About
Shadowfax Technologies IPO is a book build issue of ₹1,907.27 crores. The issue is a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale of 7.32 crore shares aggregating to ₹907.27 crores.
Shadowfax Technologies IPO bidding started from Jan 20, 2026 and ended on Jan 22, 2026. The allotment for Shadowfax Technologies IPO was finalized on Jan 23, 2026. Shadowfax Technologies IPO will list on BSE, NSE on Jan 28, 2026.
Shadowfax Technologies IPO price band is set at ₹124 per share. The lot size for an application is 120. The minimum amount of investment required by an retail is ₹14,880 (120 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840.
ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Shadowfax Technologies IPO RHP for detailed Information.
IPO Open
Tue, Jan 20, 2026
IPO Close
Thu, Jan 22, 2026
Issue Price
₹124 per share
Market Cap (Pre-IPO)
₹7,168.85 Cr
IPO Details
| IPO Date | 20 to 22 Jan, 2026 |
| Listed on | Wed, Jan 28, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹118 to ₹124 |
| Issue Price | ₹124 per share |
| Lot Size | 120 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 15,38,12,014 shares (agg. up to ₹1,907 Cr) |
| Fresh Issue | 8,06,45,160 shares (agg. up to ₹1,000 Cr) |
| Offer for Sale | 7,31,66,854 shares of ₹10 (agg. up to ₹907 Cr) |
| Share Holding Pre Issue | 49,74,88,085 shares |
| Share Holding Post Issue | 57,81,33,245 shares |
| BSE Script Code / NSE Symbol | 544685 / SHADOWFAX |
| ISIN | INE12UN01015 |
Pre-Open Session – NSE
Pre-Open Session – BSE
IPO Timetable
- IPO OpenTue, Jan 20, 2026
- IPO CloseThu, Jan 22, 2026
- AllotmentFri, Jan 23, 2026
- RefundTue, Jan 27, 2026
- Credit of SharesTue, Jan 27, 2026
- ListingWed, Jan 28, 2026
IPO Reservation
Shadowfax Technologies IPO offers total 15,38,12,014 shares. Out of which 11,50,56,593 (74.80%) allocated to QIB, 4,60,22,638 (29.92%) allocated to QIB (Ex- Anchor), 2,30,11,318 (14.96%) allocated to
NII
1,53,40,878 (9.97%) allocated to RII and 6,90,33,955 (44.88%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 11,50,56,593 (74.80%) | NA |
| − Anchor Investor Shares Offered | 6,90,33,955 (44.88%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 4,60,22,638 (29.92%) | NA |
| NII (HNI) Shares Offered | 2,30,11,318 (14.96%) | NA |
| − bNII > ₹10L | 1,53,40,879 (9.97%) | 9,131 |
| − sNII < ₹10L | 76,70,439 (4.99%) | 4,565 |
| Retail Shares Offered | 1,53,40,878 (9.97%) | 1,27,840 |
| Employee Shares Offered | 4,03,225 (0.26%) | NA |
| Total Shares Offered | 15,38,12,014 (100.00%) |
IPO Lot Size
Investors can bid for a minimum of 120 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
IPO Anchor Investors
Shadowfax Technologies IPO raises ₹856.02 crore from anchor investors. Shadowfax Technologies IPO Anchor bid date is January 19, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Jan 19, 2026 |
| Shares Offered | 6,90,33,955 |
| Anchor Portion (₹ Cr.) | 856.02 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Feb 21, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Apr 22, 2026 |
Investor Category Reservations
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
| Yes for Employee and RII/NII |
- Employee limit: Up to Rs 5 Lakhs (In certain cases, employees are given discount if bidding amount is upto Rs. 2 lakhs)
- If applying as RII: Upto Rs. 2 lakhs
- If applying as NII: sNII > Rs. 2 lakhs and upto Rs. 10 lakhs and bNII > Rs. 10 lakhs
About Shadowfax Technologies Ltd.
Incorporated in June 2016, Shadowfax Technologies Ltd is a logistics solution provider company in India. The company offers e-commerce express parcel delivery and a suite of value-added offerings.
Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through Shadowfax’s Flash app.
The company’s nationwide logistics network includes 4,299 touchpoints across first- and last-mile centres and sort centres as of September 30, 2025, serving 14,758 pin codes. It is supported by over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft, for shipment consolidation, sorting, and dispatch.
The company leases its logistics facilities and linehaul, owning automation and machinery for control.
It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network.
As of September 30, 2025, the company’s platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.
The company’s clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. This makes them the only large-scale provider for last-mile and end-to-end e-commerce delivery, as well as quick commerce, food delivery, and hyperlocal services.
By September 30, 2025, the company’s e-commerce logistics network spanned 14,758 pin codes throughout India.
As of September 30, 2025, the company had 4,472 permanent employees and 17,182 contract workers.
Competitive Strength:
- Agile and customisable logistics services that enable faster go-to-market for clients.
