The public issue, which includes fresh issue of shares and offer for sale (OFS), is Rs. 1,907 crores. Out of this, the company through fresh issue of Rs. 1,000 crore is targeted to be raised, while existing shareholders through the OFS route will receive Rs. 907 crore shares will be sold.
Backed by marquee investors including Flipkart, Eight Roads Ventures, Qualcomm Asia Pacific, Nokia Growth Partners and Mire Asset, Shadowfax’s IPO will open for subscription on Tuesday, January 20 and close on Thursday, January 22.
Shadowfax Technologies IPO Details and Proceed
In IPO Rs. 1,000 crore in the fresh issue of shares and by existing investors Rs. 907 crore including Offer for Sale (OFS). OFS includes equity shares from several large 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 Mire Asset (Rs 75 crore).
Shadowfax plans to use the proceeds from the fresh issue to expand its network infrastructure, pay leases for its first-mile and last-mile sorting centers, and support branding and communications initiatives. A portion of the funds will also be used for undisclosed inorganic acquisitions and general corporate purposes.
Evaluation matrix
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 to 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 thereafter bids can be made in multiples.
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 finalized on or around January 23, the same day refunds will be initiated. Successful applicants are likely to be credited with shares on or around January 27. Trading on BSE and NSE is scheduled to begin on or around January 28.
ICICI Securities, Morgan Stanley and JM Financial are acting as book-running lead managers to the issue, while Caffeine Technologies is the registrar.
About Shadowfax Technologies
Shadowfax is a third-party logistics (3PL) company with a strong technology backbone, serving customers across 14,758 zip 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, rapid 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 posted Rs. 1,800 crore in revenue, representing a year-on-year growth of 68%. For the full FY25, the company has made Rs. 2,485 crore in revenue. The e-commerce express parcel segment, its largest revenue contributor, accounted for around 70% of total revenue, while hyperlocal and quick commerce logistics contributed the remaining 20%.
According to data from RedSeer, Shadowfax’s market share in the express parcel segment grew from 8% in FY22 to around 21% in Q1 FY26, underlining its expanding footprint in India’s fast-growing logistics sector.
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