166,854 shares. It also consists of a fresh issue of Rs 1,000.0 crore.
The promoters of the company are Abhishek Bansal and Vaibhav Khandelwal.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 118.0 - 124.0.
The IPO application opens on Jan 20, 2026 and closes on Jan 22, 2026.
The minimum lot size for the IPO is 120. The maximum lot size for the IPO is 1560.
For all category investors, the minimum application amount for this IPO is Rs. 14,160.0, the maximum value for this IPO is Rs 193,440.0.
This IPO will be allotted on Jan 23, 2026.
The refund will be credited to your account on Jan 27, 2026.
The allotted shares will be credited to your demat on Jan 27, 2026.
Shadowfax Technologies Ltd.’s shares listed on the stock exchanges on Jan 28, 2026.