The public issue, comprising a fresh issue of shares and an offer for sale (OFS), aggregates up to Rs 1,907 crore. Of this, the company aims to raise Rs 1,000 crore through the fresh issue, while existing shareholders will offload shares worth Rs 907 crore via the OFS route.
Backed by marquee investors, including Flipkart, Eight Roads Ventures, Qualcomm Asia Pacific, Nokia Growth Partners, and Mirae Asset, Shadowfax’s IPO will open for subscription on Tuesday, January 20, and close on Thursday, January 22.
Shadowfax Technologies IPO details and proceeds
The IPO comprises a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of up to Rs 907 crore by existing investors. The OFS includes equity shares from several major shareholders, including Flipkart Internet Pvt Ltd (up to Rs 400 crore), Eight Roads Investments Mauritius II Ltd (up to Rs 197 crore), Qualcomm Asia Pacific (Rs 65.24 crore) and Mirae Asset (Rs 75 crore), among others.
Shadowfax plans to deploy the proceeds from the fresh issue to expand its network infrastructure, fund lease payments for its first-mile and last-mile sortation centres, and support branding and communication initiatives. Part of the funds will also be used for unidentified inorganic acquisitions and general corporate purposes.
Valuation metrics
At the upper end of the price band, the IPO is priced at a price-to-earnings (P/E) multiple of 952.79x based on FY25 diluted earnings per share (EPS). This compares with a weighted average industry P/E of 122.88x for FY25. The price band values the company at approximately 11.8–12.4 times the face value of each share. The minimum bid lot is 120 shares, and bids can be made in multiples thereafter.
IPO schedule and allotment timeline
Anchor investor bidding is scheduled for January 19. The IPO will be open for public subscription from January 20 to January 22.
The basis of allotment is expected to be finalised on or around January 23, with refunds initiated the same day. Shares are likely to be credited to successful applicants on or about January 27. Trading on the BSE and NSE is scheduled to commence on or around January 28.
ICICI Securities, Morgan Stanley and JM Financial are acting as the book-running lead managers to the issue, while KFin Technologies is the registrar.
About Shadowfax Technologies
Shadowfax is a third-party logistics (3PL) company with a strong technology backbone, serving clients across 14,758 pin codes in India as of September 30, 2025. The company offers express parcel delivery, reverse logistics, hyperlocal services and other critical logistics solutions. Its client base spans horizontal and non-horizontal e-commerce platforms, quick commerce, food marketplaces and mobility services.
The company is backed by investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. Snapdeal founders Kunal Bahl and Rohit Kumar Bansal are also among the selling shareholders.
Financial performance and market share
In the first half of FY26, Shadowfax reported revenue of Rs 1,800 crore, marking a 68% year-on-year increase. For the full FY25, the company posted revenue of Rs 2,485 crore. The e-commerce express parcel segment, its largest revenue contributor, accounted for about 70% of total revenue, while hyperlocal and quick commerce logistics contributed the remaining 20%.
According to Redseer data, Shadowfax’s market share in the express parcel segment rose to around 21% in Q1 FY26 from 8% in FY22, underscoring its expanding footprint in India’s fast-evolving logistics sector.
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