Upcoming IPO: Shadowfax Technologies sets IPO price band at ₹118-124; Issue opens January 20

Shadowfax Technologies IPO price band has been fixed in the range of ₹118 to ₹124 per equity share of the face value of ₹10. The Shadowfax Technologies IPO date of subscription is scheduled for Tuesday, January 20, and will close on Thursday, January 22.

The allocation to anchor investors for the Shadowfax Technologies IPO is scheduled to take place on Monday, January 19. The Shadowfax Technologies IPO lot size is 120 equity shares and in multiples of 120 equity shares thereafter.

Shadowfax Technologies IPO has reserved 75% of the shares in the public issue for qualified institutional buyers (QIB), 15% for non-institutional Institutional Investors (NII), and 10% of the offer is reserved for retail investors.

Tentatively, Shadowfax Technologies IPO basis of allotment of shares will be finalised on Friday, January 23, and the company will initiate refunds on Tuesday, January 27, while the shares will be credited to the demat account of allottees on the same day following refund. Shadowfax Technologies share price is likely to be listed on BSE and NSE on Wednesday, January 28.

Shadowfax Technologies IPO details

The company plans to raise ₹1,907.3 crore through an IPO, which includes a fresh issuance of shares amounting to ₹1,000 crore and a share sale worth ₹907.3 crore by existing investors.

Of the total funds, the firm plans to allocate ₹423.4 crore from the new issue proceeds for enhancing its network infrastructure, while ₹138.6 crore will be used to cover lease payments for new first mile centers, last mile centers, and sorting centers. Further, ₹88.5 crore will be allocated for branding, marketing, and communication expenses, while the remaining funds will be directed towards acquisitions and general corporate use.

The selling shareholders in the offer-for-sale are Flipkart Internet, Eight Roads Investments Mauritius, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset. Among the largest shareholders in Shadowfax, Flipkart Internet, Eight Roads Investments Mauritius, and NewQuest Asia Fund possess stakes of 14.83%, 14.15%, and 14.08%, respectively.

The founders and promoters, Abhishek Bansal and Vaibhav Khandelwal, own 10.76% and 8.37% of the shares in the logistics platform, respectively.

ICICI Securities, Morgan Stanley India Company, and JM Financial are serving as the primary book running managers for the Shadowfax IPO, while Kfin Technologies Ltd. will act as the issue's registrar.

Company details

Shadowfax Technologies Ltd is a logistics solution provider based in India. The firm specializes in e-commerce express parcel delivery and a range of additional services.

Their offerings encompass e-commerce and direct-to-consumer deliveries, hyperlocal and quick commerce completed within hours or on the same day, as well as SMS and personal courier services through the Shadowfax Flash app.

As of September 30, 2025, the company boasts a nationwide logistics network with 4,299 touchpoints, including first- and last-mile centers, as well as sort centers, serving a total of 14,758 pin codes. This is backed by more than 3.50 million square feet of operational space, which includes 53 sort centers occupying 1.80 million square feet, designated for shipment consolidation, sorting, and dispatch.

Shadowfax has achieved strong financial results in recent years, with profits for the six-month period ending September 2025 increasing nearly 114% to ₹21 crore, compared to ₹9.8 crore for the same period in the previous fiscal year. During this time, revenue surged to ₹1,805.6 crore, marking a 68.4% rise from ₹1,072 crore.

In fiscal 2025, the company has improved its performance by reporting a profit of ₹6.4 crore, in contrast to a loss of ₹11.8 crore in the prior year. Revenue for the same fiscal year grew by 31.8% to reach ₹2,485.1 crore, up from ₹1,884.8 crore.

As per the RHP, the company's listed peers are Blue Dart Express Ltd (with a P/E of 50.70), and Delhivery Ltd (with a P/E of 195.07).

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