Incorporated in June 2016, Shadowfax Technologies Ltd. is an Indian logistics solutions provider offering e-commerce express parcel delivery and value-added logistics services.
Shadowfax Technologies IPO 2026 – Dates, Price Band, Lot Size, Review & Full Details
Book Building IPO | BSE, NSE
IPO Snapshot
20 January 2026
22 January 2026
23 January 2026
28 January 2026 (Tentative)
₹118 – ₹124 per share
120 shares
₹1,907.27 Crore
Bookbuilding IPO (Fresh Issue + OFS)
Shadowfax Technologies IPO Key Details
| Particular | Details |
|---|---|
| IPO Dates | 20 to 22 January 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹118 to ₹124 per share |
| Total Issue Size | 15,38,12,096 shares (₹1,907.27 Cr) |
| Market Cap (Pre-IPO) | ₹7,168.85 Crore |
| Listing At | BSE, NSE |
| Issue Type | Book Building IPO |
| Registrar | Kfin Technologies Ltd. |
| Lead Manager | ICICI Securities Ltd. |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Tuesday, 20 January 2026 |
| IPO Closes | Thursday, 22 January 2026 |
| Allotment | Friday, 23 January 2026 |
| Refunds | Tuesday, 27 January 2026 |
| Shares Credited | Tuesday, 27 January 2026 |
| Listing | Wednesday, 28 January 2026 |
IPO Lot Size & Investment Details
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 120 | 14,880 |
| Retail (Max) | 13 | 1,560 | 1,93,440 |
| S-HNI (Min) | 14 | 1,680 | 2,08,320 |
| S-HNI (Max) | 67 | 8,040 | 9,96,960 |
| B-HNI (Min) | 68 | 8,160 | 10,11,840 |
IPO Reservation Details
| Investor Category | Reservation |
|---|---|
| QIB | Not less than 75% of Net Offer |
| NII (HNI) | Not more than 15% of Net Offer |
| Retail | Not more than 10% of Net Offer |
About Shadowfax Technologies Ltd.
Incorporated in June 2016, Shadowfax Technologies Ltd. is an Indian logistics solutions provider offering e-commerce express parcel delivery and value-added logistics services.
The company provides e-commerce and D2C delivery, hyperlocal and quick commerce, and personal courier services through its Flash app.
As of September 30, 2025, Shadowfax operated 4,299 touchpoints covering 14,758 pin codes across India, supported by over 3.50 million sq. ft. of operational space and a fleet of more than 3,000 trucks daily.
Competitive Strengths
- Agile and customisable logistics solutions
- Largest last-mile gig-based delivery partner infrastructure
- Strong nationwide logistics network
- Proprietary and scalable technology platform
- Experienced management and founder-led leadership
Financial Performance (₹ Crore)
| Particular | 30 Sep 2025 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.06 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| Net Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Total Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Borrowing | 147.44 | 132.23 | 40.33 | 66.69 |
Objects of the Issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Capital expenditure for network infrastructure | 423.43 |
| Lease payments for new logistics centres | 138.64 |
| Branding, marketing and communication | 88.57 |
| Inorganic acquisitions & general corporate purposes | — |
Key Performance Indicators (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| Debt / Equity | 0.21 | 0.20 |
| RoNW | 3.03% | 0.97% |
| EBITDA Margin | 2.86% | 1.96% |
| Post-IPO P/E | 170.39x | |
Promoters
Mr. Abhishek Bansal and Mr. Vaibhav Khandelwal.
IPO Registrar
Kfin Technologies Ltd.
Phone: 040-67162222 / 040-79611000
Email: shadowfax.ipo@kfintech.com
IPO Lead Managers
- ICICI Securities Ltd.
- Morgan Stanley India Co. Pvt. Ltd.
- JM Financial Ltd.
Company Contact Details
Shadowfax Technologies Ltd.
3rd Floor, Shilpitha Tech Park,
Outer Ring Road, Bellandur,
Bengaluru, Karnataka – 560103
Email: hello@shadowfax.in
Frequently Asked Questions (FAQ)
What is the Shadowfax Technologies IPO date?
The IPO opens on 20 January 2026 and closes on 22 January 2026.
What is the price band of Shadowfax IPO?
The price band is ₹118 to ₹124 per share.
What is the lot size of Shadowfax IPO?
The minimum application size is 120 shares.
Where will Shadowfax IPO list?
The IPO will list on BSE and NSE.