Shadowfax Technologies
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹118 – ₹124
Lot Size
120
₹14,880
Face Value
₹10
Important Dates
Open Date
20 Jan 2026
Close Date
22 Jan 2026
Allotment
23 Jan 2026
Refund
27 Jan 2026
Listing
28 Jan 2026
About Company
Incorporated in June 2016, Shadowfax Technologies Ltd is a logistics solution provider company in India.
The company offers e-commerce express parcel delivery and a suite of value-added offerings, including e-commerce and D2C delivery, hyperlocal and quick commerce within hours or same day, and SMS and personal courier services through its Flash app.
Its nationwide logistics network includes 4,299 touchpoints across first- and last-mile centres and sort centres as of September 30, 2025, serving 14,758 pin codes.
The network is supported by over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft for shipment consolidation, sorting, and dispatch.
The company leases its logistics facilities and linehaul and owns automation and machinery for operational control.
It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network.
As of September 30, 2025, the platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.
As of September 30, 2025, the company had 4,472 permanent employees and 17,182 contract workers.
Major clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC and Magicpin, among others.
The company is positioned as a large-scale provider for last-mile and end-to-end e-commerce delivery, quick commerce, food delivery and hyperlocal services.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Funding of capital expenditure requirements of the Company in relation to the network infrastructure. | ₹423.43 |
| 2 | Funding of lease payments for new first mile centers, last mile centers and sort centers. | ₹138.64 |
| 3 | Funding of branding, marketing and communication costs. | ₹88.57 |
| 4 | Unidentified inorganic acquisitions and general corporate purposes. | – |
Financial Performance
Share Reservations
QIB
11,50,56,593
Anchor
6,90,33,955
NII
2,30,11,319
Retail
1,53,40,879
Employee
4,03,226
Total
15,38,12,017
RHP Insights
AI-powered analysis from Red Herring Prospectus
Large-Scale IPO with Balanced Fresh Issue and OFS
The total IPO size is ₹19,072.69 million, split between a ₹10,000 million fresh issue and ₹9,072.69 million Offer for Sale, indicating both growth capital needs and partial investor exits.
Impact: ModerateStrong Institutional Backing by Global Investors
The cap table includes marquee names such as Flipkart, IFC, Qualcomm, Nokia Growth Partners, Eight Roads, and Mirae Asset, adding credibility and governance confidence.
Impact: HighSignificant OFS Indicates Partial Investor Exit
A large portion of the IPO is Offer for Sale, especially by Flipkart and private equity investors, which may cap near-term upside but is common for late-stage tech IPOs.
Impact: ModerateEligibility via Regulation 6(2) Reflects Non-Traditional Profitability Path
The company is issuing under SEBI ICDR Regulation 6(2), implying it does not meet standard profitability thresholds, highlighting execution and margin risks.
Impact: LowFresh Issue Focused on Growth Capital
Proceeds from the fresh issue are expected to strengthen balance sheet and fund expansion, technology, and logistics infrastructure.
Impact: HighSWOT Analysis
AI-generated strategic view
Strengths
- •Agile and customisable logistics services that enable faster go-to-market for clients.
- •Largest last-mile gig-based delivery partner infrastructure.
- •Network infrastructure serves as the backbone of an efficient and scalable delivery system.
- •Proprietary and agile technology capabilities.
- •Proven business model with focus on profitability while delivering healthy growth.
- •Experienced management team supported by entrepreneurial founders.
Weaknesses
- •Historically incurred losses in FY23 and FY24 before recent turnaround.
- •Exorbitant valuation based on recent financial data as per analyst review.
- •Dependence on large e-commerce and quick commerce clients for volumes.
Opportunities
- •Growing e-commerce and D2C market in India increasing demand for tech-enabled logistics.
- •Rising adoption of hyperlocal and quick commerce delivery models.
- •Potential for inorganic acquisitions using IPO proceeds.
- •Expansion of network infrastructure and automation capabilities.
Threats
- •Intense competition in the logistics and last-mile delivery space.
- •Regulatory changes affecting gig-worker based delivery models.
- •Client concentration risk with major e-commerce platforms.
- •Macroeconomic slowdown impacting discretionary e-commerce demand.
Shadowfax Technologies IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Blue Dart Express Ltd | 106.38 | 106.38 | 657.05 | 50.7 | 17.25 | Consolidated |
| Delhivery Ltd | 2.19 | 2.14 | 124.77 | 195.07 | 1.75 | Consolidated |
| Shadowfax Technologies Ltd | 0.13 | 0.13 | 13.83 | 1,017 | 0.97 | Consolidated |
Shadowfax Technologies - Documents & Links
Registrar
Company contact
Shadowfax Technologies Ltd
Address: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru, Karnataka, 560103
hello@shadowfax.inhttps://www.shadowfax.in/Lead managers
Frequently Asked Questions
Common questions about Shadowfax Technologies IPO.