Shadowfax IPO open date is January 20, 2026, and the issue will close on January 22, 2026. Shadowfax Technologies IPO is a Book Built Issue and the company plans to raise around ₹2,000 crores through this public offer. The IPO consists of a fresh issue worth ₹1,907.27 crores along with an offer for sale of existing equity shares with a face value of ₹10 each.
The Shadowfax IPO price band is fixed at ₹118 to ₹124 per share. The retail investor quota is kept at 10 percent, QIB at 75 percent, and HNI at 15 percent. Shadowfax Technologies IPO will be listed on both BSE and NSE on January 28, 2026. The basis of allotment is expected to be finalised on January 23, 2026.
From a financial perspective, Shadowfax has shown steady growth. The company reported revenue of ₹2,514.66 crores in FY2025 compared to ₹1,896.48 crores in FY2024. It also turned profitable in FY2025 with a net profit of ₹6.43 crores, against a loss of ₹11.88 crores in the previous year. Based on these improving fundamentals, long-term investors may consider tracking this IPO closely.
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Shadowfax Technologies IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | January 20, 2026 |
| IPO Close Date | January 22, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹118 to ₹124 per share |
| Issue Size | Approx ₹1,907.27 crores |
| Fresh Issue | Approx ₹1,000 crores |
| Offer for Sale | Approx [.] equity shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Shadowfax IPO
Open: 20-22 Jan
Issue Size: ₹1907.27 Cr.
Objective: Strengthen logistics network, fund new centres, boost marketing and support growth plans
Exchange: BSE NSE
Shadowfax Technologies IPO Review
Shadowfax Technologies operates in the fast-growing logistics and last-mile delivery space, which continues to see strong demand due to e-commerce and quick-commerce expansion. The company has shown consistent revenue growth over the last three years and has successfully moved from losses to profitability.
However, margins remain thin, and valuation comfort will depend on future scalability and cost control. Overall, the IPO appears suitable for investors with a medium to long-term view who are comfortable with execution-linked risks.
Track IPO GMP: Shadowfax Technologies IPO GMP Today
Shadowfax Technologies IPO Market Lot
The minimum market lot for Shadowfax IPO is 120 shares. Retail investors can apply for a maximum of 13 lots.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum | 68 | 8,160 | ₹10,11,840 |
IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | – Shares | – % |
| QIB (Ex-Anchor) | – Shares | 75% |
| NII | – Shares | 15% |
| Retail | – Shares | 10% |
Shadowfax Technologies IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | [.] shares |
| Anchor Size | [.] crores |
| Lock-in end (50% – 30 days) | 2026 |
| Lock-in end (50% – 90 days) | 2026 |
Shadowfax Technologies IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | January 20, 2026 |
| IPO Close Date | January 22, 2026 |
| Basis of Allotment | January 23, 2026 |
| Refunds Initiation | January 23, 2026 |
| Credit to Demat Account | January 27, 2026 |
| IPO Listing Date | January 28, 2026 |
| Bidding Cut-off Time | 5 PM |
Promoters and Holding Pattern
The promoters of Shadowfax Technologies Limited are Abhishek Bansal and Vaibhav Khandelwal.
| Particulars | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | – | – % |
| Promoter Holding Post Issue | – | – % |
Objects of the Issue
The company plans to utilise the IPO proceeds mainly for strengthening its logistics infrastructure and network capabilities. Funds will be used towards capital expenditure related to network infrastructure, lease payments for new first-mile, last-mile and sorting centres, and brand building, marketing, and communication activities.
A portion of the proceeds will also be allocated for unidentified inorganic acquisitions and general corporate purposes to support future growth initiatives.
About Shadowfax Technologies Limited
Shadowfax Technologies Limited is a Bengaluru-based, technology-driven logistics company founded in 2015. The company provides end-to-end delivery solutions across e-commerce, D2C brands, hyperlocal, quick-commerce, and personal courier segments.
With operations spread across thousands of cities and PIN codes in India, Shadowfax follows an asset-light model and uses proprietary technology to optimise routing, speed, and delivery efficiency. Its scalable network and tech-focused approach support the growing demand for organised last-mile logistics in India.
