Incorporated in 2015, Shadowfax Technologies Limited is a tech-focused third-party logistics company with a service network across 14,758 pin codes in India as of September 2025.

The company provides a range of logistics services, including express forward parcel deliveries, reverse pickups, hand-in-hand exchange deliveries, prime deliveries, and mobility services to e-commerce, quick commerce, and on-demand mobility companies. In this blog, we will explore the key details of the Shadowfax Technologies IPO, including the issue size, subscription, listing performance, financial performance, peer analysis, and risk factors.

#Shadowfax Technologies IPO  Listing Details

Listing Date: January 28, 2026

Listed On: BSE & NSE

Issue Price: ₹124 per share

Listing Price: ₹112.60 per share

Listing Gain/Loss: Listed at a 9.2% discount to the issue price.

#Subscription rate

Qualified Institutional Buyers : 3.81x

Non-Institutional Investor : 0.82x

Retail Individual Investor: 2.22x

Employees: 2.00x

Total : 2.70x

#Shadowfax Technologies IPO​ Key Details

The key details for the Shadowfax Technologies IPO dates : 

Bidding Opening Date: January 20, 2026

Bidding Closing Date: January 22, 2026

Allotment Date: January 23, 2026

Initiation of Refunds (in case of less or no allotment): January 27, 2026

Shares Credited to Your Demat Account: January 27, 2026

IPO Listing Date: January 28, 2026

Listing on Exchange: BSE and NSE]

#Shadowfax Technologies IPO​ Price Band and Issue Size

At the time of the IPO, Shadowfax Technologies had a market capitalisation of ₹7,168.85 crore. The key IPO details are as follows:

Shadowfax Technologies IPO Price Band: ₹118 to ₹124 per share

Lot Size: 120 Shares

Face Value: ₹10 per share

Total Issue Size and Amount: 15.38 crore shares (aggregating up to ₹1,907 crores)

Fresh Issue Size and Amount: 8.06 crore shares (aggregating up to ₹1,000 crores)

Offer for Sale and Amount: 7.32 crore shares (aggregating up to ₹907 crores)

#Shadowfax Technologies IPO​ Proceeds Usage

The fresh issue of ₹1,000 crore was earmarked for the following purposes:

• ₹423.43 crore was allocated for capital expenditure on the company's network infrastructure.
•  ₹138.64 crore was allocated for lease payments of new first-mile, last-mile, and sort centres.
•  ₹88.57 crore was allocated towards branding, marketing, and communication expenses.

The offer for sale (OFS) component of ₹907 crore was received by the selling shareholders, including Flipkart Internet Private Limited, Eight Roads Investments Mauritius II Limited, International Finance Corporation, Qualcomm Asia Pacific Pte. Ltd., and others.

#Shadowfax Technologies IPO​ Reservations and Minimum Investment

At the time of the IPO, 10% of the issue was reserved for retail investors, 75% for Qualified Institutional Buyers (QIBs), and 15% for Non-Institutional Investors (NIIs). There was no shareholder reservation mentioned in the Red Herring Prospectus.

The Shadowfax Technologies IPO lot size was 120 shares, and bids could be placed in multiples of that lot size. The minimum investment amount for each investor category was as follows:

Application Lots Shares Amount

Retail (Min) 1 120 ₹14,880

S-HNI (Min) 14 1,680 ₹2,08,320

B-HNI (Min) 68 8,160 ₹10,11,840

#Shadowfax Technologies Limited: Company Overview

Backed by Flipkart, Shadowfax Technologies Limited is the fastest-growing third-party logistics company in India, with its market share rising from 8% in FY22 to 23% as of September 2025. The total number of orders has increased by 50% YoY to over 29 crores as of September 2025.

The number of touchpoints also rose to 4,299 by September 2025 from 1,817 in FY23. The average quarterly unique transacting delivery partners increased from 1,40,468 in FY23 to 2,05,864 in September 2025.

It mainly provides three services to clients: express, hyperlocal, and other logistics services. The majority of operating revenue is earned from direct delivery to end customers, and its client base includes Meesho, Flipkart, Myntra, Swiggy, Zepto, Nykaa, etc.

#Shadowfax Technologies​: Financial Performance

According to the latest available financial results, below is a comparison of Shadowfax Technologies' financial performance over the last two financial years.

#Shadowfax Technologies: Peer Analysis

Shadowfax Technologies competes with companies such as Delhivery and Blue Dart Express in India's third-party logistics market. Investors should evaluate the company's latest financial performance, profitability, growth strategy, and valuation relative to its peers before making an investment decision.

#Shadowfax Technologies: Risk Factors

• The company had made losses and seen negative cash flows from operating, investing, and financing activities in the past.
• Shadowfax Technologies depends on its wide network for operations, including 4,299 touchpoints, over 3.50 million square feet of operational space, and 14,758 pin codes. Any disruption in this network can affect the business operations.
• Around 50% of revenue is earned from the largest commercial client, and the loss of this client could directly affect revenue.
• The company relies on over 2 lakh delivery partners and has no exclusive agreements with them, which can pose operational risks.
• Some clients operate on a COD model. This creates operational challenges and raises the risk of cash loss.

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#Conclusion

​Shadowfax Technologies is a technology-driven logistics company operating in the fast-growing e-commerce and quick-commerce segments. The company has demonstrated strong revenue growth and improved profitability in recent years while continuing to expand its delivery network across India. Investors should evaluate the company's latest financial performance, growth strategy, competitive position, and valuation before making any investment decision.