IPO Details
| IPO Date | 20 to 22 Jan, 2026 |
| Listing Date | Wed, Jan 28, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹118 to ₹124 |
| Issue Price | ₹124 per share |
| Lot Size | 120 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 15,38,12,096 shares (agg. up to ₹ 1,907 Cr) |
| Fresh Issue | 8,06,45,161 shares (agg. up to ₹ 1,000 Cr) |
| Offer for Sale | 7,31,66,935 shares of ₹ 10 (agg. up to ₹ 907 Cr) |
| Share Holding Pre Issue | 49,74,88,085 shares |
| Share Holding Post Issue | 57,81,33,246 shares |
IPO Subscription Details
| Anchor | 1 |
| QIB (Ex Anchor) | 4.00 |
| NII | 0.88 |
| bNII (> ₹10L) | 0.66 |
| sNII (< ₹10L) | 1.33 |
| Retail | 2.43 |
| Employees | 2.17 |
| Total ** | 2.86 |
IPO Important Dates
| IPO Open | Tue, Jan 20, 2026 |
| IPO Close | Thu, Jan 22, 2026 |
| Allotment | Fri, Jan 23, 2026 |
| Refund | Tue, Jan 27, 2026 |
| Credit of Shares | Tue, Jan 27, 2026 |
| Listing | Wed, Jan 28, 2026 |
IPO Lot Size
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Key Performance Indicator
| Debt/Equity | 0.21 |
| RoNW | 3.03 |
| EBITDA Margin | 2.86% |
| Price to Book Value | |
Peers Comparison
| Shadowfax Technologies Ltd. | 0.13 | 0.13 | 13.83 | | 0.97 | |
| Blue Dart Express Limited | 106.38 | 106.38 | 657.05 | 50.70 | 17.25 | 9.34 |
| Delhivery Limited | 2.19 | 2.14 | 124.77 | 195.07 | 1.75 | 2.06 |
Information about company
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 centres and sort centres as of September 30, 2025, serving 14,758 pin codes. It is supported by over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft, for shipment consolidation, sorting, and dispatch.
The company leases its logistics facilities and linehaul, owning automation and machinery for control.
It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network.
As of September 30, 2025, the company's platform had 205,864 Average Quarterly Unique Transacting Delivery Partners.
The company's clients include Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others. This makes them the only large-scale provider for last-mile and end-to-end e-commerce delivery, as well as quick commerce, food delivery, and hyperlocal services.
By September 30, 2025, the company's e-commerce logistics network spanned 14,758 pin codes throughout India.
As of September 30, 2025, the company had 4,472 permanent employees and 17,182 contract workers.
Competitive Strength:
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of capital expenditure requirements of the Company in relation to the network infrastructure 423.43 2 Funding of lease payments for new first mile centers, last mile centers and sort centers 138.64 3 Funding of branding, marketing and communication costs 88.57 4 Unidentified inorganic acquisitions and general corporate purposes
Disclaimer
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions.
We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on Information published on this application.
No financial information whatsoever published anywhere, within this application, should be considered as advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever
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Day Wise Sub
| Jan 2
0 (Day 1) | 0.40 | 0.23 | 0.13 | 0.42 | 1.20 | 1.02 | 0.50 |
| Jan 2
1 (Day 2) | 0.40 | 0.35 | 0.21 | 0.61 | 1.75 | 1.54 | 0.63 |
| Jan 2
2 (Day 3) | 4.00 | 0.88 | 0.66 | 1.33 | 2.43 | 2.17 | 2.86 |
Day Wise GMP
| 26-01-2026 | 124.00 | -4(-3.23%) | 120 |
| 25-01-2026 | 124.00 | -4(-3.23%) | 120 |
| 24-01-2026 | 124.00 | -4(-3.23%) | 120 |
| 23-01-2026 | 124.00 | 0(0.00%) | 124 |
| 22-01-2026 | 124.00 | 0(0.00%) | 124 |
| 21-01-2026 | 124.00 | 1.5(1.21%) | 125.5 |
| 20-01-2026 | 124.00 | 4(3.23%) | 128 |
| 19-01-2026 | 124.00 | 6(4.84%) | 130 |
| 18-01-2026 | 124.00 | 10(8.06%) | 134 |
| 17-01-2026 | 124.00 | 9(7.26%) | 133 |
| 16-01-2026 | 124.00 | 15(12.10%) | 139 |
| 15-01-2026 | 124.00 | 16(12.90%) | 140 |
| 14-01-2026 | 124.00 | 16(12.90%) | 140 |
| 13-01-2026 | | 0(%) | (%) |
IPO Reservation
| QIB Shares Offered | 11,50,56,593 (74.80%) |
| − Anchor Investor Shares Offered | 6,90,33,955 (44.88%) |
| − QIB (Ex. Anchor) Shares Offered | 4,60,22,638 (29.92%) |
| NII (HNI) Shares Offered | 2,30,11,319 (14.96%) |
| − bNII > ₹10L | 1,53,40,879 (9.97%) |
| − sNII < ₹10L | 76,70,440 (4.99%) |
| Retail Shares Offered | 1,53,40,879 (9.97%) |
| Employee Shares Offered | 4,03,226 (0.26%) |
| Total Shares Offered | 15,38,12,017 (100.00%) |
