Shadowfax Technologies IPO comprises a fresh issue of 8.06 crore shares aggregating to ₹1,000 crore and an offer for sale of 7.32 crore shares totaling ₹907.27 crore.
The IPO opens for subscription on January 20, 2026, and closes on January 22, 2026, with allotment expected to be finalised by January 23, 2026. Shadowfax Technologies is set to list on both BSE and NSE, with a tentative listing date of January 28, 2026.
The price band for the IPO has been fixed between ₹118 and ₹124 per share. The minimum application lot is 120 shares, requiring a retail investor to invest ₹14,880 at the upper price band. For small non-institutional investors (sNII), the lot size is 14 lots (1,680 shares), amounting to ₹2,08,320, while for big non-institutional investors (bNII), the lot size is 68 lots (8,160 shares), amounting to ₹10,11,840.
ICICI Securities Ltd is acting as the book running lead manager, and Kfin Technologies Ltd is the registrar for the issue. Refer to Shadowfax Technologies IPO RHP for complete details.
Shadowfax IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- Funding of capital expenditure requirements for network infrastructure: ₹4,234.31 million
- Funding of lease payments for new first mile centers, last mile centers, and sort centers: ₹1,386.43 million
- Funding of branding, marketing, and communication costs: ₹885.74 million
- For unidentified inorganic acquisitions and general corporate purposes
About Shadowfax Technologies Limited
Shadowfax Technologies is a new-age, technology-led third-party logistics (3PL) company that leverages technology to facilitate digital commerce. As of September 30, 2025, the company’s service network covers 14,758 Indian pin codes. It serves a diverse set of enterprise clients, including horizontal and non-horizontal e-commerce companies, quick commerce, food marketplaces, and on-demand mobility platforms.
The company offers a wide range of services, including express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, mobility services, and other critical logistics solutions, enabling it to cater to complex and varied client needs.
As of March 31, 2025, Shadowfax Technologies was the fastest-growing 3PL company of scale in India, expanding its e-commerce shipment market share from approximately 8% in FY22 to around 23% in the six months ended September 30, 2025. Within the express service line, the company is a market leader in reverse pickup shipments in terms of order volume for FY25 and the six months ended September 30, 2025.
During FY25, Shadowfax Technologies’ platform processed 436.36 million orders, achieving a CAGR of 29.77% from FY23. In the six months ended September 30, 2025, it processed 294.45 million orders, representing a CAGR of 50.11% from the prior year period.
The company generated revenue from operations of ₹24,851.31 million in FY25 with an Adjusted EBITDA margin of 1.96%, and reached ₹18,056.44 million in revenue with an Adjusted EBITDA margin of 2.86% during the six months ended September 30, 2025.
Shadowfax Technologies operates an extensive nationwide logistics infrastructure with 4,299 touchpoints, including first and last mile centers and sort centers. Its network is supported by over 3.50 million square feet of operational space, including 53 sort centers covering more than 1.80 million square feet, which manage consolidation, sorting, and dispatch of shipments.
The company follows a fully leased model for logistics facilities and linehaul, while retaining ownership of automation and machinery for operational control. Its asset-light model deploys a dedicated fleet of over 3,000 trucks daily, providing flexibility, consistency, and cost efficiency.
The company’s hybrid mesh-based linehaul network, powered by dynamic routing algorithms, ensures optimised node-to-node connectivity and cost structures, enhancing operating leverage while maintaining versatility to serve India’s evolving digital commerce landscape.
Industry Outlook
- Quick commerce shipments stood at approximately 1.1–1.3 billion in FY25 and are projected to grow at a strong CAGR of 29–44% through FY30, driven by urban demand and instant delivery adoption.
- India’s e-commerce logistics ecosystem has grown 28–31% over the last five years to reach 4.9–5.3 billion shipments in FY25 and is expected to expand to 15–16 billion shipments by FY30, at a 23–27% CAGR.
- As India’s e-commerce sector matures, same-day and faster deliveries are becoming a key differentiator, significantly influencing customer experience, repeat purchases, and platform competitiveness.
How To Apply for the Shadowfax Technologies IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Shadowfax Technologies IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Shadowfax Technologies IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Shadowfax Technologies Limited
Registered office: 3rd Floor, Shilpitha Tech Park Sy No. 55/3 & 55/4 Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru - 560103 Karnataka, India.
