Shadowfax Technologies GMP signals 12% listing gains— 10 key things to know from the RHP ahead of IPO on Tuesday

The initial public offering (IPO) of Shadowfax Technologies is set to open for public subscription on Tuesday, January 20. The ₹1,907.27 crore book build issue, which combines a fresh issue of shares and an offer for sale (OFS), will remain open until Thursday, January 22.

Shadowfax Technologies IPO price band has been fixed in the range of ₹118 to ₹124 per equity share of face value of ₹10.

Meanwhile, the grey market is showing tepid interest in the issue as the grey market premium (GMP) of Shadowfax Technologies shares on Friday morning was ₹15, indicating the stock could list at a 12% premium over the issue price.

Shadowfax Technologies IPO: 10 things from RHP

Ahead of the Shadowfax Technologies IPO next week, here are the 10 key things that investors should know about the issue from the RHP:

1. The IPO details

The issue combines a fresh issue of 8.06 crore shares to raise ₹1,000 crore and an OFS of 7.32 crore shares for ₹907.3 crore.

2. Selling shareholders in the OFS

Eight investors are offloading their stake in the issue. Among them, Flipkart Internet Private Limited is selling shares for ₹400 crore, while Eight Roads Investments Mauritius II Limited is selling shares for ₹197 crore.

3. Book-running lead managers and registrar

ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited are the book-running lead managers of the issue. KFin Technologies Limited is the registrar of Shadowfax Technologies IPO.

4. Object of the offer

The company intends to use the net proceeds from the fresh issue of shares to fund capital expenditure requirements for network infrastructure, lease payments for new first-mile centres, last-mile centres, and sort centres, branding, marketing, and communication costs, and inorganic acquisitions and general corporate purposes.

The company will not receive any proceeds from the OFS, as they will go to the selling shareholders.

5. Business overview

As per the RHP, Shadowfax Technologies is a new-age, technology-led third-party logistics company. It serves a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies.

"We are a market leader in third-party logistics, quick commerce solutions, and same-day delivery based on order volume for FY25 and the six-month period ended September 30, 2025," reads the RHP.

"We are the fastest growing third-party logistics company of scale in India as of March 31, 2025, expanding our e-commerce shipment market share from approximately 8% in FY22 to approximately 23% in the six-month period ended September 30, 2025," the RHP says.

6. Financial performance

According to the RHP, in FY25, Shadowfax Technologies generated revenue from operations of ₹2,485.13 crore, with an adjusted EBITDA margin of 1.96%. For the six-month period ended September 30, 2025, it reached ₹1,805.64 crore in revenue from operations with an adjusted EBITDA margin of 2.86%.

The company earned a profit of ₹6.43 crore in FY25, while for the six-month period ended September 30, 2025, its profit was ₹21 crore.

7. Strong online retail market growth outlook

According to the RHP, online shoppers in India are projected to increase at an 8-10% CAGR from FY25 to reach 36.5-43 crore by FY30.

Expanding digital adoption, demographic developments, urbanisation, nuclearisation of households, an increase in female labour workforce participation, and the digital native young demographic are fuelling the growth of the online retail market and convenience-led consumption.

8. Who are Shadowfax Technologies promoters?

Abhishek Bansal and Vaibhav Khandelwal are the promoters of the company.

Abhishek Bansal, 35, is the Chairman, Managing Director and Chief Executive Officer of the company. Vaibhav Khandelwal, 33, is a whole-time director of the company.

9. Who are the listed industry peers of Shadowfax Technologies

Blue Dart Express Limited and Delhivery Limited are the two major listed peers of the company.

10. Concentration of clients a key risk

As per the RHP, the company's largest client contributed 48.91%, 51.23%, 48%,

59.23%, and 59.52% of its revenue from operations for the six-month period ended September 30, 2025, and September 30, 2024, and FY25, FY24, and FY23, respectively.

"The loss of any such key commercial relationships could adversely affect our business," said the company.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.