โ Back to IPOs
Shadowfax Technologies
๐
Founded: 2015
๐ Bengaluru, Karnataka
๐ฅ 5,000+ (+ 3.5L gig) employees
๐ shadowfax.in
๐ Face Value: โน10
๐ฆ Market Cap: โน13,900 Cr
Price Band
โน118 โ โน124
Issue Size
โน1,907 Cr
Lot Size
120 shares
Min. Investment
โน14,880
GMP
+โน6 (+4.8%)
Est. Return
+4.8%
Listing Date
28 Jan 2026
Registrar
Link Intime India
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Moderate Interest
GMP: +4.8% above issue price
โญ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
2.02x subscribed
Issue Details
Fresh Issueโน1,000 Cr
Offer for Sale (OFS)โน907 Cr
Total Issue Sizeโน1,907 Cr
Face Valueโน10
Market Cap (at issue)โน13,900 Cr
Listing ExchangeBSE, NSE
๐
Open Date20 Jan 2026
๐ Close Date22 Jan 2026
โ๏ธ Cut-off Price Date22 Jan 2026
๐๏ธ Allotment Date23 Jan 2026
๐ธ Refund Initiation24 Jan 2026
๐ Demat Credit24 Jan 2026
๐ Listing Date28 Jan 2026
Objects of the Issue
- ๐ฐ Technology infrastructure and platform development โ โน400 Cr
- ๐ฐ Expansion of fulfillment centre network โ โน350 Cr
- ๐ฐ Working capital requirements โ โน150 Cr
- ๐ฐ General corporate purposes โ โน100 Cr
About the Company
Shadowfax Technologies is India's largest third-party logistics company for quick commerce and e-commerce platforms. The company manages last-mile delivery for major platforms including Blinkit, Zepto, Swiggy Instamart, Meesho, and Amazon. Shadowfax operates 700+ fulfillment centres, processes 16 lakh+ deliveries per day, and covers 2,000+ cities with a network of 3.5 lakh+ delivery partners.
Strengths
- โ India's #1 quick commerce logistics partner: Blinkit, Zepto, Swiggy
- โ 3.5 lakh+ delivery partners across 2,000+ cities
- โ First-ever profitable year: โน6 Cr PAT in FY25 (vs โน12 Cr loss FY24)
- โ 16 lakh+ daily deliveries โ massive network scale
Risk Factors
- โ ๏ธ Thin margins: PAT of only โน6 Cr on โน2,515 Cr revenue (0.24%)
- โ ๏ธ Concentration risk: top 3 clients likely account for 50%+ revenue
- โ ๏ธ Gig economy regulatory risk for delivery partners
- โ ๏ธ Quick commerce platforms building in-house logistics
Subscription Status
2.02x Overall
QIB: 2.8x
NII: 0.6x
RII: 1.7x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 0.62x | 0.18x | 0.52x | 0.48x |
| Day 2 | 1.58x | 0.36x | 1.02x | 1.12x |
| Day 3 | 2.82x | 0.62x | 1.71x | 2.02x |
Share Reservation
QIB
75%
NII
15%
RII
10%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
SBI MFKotak MFMirae Asset MFGoldman Sachs India
Promoter Holding
48.6%
Pre-IPO
โ -8.4%
40.2%
Post-IPO
Company Gallery
Shadowfax
Shadowfax delivery partner on quick commerce route
Shadowfax
Shadowfax fulfillment centre operations
Shadowfax
Last-mile delivery technology dashboard
Founders & Leadership
AB
Abhishek Bansal
Founder & CEO
๐ IIT Bombay, B.Tech; IIM Calcutta, MBA
Founded Shadowfax in 2015; pioneered tech-enabled gig logistics for quick commerce in India
PC
Praharsh Chandra
Co-Founder & COO
๐ IIT Kharagpur, B.Tech
Manages Shadowfax's 700+ fulfillment centre network and 3.5 lakh delivery partner ecosystem
IPO Timeline
โ
Open Date
20 Jan 2026
โ
Close Date
22 Jan 2026
โ
Allotment Date
23 Jan 2026
โ
Listing Date
28 Jan 2026
Key Financials
Revenueโน2,515 Cr
PATโน6 Cr
EPSโน0.24
P/E Ratio516.7x
ROE1.8%
Market Capโน13,900 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 2200.00 | 2800.00 | 2400.00 | 1800.00 |
| Total Income | 2040.00 | 2515.00 | 1896.00 | 1420.00 |
| Profit After Tax | 18.00 | 6.00 | -12.00 | -68.00 |
| EBITDA | 96.00 | 82.00 | 38.00 | -20.00 |
| Net Worth | 1320.00 | 1280.00 | 1200.00 | 1180.00 |
| Reserves & Surplus | 1120.00 | 1080.00 | 1000.00 | 980.00 |
| Total Borrowing | 380.00 | 480.00 | 580.00 | 420.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | 1.36 | 0.47 |
| EBITDA Margin (%) | 4.71 | 3.26 |
| Debt / Equity | 0.29 | 0.38 |
| Net Worth (Rs. Cr) | 1320.00 | 1280.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน0.24 | โ |
| P/E (x) | 516.7x | โ |
| ROE (%) | 1.8% | โ |
| Promoter Holding | 48.6% | 40.2% |
| Market Cap | โน13,900 Cr | |
IPO Registrar
IPO FAQs
Shadowfax Technologies IPO is a mainboard IPO with an issue size of โน1,907 Cr at a price band of โน118 โ โน124. Minimum lot size is 120 shares (minimum investment ~โน14,880). Opens on 20 Jan 2026 and closes on 22 Jan 2026. Proposed listing on BSE, NSE. Registrar: Link Intime India.