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Shadowfax Technologies IPO 2026: Complete IPO Analysis, Price Band, Financials, Valuation, Risks & Investment View
Shadowfax Technologies is preparing to enter the public markets in January 2026, bringing one of India’s largest technology-led logistics platforms to retail and institutional investors.
Shadowfax Technologies IPO in Focus Ahead of January 2026 Listing
Shadowfax Technologies is a new-age, technology-driven third-party logistics (3PL) company enabling digital commerce at scale across India. The company has emerged as a critical logistics backbone for e-commerce, quick commerce, food delivery, and on-demand mobility platforms.
As of September 30, 2025, Shadowfax operated across 14,758 pin codes, supported by 4,299 touchpoints spanning first-mile, middle-mile, and last-mile operations. Its platform-driven, asset-light model has allowed it to scale rapidly while maintaining flexibility in operations.
Shadowfax Technologies IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | January 20, 2026 |
| IPO Closing Date | January 22, 2026 |
| Price Band | ₹118 – ₹124 per share |
| Face Value | ₹10 per share |
| Issue Type | Book-built Mainboard IPO |
| Total Issue Size | ~₹1,907.27 crore |
| Fresh Issue | ~₹1,000 crore |
| Offer for Sale (OFS) | ~₹907.27 crore |
| Lot Size | 120 shares |
| Minimum Retail Investment | ₹14,880 |
| Retail Allocation | 10% |
| Exchanges | BSE & NSE |
| Allotment Date | January 23, 2026 |
| Listing Date | January 28, 2026 |
| Registrar | KFin Technologies Limited |
Business Overview: Technology-Led Logistics at National Scale
Shadowfax offers an end-to-end logistics platform covering:
- Express forward parcel deliveries
- Reverse logistics and exchange pickups
- Same-day and next-day “Prime” deliveries
- Quick commerce and hyperlocal logistics
- Mobility and critical delivery services
The company operates with over 3,000 trucks deployed daily, 53 sort centres, and more than 3.5 million sq. ft. of leased operational space. A key differentiator is its crowdsourced last-mile delivery network, the largest in India, with over 2 lakh active delivery partners on a quarterly basis.
Workforce & Operational Strength
- Permanent Employees: 4,472
- Contract Workforce: 17,182
- Delivery Partners: ~2,05,864 average quarterly transacting partners
This blended workforce model allows Shadowfax to manage peak demand efficiently while keeping fixed costs under control.
Financial Performance & Growth Trajectory
Shadowfax’s financials reflect rapid scale-up with improving profitability trends.
Financial Performance (₹ Crore)
| Metric | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue | 1,415.12 | 1,884.82 | 2,485.13 | 1,805.64 |
| Expenses | 1,565.53 | 1,908.36 | 2,508.60 | 1,798.77 |
| Net Income | -142.64 | -11.88 | 6.43 | 21.04 |
| Net Margin (%) | -10.08 | -0.63 | 0.26 | 1.17 |
The transition from losses to profitability highlights improving operational efficiency and pricing discipline.
Valuation & Margin Analysis
| Metric | FY23 | FY24 | FY25 | FY26 (Post-Issue)* |
|---|---|---|---|---|
| EPS (₹) | -3.38 | -0.28 | 0.13 | 0.69 |
| P/E (x) | – | – | 907–954 | 171–186 |
| RONW (%) | -80.90 | -2.82 | 0.97 | – |
| NAV (₹) | 4.17 | 9.90 | 13.83 | – |
| EBITDA Margin (%) | -7.18 | 1.02 | 1.96 | – |
| Debt/Equity | 0.38 | 0.10 | 0.20 | – |
Post-issue metrics based on annualized FY26 performance.
Grey Market Premium (GMP) Snapshot
- GMP: Yet to emerge
- Market View: GMP trends are expected closer to IPO opening
- Investors can track updates on Live IPO GMP Today
IPO Objectives: Use of Proceeds
Net proceeds from the fresh issue will be utilized for:
- Capital expenditure toward network infrastructure
- Lease payments for new first-mile, last-mile, and sort centres
- Branding, marketing, and communication expenses
- General corporate purposes
These investments are aimed at strengthening capacity and supporting future growth.
Category-Wise Allocation
- QIBs: 75%
- Non-Institutional Investors (HNIs): 15%
- Retail Investors: 10%
This allocation structure reflects a strong institutional tilt, common for large mainboard IPOs.
Peer Comparison: Where Shadowfax Stands
| Company | P/E (x) | EPS (₹) | RONW (%) | Revenue (₹ Cr) |
|---|---|---|---|---|
| Shadowfax Technologies | ~186 | 0.69 | 0.97 | 2,514.66 |
| Blue Dart Express | 52.32 | 106.38 | 17.25 | 5,762.16 |
| Delhivery Limited | 218.18 | 2.14 | 1.75 | 9,372.00 |
Shadowfax sits between traditional logistics players and platform-based tech-led logistics companies.
Key Strengths
- Pan-India logistics network with deep pin-code coverage
- Asset-light, technology-first operating model
- Strong exposure to e-commerce and quick commerce growth
- Improving profitability and operating leverage
- Scalable crowdsourced delivery ecosystem
Key Risks & Concerns
- Thin margins compared to traditional logistics peers
- High dependence on large e-commerce clients
- Competitive intensity from listed logistics platforms
- Valuation sensitivity due to recent profitability
Shadowfax Technologies IPO: Subscribe or Avoid?
Shadowfax offers exposure to India’s rapidly evolving logistics and digital commerce ecosystem. While valuations appear demanding, improving profitability, scale advantages, and technology integration make it a long-term structural play rather than a short-term listing gain bet.
What Should Investors Track Next?
- GMP trend closer to IPO opening
- Anchor investor participation
- Subscription levels across categories
- Allotment updates on IPO Allotment Status
Useful IPO Links & Resources
Disclaimer: IPO investments are subject to market risks. GMP is an unofficial indicator and should not be considered financial advice.