Phone: 080 6452 5653
Email Id: investors@shadowfax.in
Shadowfax Technologies IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
Shadowfax Technologies IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 1 | 120 | ₹14,880 |
| Individual investors (Retail) (Max) | 13 | 1,560 | ₹1,93,440 |
| HNI (Min) | 14 | 1,680 | ₹2,08,320 |
Shadowfax Technologies IPO Promoter Holding
The promoters of the company include Abhishek Bansal and Vaibhav Khandelwal.
| Share Holding Pre-Issue | 19.13% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Shadowfax Technologies IPO
| KPI | Value (FY 2025) |
| Total Orders (million) | 436.36 |
| EBITDA Margin (%) | 1.96 |
Shadowfax Technologies IPO Registrar and Lead Managers
Shadowfax Technologies IPO Lead Managers
- ICICI Securities Ltd
- Morgan Stanley India Co
- JM Financial Ltd
Registrar for Shadowfax Technologies IPO
Kfin Technologies Ltd
- Phone: 04067162222, 04079611000
- Email: shadowfax.ipo@kfintech.com
Financial Performance of Shadowfax Technologies Limited
| Particulars (Unit) | Six Months Ended Sep 30, 2025 | Six Months Ended Sep 30, 2024 | FY 2025 | FY 2024 |
| Express Orders (million) | 228.41 | 159.95 | 341.56 | 302.48 |
| Hyperlocal Orders (million) | 66.03 | 36.19 | 94.79 | 47.84 |
| Total Orders (million) | 294.45 | 196.15 | 436.36 | 350.32 |
| Express Revenue (₹ million) | 12,387.31 | 7,872.98 | 17,160.86 | 14,945.90 |
| Hyperlocal Revenue (₹ million) | 3,593.47 | 1,968.36 | 5,132.42 | 2,538.95 |
| Other Logistics Services Revenue (₹ million) | 2,075.66 | 879.35 | 2,558.03 | 1,363.37 |
| Revenue from Operations (₹ million) | 18,056.44 | 10,720.69 | 24,851.31 | 18,848.22 |
| Profit / (Loss) for the Period/Year (₹ million) | 210.37 | 98.36 | 64.26 | (118.82) |
| Adjusted EBITDA (₹ million) | 515.64 | 256.68 | 486.69 | 192.93 |
Peer Comparison
| Name of the Company | Total Income (₹ million) | Basic EPS (₹) | RoNW (%) |
| Shadowfax Technologies Limited | 25,146.57 | 0.13 | 0.97 |
| Blue Dart Express Limited | 57,621.60 | 106.38 | 17.25 |
| Delhivery Limited | 93,720.09 | 2.19 | 1.75 |
Strengths and Opportunities of Shadowfax Technologies Limited
- Offers agile and customisable logistics solutions, enabling faster go-to-market and deeper wallet share with digital commerce clients.
- Only 3PL of scale in India providing both end-to-end e-commerce deliveries and last-mile services for quick commerce and hyperlocal use cases.
- Strong and diversified client base including leading e-commerce, quick commerce, food delivery, and mobility platforms.
- Operates India’s largest gig-based last-mile delivery partner infrastructure, ensuring scalability and delivery flexibility.
- Extensive nationwide network covering 14,758 pin codes through over 4,299 touchpoints across first, middle, and last-mile operations.
- Technology-led logistics platform enabling efficient network management, dynamic routing, and superior customer experience.
- Proven ability to scale rapidly with consistent revenue growth and expanding market presence across digital commerce segments.
- Improving profitability profile with sustained expansion in Adjusted EBITDA margins, reflecting operational leverage and cost discipline.
Risks and Threats of Shadowfax Technologies Limited
- The company incurred losses of ₹118.82 million in FY2024 and ₹1,426.38 million in FY2023 with negative cash flows in certain periods. Future expansion and higher expenses may result in continued losses and cash flow pressure.
- Operations rely on a large integrated network of 4,299 touchpoints across first-mile, last-mile and sort centers. Any disruption to this network could adversely impact service delivery, financial condition and cash flows.
- A single largest client contributes a significant portion of revenue, ranging between 48.00% and 59.52% across periods. Loss or reduction of this relationship could materially affect revenues and business operations.
- Revenue growth from ₹14,151.24 million in FY2023 to ₹24,851.31 million in FY2025 may not be sustained. Failure to manage growth or execute strategies effectively could hinder future performance.
- Inability to expand network infrastructure in a balanced and timely manner may constrain operational efficiency. This could negatively impact growth, service quality and financial results.
- The company depends on a non-exclusive crowdsourced network of over 205,864 average quarterly delivery partners. Any decline in partner availability may disrupt operations and lead to higher costs.
- Mishandling of goods by delivery partners may result in delays, losses and customer dissatisfaction. Such incidents could damage client relationships and financial performance.
- Dependence on third-party franchisees for last-mile delivery exposes the business to performance risks. Any disruption or underperformance could affect service quality, revenues and reputation.