- Largest last-mile gig-based delivery partner infrastructure.
- Network infrastructure serves as the backbone of our efficient and scalable delivery system.
- Proprietary and agile technology capabilities.
- Proven business model, with focus on profitability, while delivering healthy growth.
- Experienced management team supported by entrepreneurial founders.
Company Financials (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.06 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| NET Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserves and Surplus | 281.26 | 248.16 | 172.47 | 171.20 |
| Total Borrowing | 147.44 | 132.23 | 40.33 | 66.69 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of capital expenditure requirements of the Company in relation to the network infrastructure | 423.43 |
| 2 | Funding of lease payments for new first mile centers, last mile centers and sort centers | 138.64 |
| 3 | Funding of branding, marketing and communication costs | 88.57 |
| 4 | Unidentified inorganic acquisitions and general corporate purposes | 291.94 |
Key Performance Indicator (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| Debt/Equity | 0.21 | 0.20 |
| RoNW | 3.03 | 0.97 |
| EBITDA Margin | 2.86% | 1.96% |
| Price to Book Value | 8.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 0.12 | 0.73 |
| P/E (x) | 1017.96 | 170.39 |
| Promoter Holding | 19.13% | 16.49% |
| Market Cap | ₹7,168.85 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Shadowfax Technologies IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 5 | 2 | 5 | 0 |
| Members | 0 | 0 | 0 | 1 |
IPO Subscription Status
The Shadowfax Technologies IPO is subscribed 2.86 times on January 22, 2026 6:19:53 PM (Day 3). The public issue subscribed 2.43 times in the retail category, 4.00 times in the QIB category, and 0.88 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 4.00 | 4,60,22,638 | 18,40,33,800 |
| NII | 0.88 | 2,30,11,319 | 2,03,13,840 |
| bNII (> ₹10L) | 0.66 | 1,53,40,879 | 1,01,19,600 |
| sNII (< ₹10L) | 1.33 | 76,70,440 | 1,01,94,240 |
| Retail | 2.43 | 1,53,40,879 | 3,72,98,280 |
| Employee | 2.17 | 4,03,226 | 8,76,000 |
| Total | 2.86 | 8,47,78,062 | 24,25,21,920 |
Total Applications: 2,25,616
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLM and commissions (including underwriting commission, brokerage and selling commission) | 70.37 |
| 2 | Selling commission payable to SCSBs for Bids directly procured by them and processing fees payable to SCSBs for Bids (other than Bids submitted by UPI Bidders using the UPI Mechanism) procured by the members of the Syndicate, the Registered Brokers, CRTAs or CDPs and submitted to SCSBs for blocking, Bankers to the Offer, fees payable to the Sponsor Bank for Bidsmade by RIBs and Selling commission and uploading charges payable to members of the Syndicate members, RTAs, CDPs and registered brokers | 1.45 |
| 3 | Fees payable to Registrar to the Offer | 2.28 |
| 4 | Printing and stationery expenses | 0.63 |
| 5 | Advertising and marketing expenses | 5.78 |
| 6 | Listing fees, SEBI fees, BSE and NSE processing fees, book-building software fees, and other regulatory expenses | 5.64 |
| 7 | Fees payable to other intermediaries to the Offer, including but not limited to Statutory Auditors, industry service provider, independent chartered accountant, practising company secretary, independent architect, independent chartered engineer, monitoring agency and fees payable to legal counsel | 17.34 |
| 8 | Miscellaneous | 6.02 |
IPO Registrar
Kfin Technologies Ltd.
- 04067162222, 04079611000
- shadowfax.ipo@kfintech.com
- Visit Website
IPO Lead Manager(s)
- ICICI Securities Ltd. (Past IPO Performance)
- Morgan Stanley India Co.Pvt.Ltd. (Past IPO Performance)
- JM Financial Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- hello@shadowfax.in
- Visit Website
IPO FAQs
Shadowfax Technologies IPO is a main-board IPO of 15,38,12,014 equity shares of the face value of ₹10 aggregating up to ₹1,907 Crores. The issue is priced at ₹124 per share. The minimum order quantity is 120.
The IPO opens on Tue, Jan 20, 2026, and closes on Thu, Jan 22, 2026.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Shadowfax Technologies IPO using UPI as a payment gateway. Zerodha customers can apply in Shadowfax Technologies IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Shadowfax Technologies IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Shadowfax Technologies IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Shadowfax Technologies IPO opens on Tue, Jan 20, 2026 and closes on Thu, Jan 22, 2026.
Shadowfax Technologies IPO lot size is 120, and the minimum amount required for application is ₹14,880.
You can apply in Shadowfax Technologies IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Shadowfax Technologies IPO will be done on Friday, January 23, 2026, and the allotted shares will be credited to your demat account by Tue, Jan 27, 2026. Check the Shadowfax Technologies IPO allotment status.
The Shadowfax Technologies IPO listing date is on Wed, Jan 28, 2026.
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