Shadowfax Technologies IPO
Shadowfax Technologies IPO
Overview
Shadowfax Technologies IPO is a book build issue of ₹1,907.27 crores. The issue is a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale of 7.32 crore shares aggregating to ₹907.27 crores. Shadowfax Technologies IPO opens for subscription on Jan 20, 2026 and closes on Jan 22, 2026. The allotment for the Shadowfax Technologies IPO is expected to be finalized on Jan 23, 2026. Shadowfax Technologies IPO will list on BSE, NSE with a tentative listing date fixed as Jan 28, 2026. Shadowfax Technologies IPO price band is set at ₹118 to ₹124 per share. The lot size for an application is 120. The minimum amount of investment required by an retail is ₹14,880 (120 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840. ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Issue Size
₹15,38,12,096
Issue Price
₹1,907 Cr
Price Band
₹118 – ₹124
Lot Size
120 shares
Min. Investment
₹14,160
Max. Investment
₹14,880
Open Date
20 Jan, 2026
Close Date
22 Jan, 2026
Allotment
23 Jan, 2026
Listing
28 Jan, 2026
Max. Investment
₹14,880
Announced
20 Jan, 2026
Opening Date
20 Jan, 2026
Closing Date
22 Jan, 2026
Basis of Allotment
23 Jan, 2026
Initiation of Refunds
27 Jan, 2026
Credit of Shares
27 Jan, 2026
Listing Date
28 Jan, 2026
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About Shadowfax Technologies IPO
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.
Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through Shadowfax's Flash app.
The company's nationwide logistics network includes 4,299 touchpoints across first- and last-mile ce
Shadowfax Technologies IPO Share Price
Issue Breakdown
Shareholding
Dilution: 16.2% increase in shares
Shadowfax Technologies IPO Financial Health
Shadowfax Technologies IPO Lot Size
Investors can bid for a minimum of 120 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8160 | ₹10,11,840 |
(All values in CR)
Shadowfax Technologies IPO Valuations
| Metric | Value |
|---|---|
| Debt/Equity | 0.20 |
| RoNW | 0.97 |
| EBITDA Margin | 1.96 |
| Price to Book Value | 8.97 |
(All values in CR)
Shadowfax Technologies IPO Strength & Risk
Strengths of Shadowfax Technologies IPO
• Operates in a fast-growing logistics and e-commerce delivery market
• Strong presence across India with wide pin-code coverage
• Business benefits from rising demand in quick commerce and hyperlocal delivery
• Financial performance has improved with recent profitability
• Backed by reputed investors such as Flipkart, Fidelity and TPG
• Asset-light model supports scalability and cost efficiency
• Technology-driven platform improves operational efficiency
Risks of Shadowfax Technologies IPO
• High dependence on gig workers who are not under exclusive contracts
• Service quality can be impacted by franchise and third-party partners
• Faces intense competition from established logistics players
• Revenue dependence on a few large customers increases concentration risk
• Margin pressure due to pricing competition in the logistics sector
• Higher lease and operational commitments could impact future profitability
Shadowfax Technologies IPO Subscriptions Status
Shadowfax Technologies IPO subscribed 2.73 times. The public issue subscribed 2.26 times in the retail category, 3.87 times in QIB (Ex Anchor), and 0.78 times in the NII category by January 22, 2026 3:24:54 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 6,90,33,955 | 6,90,33,955 | 856.021 |
| QIB (Ex Anchor) | 3.87 | 4,60,22,638 | 17,81,74,440 | 2 |
| NII | 0.78 | 2,30,11,319 | 1,80,49,800 | 223.818 |
| bNII (> ₹10L) | 0.61 | 1,53,40,879 | 93,00,240 | 115.323 |
| sNII (< ₹10L) | 1.14 | 76,70,440 | 22,62,360 | 108.495 |
| Retail | 2.26 | 1,53,40,879 | 3,47,15,400 | 430.471 |
| Employees | 2.02 | 4,03,226 | 8,15,280 | 10.109 |
| Total | 2.73 | 8,47,78,062 | 23,17,54,920 | 2 |
Shadowfax Technologies IPO GMP
Shadowfax Technologies IPO last GMP is ₹0, last updated Jan 22nd 2026 02:00 PM. With the price band of 124.00, Shadowfax Technologies IPO's estimated listing price is ₹124 (cap price + today's GMP).The expected percentage gain/loss per share is 0.00%.
Last updated 22 Jan, 2026 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 22 Jan, 2026 | 124 | ₹0▼ | - | ₹124 (0.00%) | - | 22 Jan, 2026 |
| 21 Jan, 2026 | 124 | ₹1.5▼ | 100/1400 | ₹125.5 (1.21%) | 180 | 21 Jan, 2026 |
| 20 Jan, 2026 | 124 | ₹4▼ | 400/5600 | ₹128 (3.23%) | 480 | 20 Jan, 2026 |
| 19 Jan, 2026 | 124 | ₹6▼ | 500/7000 | ₹130 (4.84%) | 720 | 19 Jan, 2026 |
| 18 Jan, 2026 | 124 | ₹10▲ | 900/12600 | ₹134 (8.06%) | 1200 | 18 Jan, 2026 |
| 17 Jan, 2026 | 124 | ₹9▼ | 800/11200 | ₹133 (7.26%) | 1080 | 17 Jan, 2026 |
| 16 Jan, 2026 | 124 | ₹15▼ | 1400/19600 | ₹139 (12.10%) | 1800 | 16 Jan, 2026 |
| 15 Jan, 2026 | 124 | ₹16 | 1500/21000 | ₹140 (12.90%) | 1920 | 15 Jan, 2026 |
| 14 Jan, 2026 | 124 | ₹16▲ | 1500/21000 | ₹140 (12.90%) | 1920 | 14 Jan, 2026 |
| 13 Jan, 2026 | 0 | ₹0 | - | ₹ (%) | - | 14 Jan, 2026 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Shadowfax Technologies IPO
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Go to IPO Section
Find Shadowfax Technologies IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
Enter UPI ID and Submit
Provide your UPI ID linked to your bank account and submit the application.
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Open your UPI app (Google Pay, PhonePe, Paytm, BHIM) and approve the IPO payment request.
Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.