Shadowfax IPO Company Financial Report
Amount in Cr.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 1,422.89 | 1,565.53 | -142.64 | 442.73 |
| 2024 | 1,896.48 | 1,908.36 | -11.88 | 786.14 |
| 2025 | 2,514.66 | 2,508.60 | 6.43 | 1,259.26 |
| Sept 2025 | 1,819.80 | 1,798.77 | 21.04 | 1,453.16 |
Shadowfax Technologies IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | – % |
| ROCE | – % |
| EBITDA Margin | – % |
| PAT Margin | – % |
| Debt to Equity Ratio | – |
| EPS (Basic) | ₹0.13 |
| P/E Ratio | N/A |
| RoNW | 0.97% |
| NAV | ₹13.83 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Blue Dart Express Ltd | 106.38 | 52.32 | 17.25 | 657.05 | ₹5,762.16 Cr |
| Delhivery Ltd | 2.19 | 218.18 | 1.75 | 124.77 | ₹9,372.01 Cr |
IPO Lead Managers
ICICI Securities Limited
Morgan Stanley India Company Private Limited
JM Financial Limited
Company Address
| Particulars | Details |
|---|---|
| Company Name | Shadowfax Technologies Ltd |
| Address | 1st Floor, Appek Building, 93/A, 4th B Cross Rd, 5th Block |
| Area | Koramangala |
| City | Bengaluru |
| State | Karnataka |
| PIN Code | 560095 |
| hello@shadowfax.in | |
| Website | www.shadowfax.in |
IPO Registrar
KFin Technologies Limited
Phone: +91 40 6716 2222 / 1800 309 4001
Email: shadowfax.ipo@kfintech.com
Website: ipostatus.kfintech.com
Shadowfax Technologies IPO FAQs
What is Shadowfax Technologies IPO?
Shadowfax Technologies IPO is a mainboard public issue where the company plans to raise around ₹1,907.27 crores through a book-built issue. The IPO includes a fresh issue and an offer for sale and will be listed on BSE and NSE.
When will Shadowfax IPO open for subscription?
Shadowfax IPO will open for subscription on January 20, 2026, and will close on January 22, 2026 for retail, HNI, and QIB investors.
What is the price band of Shadowfax IPO?
The price band for Shadowfax Technologies IPO is fixed at ₹118 to ₹124 per equity share.
What is the lot size of Shadowfax IPO?
The minimum lot size for Shadowfax IPO is 120 shares. Retail investors need to invest a minimum of ₹14,880 to apply.
What is the Shadowfax IPO issue size?
The total issue size of Shadowfax Technologies IPO is approximately ₹1,907.27 crores.
What is the retail quota in Shadowfax IPO?
Retail investors are allocated 10 percent of the total IPO issue size. QIBs have 75 percent and NIIs have 15 percent allocation.
When will Shadowfax IPO allotment be finalised?
The basis of allotment for Shadowfax Technologies IPO is expected to be finalised on January 23, 2026.
When will Shadowfax IPO list on the stock exchange?
Shadowfax Technologies IPO is scheduled to list on January 28, 2026 on both BSE and NSE.
How can I apply for Shadowfax IPO?
You can apply for Shadowfax IPO through ASBA using your bank’s net banking facility or via UPI through your registered stockbroker.
Who are the promoters of Shadowfax Technologies Limited?
The promoters of the company are Abhishek Bansal and Vaibhav Khandelwal.
Is Shadowfax IPO good for long-term investment?
Shadowfax has shown strong revenue growth and recently turned profitable. Long-term investors may consider the IPO, keeping in mind competition and thin margins in the logistics sector.
What is the registrar of Shadowfax IPO?
The registrar to the Shadowfax Technologies IPO is KFin Technologies Limited.
Expert Comment
Shadowfax Technologies IPO reflects the growing opportunity in India’s organised logistics and last-mile delivery sector. While profitability is still at an early stage, consistent revenue growth and improving operational efficiency are positive indicators.
Investors with a higher risk appetite and a long-term investment horizon may consider this IPO, keeping in mind the competitive nature of the logistics industry and margin pressures.
