IPO

Shadowfax Technologies Limited IPO

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Logistics Solution Provider

Listed On: Jan 28, 2026 at ₹ 112.6(NSE)

₹ 14880 /120 Shares

Check Allotment

20 Jan, 2026

Open Date

22 Jan, 2026

Close Date

23 Jan, 2026

Allotment Date

28 Jan, 2026

Listing Date
Price Summary

Last Closing

110.50 (-10.89%)

52 Week High

119.67

52 Week Low

98.55

Last Update

3-Feb-2026 3:30 PM
Expected Premium
+ ₹0 - (-4)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Shadowfax Technologies IPO Live Subscription Details
View Subscription Details
QIB 4.00x
Retail 2.42x
NIIs 0.88x
BHNI 0.66x
SHNI 1.33x
Retail 2.42x
EMP 2.17x
Total 2.86x
Last updated: 22 Jan 2026, 05:57 PM
Shadowfax Technologies IPO Issue Details
  • Issue Price ₹118-124 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 15,38,12,016 shares(aggregating up to ₹1907.27 crore)
  • Fresh Share 8,06,45,161 shares(aggregating up to ₹1000 crore)
  • Offer For Sale 7,31,66,855 shares(aggregating up to ₹907.27 crore)
  • Listing at BSE, NSE
  • List Price 112.6(NSE)
  • Listing Date 2026-01-28
  • Lead Manager ICICI Securities Limited
    Morgan Stanley India CompanyPrivate Limited
    JM Financial Limited
  • Registrar KFin Technologies Limited
Market Lot Size

Investors can bid for a minimum of 120 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 120 ₹14,880
Retail(max) 13 1560 ₹1,93,440
SHNI(min) 14 1680 ₹2,08,320
SHNI(max) 67 8040 ₹9,96,960
BHNI(min) 68 8160 ₹10,11,840
Shadowfax Technologies IPO Reservation

Shadowfax Technologies IPO offers total 153812016 shares. Out of which 46022638 (29.92%) allocated to QIB, 23011319 (14.96%) allocated to NII,15340879 (9.97%) allocated to RII, 403226 (0.26%) allocated to employees and 69033955 (44.88%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 69033955 (44.88%)
QIB Shares Offered 46022638 (29.92%)
NII (HNI) Shares Offered 23011319 (14.96%)
bNII > ₹10L 15340879 (10%)
sNII < ₹10L 7670440 (5%)
Retail Shares Offered 15340879 (9.97%)
Employee Shares Offered 403226 (0.26%)
Total Shares Offered 153812016 (100%)
Shadowfax Technologies IPO Documents
DRHP
RHP
ANCHOR
Shadowfax Technologies IPO Details


Shadowfax Technologies IPO is a book-built issue of ₹1907.27 crores, The total issue size is ₹1907.27 crores. The IPO of Shadowfax Technologies is priced at ₹118-124 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Jan 20, 2026 and ends on Jan 22, 2026. The allotment for Shadowfax Technologies IPO will be finalized on Jan 23, 2026. Shadowfax Technologies IPO will be listed on BSE, NSE, with a tentative listing date fixed as Jan 28, 2026. The company shall list its equity shares on the BSE, NSE. KFin Technologies Limited is the registrar of the issue.

Retail investors can bid for a minimum of 120 shares, extendable to 14,880. S-HNIs will be able to bid for 1680 shares at ₹2,08,320, while B-HNIs can also apply for a bid of 8160 shares at ₹10,11,840. The book-running lead manager for the IPO is/are ICICI Securities Limited, Morgan Stanley India CompanyPrivate Limited, JM Financial Limited.

The total issue ₹1907.27 crore, comprising a fresh issue of 8,06,45,161 shares ₹1000 crore and having Offer for Sale (OFS) of 7,31,66,855 shares to mop up ₹907.27 crore.

The Shadowfax Technologies IPO sets its price band at 118-124 for each share. A single application for Shadowfax Technologies Limited IPO must contain at least 120 shares. Sentiment investors need to invest a minimum of 120 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,880 In order to participate in the sNII, investors must purchase at least 14 lots of 1680 shares for ₹2,08,320, while the bNII requires 68 lots of 8160 shares for an investment of ₹10,11,840.

