Overview
Shadowfax Technologies is set to open its initial public offering (IPO) on January 20, 2026, marking a key moment for India’s fast-growing logistics and last-mile delivery space. Backed by Flipkart and other marquee investors, the Bengaluru-based company aims to tap public markets amid strong investor appetite for tech-enabled platforms.
The IPO comes after Shadowfax recalibrated its valuation expectations, adopting a more market-aligned approach as it looks to attract long-term institutional and retail investors. The issue will remain open for subscription until January 22, 2026, according to the latest disclosures.
Offer Snapshot
- IPO open date: January 20, 2026
- IPO close date: January 22, 2026
- Price band: ₹118 to ₹124 per share
- Issue size: Around ₹1,900 crore
- Issue structure: Fresh issue plus offer for sale
- Listing venue: NSE and BSE
- Expected listing: January 28, 2026 (tentative)
The IPO includes a fresh issue component to fund growth initiatives, along with an offer for sale by existing shareholders.
Financials
Shadowfax has reported strong revenue growth in recent years, supported by rising demand from e-commerce, quick commerce and direct-to-consumer brands. The company has benefited from higher shipment volumes and improved operational efficiencies.
Key financial trends investors are tracking include:
- Consistent growth in operating revenue
- Gradual improvement in margins as scale increases
- Focus on cost optimisation across delivery and sorting operations
Detailed financial numbers will be closely analysed once the final offer documents are reviewed by investors.
Business Highlights
Shadowfax operates a technology-led, asset-light logistics network with nationwide reach.
- Presence across thousands of PIN codes in India
- Large gig-based delivery partner network
- Services spanning express parcel, hyperlocal and reverse logistics
- Strong relationships with leading e-commerce and quick commerce platforms
Its platform-driven approach allows flexible scaling while keeping fixed costs relatively low.
Use of Proceeds
Funds raised from the fresh issue are proposed to be utilised for:
- Expansion of logistics and sorting infrastructure
- Lease payments for hubs and delivery centres
- Investment in technology and platform upgrades
- Brand building and general corporate purposes
These initiatives are expected to support long-term growth and service reliability.
Risks
Investors should be mindful of certain risks associated with the business:
- Heavy reliance on gig delivery partners without exclusive contracts
- Intense competition in the logistics and last-mile delivery segment
- Sensitivity of margins to fuel costs and pricing pressure
- Execution risks linked to rapid network expansion
These factors could impact profitability and future performance.
What to Watch Next
- Subscription trends across retail, HNI and institutional categories
- Anchor investor participation ahead of the issue
- Grey market premium movement closer to listing
- Post-listing performance amid broader market sentiment
Shadowfax’s IPO will be closely watched as a barometer for investor confidence in logistics and new-age platform businesses.