Shadowfax Technologies IPO Details : GMP, Price, Analysis, And Details

Shadowfax Technologies IPO - Company Analysis

Shadowfax Technologies IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 1,907.27 Cr by Shadowfax Technologies Ltd. and is an Indian company that offers logistical solutions. The business provides a range of value-added services in addition to e-commerce quick parcel delivery.

E-commerce and D2C delivery, hyperlocal and fast commerce within hours or same day, and SMS and personal courier services via Shadowfax's Flash software are among its service offerings.

As of September 30, 2025, the company's nationwide logistics network served 14,758 pin codes with 4,299 touchpoints spread between first- and last-mile centers and sort centers.

Shadowfax Technologies IPO Details

The Shadowfax Technologies Ltd IPO open date is from Jan 20 to Jan 22, 2026 with IPO allotment on Jan 23, refund initiation on Jan 27, 2026.

The Rs. 1,907.27 Cr mainline IPO comprises a combination of fresh issue of 8.06 crore shares (Rs. 1,000.00 Cr) and offer for sale of 7.32 crore shares (Rs. 907.27 Cr).

The Shadowfax Technologies IPO listing date might be on Wednesday, 28 January 2026, and it will be listed at the BSE and NSE. The Shadowfax Technologies IPO price band is Rs. 118 to Rs. 124 for each Share. 

Events	Date
IPO Opening Date	January 20, 2026
IPO Closing Date	January 22, 2026
IPO Allotment Date	January 23, 2026 (Tentative)
Refund Initiation	January 27, 2026 (Tentative)
Tentative IPO Listing Date	January 28, 2026

 

Industry Outlook

(Source(s): National Council of Applied Economic Research (NCAER), India Economics Survey 2017-18, 2019-20, Redseer research and analysis).

If you want to apply for the IPO, click to open a Demat Account.

 

Company Financial

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,259.26	786.14	442.73
Total Income	2,514.66	1,896.48	1,422.89
PAT	6.06	-11.88	-142.64
EBITDA	56.19	11.37	-113.47
Net Worth	660.43	421.78	176.32
Reserves & Surplus	248.16	172.47	171.20

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	498.67	1,315.52	(728.34)
Net Cash Flow Investing Activities	(1,192.65)	(3,114.90)	(397.98)
Net Cash Flow Financing Activities	1,303.90	2,003.55	896.06

 

Revenue Bifurcation

(Source RHP)

The Objective of The Issue

• Funding of capital expenditure requirements of the Company in relation to the network infrastructure. ~ Rs. 423.43 Cr.

• Funding of lease payments for new first mile centers, last mile centers and sort centers. ~ Rs. 138.64 Cr.

• Funding of branding, marketing and communication costs. ~ Rs. 88.57 Cr.

• Funding inorganic growth through unidentified acquisitions. 

Click to check the IPO application status.

Listed Peers of Shadowfax Technologies Ltd.

Name of the Company	Face Value (₹ per share)	P/E (x)	EPS (₹)
Blue Dart Express Limited	10	50.70	106.38
Delhivery Limited	1	195.07	2.19

Valuation

KPI	Values
Debt / Equity	0.20
RoNW	0.97
EBITDA Margin	1.96%
Price to Book Value	8.97

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IPO's Strengths

• Logistics services that are flexible and agile, allowing clients to reach the market more quickly.

• Largest infrastructure for gig-based last-mile delivery partners.

• The foundation of our effective and expandable delivery system is network infrastructure.

• Nimble and proprietary technological skills.

 

IPO Weaknesses

• Its future growth could be negatively impacted by any incapacity to develop and grow its network infrastructure in a balanced way.

• Any improper handling of items by its delivery partners could result in client discontent and operational inefficiencies, which could have an impact on its business. 

• The goods it distributes, as well as the contents of shipments and stocks managed by its service network, pose dangers to the business.

 

 

 

Shadowfax Technologies IPO GMP

Shadowfax Technologies IPO GMP today is Rs. 10 as of 14 Jan 2026. With a price band set at Rs. 124. This suggests that the estimated listing price of the IPO could be around Rs. 134, indicating a gain/loss of 8.06%.

Shadowfax Technologies Limited IPO Summary

IPO Opening & Closing Date	Jan 20, 2026 to Jan 22, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 118 to Rs. 124
Lot Size	120 Shares
Issue Size	15,38,12,096 Shares (Rs. 1,907 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

Shadowfax Technologies IPO Lot Size

The Shadowfax Technologies Ltd. IPO allows retail investors to invest in a minimum and maximum of 1 Lot (120 Shares) amounting to Rs. 14880 and 13 Lots (1560 Shares) amounting to Rs. 193440, respectively, while for S-HNI investors, the minimum Lot is 14 (1680 Shares) amounting to Rs. 208320.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Shadowfax Technologies IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Shadowfax Technologies IPO Allotment Status

To check the Shadowfax Technologies IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Shadowfax Technologies  Ltd.

• Abhishek Bansal 

• Vaibhav Khandelwal.

Pre-Issue Promoter Shareholding	19.13%
Post-Issue Promoter Shareholding	-

 

Shadowfax Technologies IPO Lead Managers

• ICICI Securities Ltd.

Dividend Policy

The company has not paid a dividend during the past three financial years.

 

Conclusion

With a robust national network and tech-driven operations, Shadowfax Technologies IPO provides exposure to India's rapidly expanding logistics and e-commerce delivery ecosystem. High valuations and narrow margins continue to be major dangers for investors, even while improved financials and decreased losses are advantages. 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.