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Shadowfax Technologies IPO Subscription Analysis And Details
Retail
2.42x
QIB
4.00x
NII
0.88x
bNII
0.66x
sNII
1.33x
Total
2.86x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 4,60,22,638 2,30,11,319
1,53,40,879    76,70,440 		1,53,40,879 8,47,78,062
Day 1 20-01-26 05:00 PM
0.40 x 0.23 x
0.13 x   0.42 x 		1.18 x 0.50 x
Day 2 21-01-26 05:00 PM
0.40 x 0.34 x
0.21 x   0.61 x 		1.74 x 0.63 x
Day 3 22-01-26 05:00 PM
4.00 x 0.88 x
0.66 x   1.33 x 		2.42 x 2.86 x
Total No of Applications
2,40,898
Subscription on the basis of Applications
Retail:1.79x BHNI:0.12x SHNI:1.19x
Shadowfax Technologies Valuations
EPS Pre IPO ₹0.12/-
EPS Post IPO ₹0.73/-
P/E Pre IPO 1017.96
P/E Post IPO 170.39
Debt/Equity 0.20
RoNW 0.97%
Price to Book Value 8.97
Market Cap. 7,168.85 Cr.
Shadowfax Technologies Company Financials
In Crs.
In Cr.
30-Sep-25 31-Mar-25 31-Mar-24 31-Mar-23
Assets 1453.16 1259.26 786.14 442.73
Revenue 1819.80 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
Reserves & Surplus 281.26 248.16 172.47 171.20
Total Borrowing 147.44 132.23 40.33 66.69
About Shadowfax Technologies Company

Founded in 2015 , Shadowfax is a leading logistics and delivery service provider based in Bangalore, India. The company offers a comprehensive range of services, including rapid parcel delivery, same-day and next-day delivery, doorstep-to-doorstep exchange, and Quick Commerce with 10-minute delivery times.

Shadowfax has established a strong presence in the logistics sector, covering over 18,000 pin codes across more than 2,500 cities. With an impressive capacity of delivering over two million packages daily, the company is renowned for its swift service, often delivering packages within 30 to 60 minutes of order placement. This rapid delivery capability is becoming increasingly common in India.

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Shadowfax Technologies - Promoter(s)

Abhishek Bansal

Vaibhav Khandelwal

Pre Issue Share Holding : 19.41%

Post Issue Share Holding : 16.71%

Shadowfax Technologies IPO - Issue Objectives
1

Funding of capital expenditure requirements of the Company in relation to the network infrastructure

2

Funding of lease payments for new first mile centers, last mile centers and sort centers

3

Funding of branding, marketing and communication costs

4

Unidentified inorganic acquisitions and general corporate purposes

Shadowfax Technologies IPO - Anchor Investors

ShadowFax Technologies receives Rs 856cr in anchor allocation before its initial public offering.

Of this allocation, 3.67 crores of equity shares worth 455.73 crores of rupees were allocated to nine Indian mutual funds such as ICICI Prudential AMC, Nippon Life India, Motilal Oswal AMC, Bandhan Mutual Fund, HSBC MF, Helios MF, JM Financial MF, and Trust Mutual Fund, 'in the Shadowfax Technologies Anchor book.'
ICICI Prudential AMC is the biggest investor in the anchor investments, acquiring 1.53 crore equity shares worth Rs 190 crore through its four schemes such as ICICI Prudential Flexicap Fund, ICICI Prudential Balanced Advantage Fund, ICICI Prudential Transportation and Logistics Fund, and ICICI Prudential Exports and Services Fund.
Leading global names such as Morgan Stanley, Societe Generale, Government Pension Global Fund, HSBC Global Investment Funds, Eastspring Investments, TIMF Holdings, Allspring Global Investments, and Integrated Core Strategies also invested in the company through anchor book.

Shadowfax Technologies IPO - Peers Comparison
P/B Ratio P/E Ratio RoNW Revenue(in Cr.)
Shadowfax Technologies N/A N/A 0.97% 2514
Blue Dart Express 9.34 50.70 17.25% 5762
Delhivery Limited 2.06 195.0 1.75% 9372
Strength
Agile and customizable logistics solution platform - Facilitates faster time-to-market delivery solutions for their clients.
Largest gig-based last-mile delivery infrastructure - Deep penetration to fuel e-commerce, quick commerce, and hyperlocal demand.
Strong country-wide Network Backbone – This is achieved by many touchpoints and automation.
Weakness
Losses and negative cash flows - Historical data of losses and negative cash flows could persist, attributable to high growth investments.
Network concentration risk - Being highly dependent upon a full-scale logistics network can have a significant effect if disruptions occur.
High client concentration - Largest client contributes approximately 49-59% of the revenue; exit of a major relationship would impact performance significantly.
Contact Details

Shadowfax Technologies

3rd Floor, Shilpitha Tech Park Sy No. 55/3 & 55/4 Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru - 560103 Karnataka

080 6452 5653

investors@shadowfax.in

https://www.shadowfax.in/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

shadowfax.ipo@kfintech.com

https://ipostatus.kfintech.com/