Shadowfax Technologies is all set to make its market debut as its IPO opens for subscription on Tuesday, January 20, 2026. The company, a leading player in India’s logistics and delivery ecosystem, has carved a niche in express parcel delivery for e-commerce, quick commerce, and hyperlocal shipments.
With the growth of online shopping and on-demand deliveries, Shadowfax has positioned itself as a critical link in India’s supply chain, offering fast, reliable, and tech-driven delivery solutions.
Market Performance and IPO Overview
Shadowfax Technologies is raising a total of ₹1,907.3 crore through its IPO. This includes:
- Fresh issue of shares: ₹1,000 crore
- Offer for sale by existing investors: ₹907.3 crore
The IPO has been priced in the ₹118–₹124 per equity share range, with each lot consisting of 120 shares and multiples thereof. The issue is structured to attract a broad spectrum of investors:
- Qualified Institutional Buyers (QIBs): 75%
- Non-Institutional Investors (NIIs): 15%
- Retail Investors: 10%
The allotment process is expected to conclude by Friday, January 23, with refunds processed by Tuesday, January 27. The shares are expected to be credited to investors’ demat accounts on the same day, with Shadowfax Technologies set to make its market debut on Wednesday, January 28, listing on both the BSE and NSE.
Shadowfax Technologies: Company Snapshot
Founded in India, Shadowfax Technologies specializes in end-to-end logistics solutions, catering to e-commerce platforms, direct-to-consumer brands, and hyperlocal delivery requirements. Its services include:
- E-commerce and direct-to-consumer shipping
- Quick commerce and hyperlocal deliveries within hours or the same day
- Specialized services via the Shadowfax Flash app, including SMS notifications and personal courier options
This combination of technology and logistics has enabled Shadowfax to expand rapidly, earning it recognition as a key enabler in India’s fast-growing delivery market.
Financial Performance at a Glance
Shadowfax Technologies has shown strong financial momentum over recent periods, with impressive revenue growth and profitability turnaround. Key highlights include:
- For the half-year period ending September 30, 2025:
- Revenue: ₹1,805.6 crore (up 68.4% from ₹1,072 crore YoY)
- Profit: ₹21 crore (up 114% from ₹9.8 crore YoY)
- For Fiscal Year 2025:
- Revenue: ₹2,485.1 crore (up 31.8% from ₹1,884.8 crore in FY24)
- Profit: ₹6.4 crore, a turnaround from a loss of ₹11.8 crore in the previous year
The growth reflects Shadowfax’s focus on expanding its delivery network, optimizing operations, and leveraging technology to serve the increasing e-commerce demand.
IPO Objectives: How the Funds Will Be Utilized?
The proceeds from the fresh issue of ₹1,000 crore will be used in a phased manner to strengthen Shadowfax’s infrastructure and operations:
- ₹423.4 crore for enhancing network infrastructure
- ₹138.6 crore for lease payments on new first-mile and last-mile centers, and sorting facilities
- ₹88.5 crore for branding, marketing, and communication
- Remaining funds for acquisitions and general corporate purposes
This phased allocation ensures that the company scales systematically while continuing to improve service efficiency and customer reach.
Key Dates for Shadowfax Technologies IPO
- IPO Opening Date: Tuesday, January 20, 2026
- IPO Closing Date: Thursday, January 22, 2026
- Basis of Allotment: Friday, January 23, 2026
- Refunds and Demat Credit: Tuesday, January 27, 2026
- Expected Listing Date: Wednesday, January 28, 2026
Lead Managers and Registrar
- Book Running Lead Managers: ICICI Securities, Morgan Stanley India Company, JM Financial
- Registrar: Kfin Technologies Ltd
These institutions will manage the IPO process, from subscription collection to allotment and final listing.
Summary
Shadowfax Technologies’ IPO marks a major milestone for India’s logistics and delivery sector. The company’s rapid growth, strong financial recovery, and clear expansion plans make this IPO one to watch for retail and institutional investors alike.
With a structured use of funds, a robust operational model, and a technology-driven delivery ecosystem, Shadowfax is poised to strengthen its presence across India’s fast-growing logistics landscape.
Source: Livemint
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