What is the GMP of Shadowfax Technologies Limited IPO today?

The Grey Market Premium (GMP) for Shadowfax Technologies Limited IPO is currently ₹0. With an upper price band of ₹124, the estimated listing price is ₹124 per share, reflecting an expected listing gain of ~0%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Shadowfax Technologies Limited IPO?

The price band for Shadowfax Technologies Limited IPO is ₹118 to ₹124 per equity share. The minimum lot size is 120 shares, which requires a minimum retail application investment of ₹14,880.

What are the important dates for Shadowfax Technologies Limited IPO?

Shadowfax Technologies Limited IPO opens for subscription on 2026-01-20T00:00:00 and closes on 2026-01-22T00:00:00. The basis of allotment is scheduled for 2026-01-23T00:00:00, and shares are expected to list on 2026-01-28T00:00:00 on BSE, NSE.

How can I check the allotment status for Shadowfax Technologies Limited IPO?

You can check Shadowfax Technologies Limited IPO allotment status on the registrar's official portal (KFin Technologies Limited) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Shadowfax Technologies Limited IPO?

Investors can apply for Shadowfax Technologies Limited IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Shadowfax Technologies Limited IPO open and close?

The IPO opens on 20 Jan 2026, and closes on 22 Jan 2026.

What is Shadowfax Technologies Limited IPO price band?

The issue price band is ₹118.00 to ₹124.00 per equity share.

What is the Shadowfax Technologies Limited IPO lot size?

The minimum lot size is 120 shares per application.

What is the Shadowfax Technologies Limited IPO allotment date?

The allotment is scheduled on 23 Jan 2026.

Shadowfax Technologies Limited IPO Details - Dates, Price Band, Issue Size

All IPOs

Issue Size

1907.27 Cr

Price Band

₹118.00 - ₹124.00

Lot Size

120 Shares

Min Investment

₹14,880

GMP

₹0

Subscription

2.86x

₹3,007.27 Cr

20 Jan 2026

IPO Opens

COMPLETED

22 Jan 2026

IPO Closes

COMPLETED

23 Jan 2026

Basis of Allotment

COMPLETED

27 Jan 2026

Refunds

COMPLETED

27 Jan 2026

Demat Credit

COMPLETED

28 Jan 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

20 Jan 2026

IPO ClosesDONE

22 Jan 2026

Basis of AllotmentDONE

23 Jan 2026

RefundsDONE

27 Jan 2026

Demat CreditDONE

27 Jan 2026

ListingDONE

28 Jan 2026

About Shadowfax Technologies Limited IPO

Shadowfax IPO open date is January 20, 2026 and the IPO will close on January 22, 2026. Shadowfax Technologies IPO is a Book Built Issue. The company to raise around ₹1,907 crores via IPO that comprises fresh issue of ₹1,000 crores and offer for sale up to 7,31,66,935 equity shares with face value of ₹10 each.

Shadowfax Technologies IPO price band is ₹118 to ₹124 per share. The retail quota is 10%, QIB is 75%, and HNI is 15%. Shadowfax Technologies IPO to list on BSE, NSE on January 28, 2026. The allotment of Shadowfax Technologies IPO date is January 23, 2026.

The company reported revenue of ₹2,514.66 crores in 2025 against ₹1,896.48 crores in 2024. The company reported profit of ₹6.06 crores in 2025 against loss of ₹11.88 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Shadowfax Technologies Limited IPO Details and Specifications
IPO Date	20 Jan 2026 to 22 Jan 2026
Face Value	₹10 Per Share
Price Band	₹118.00 - ₹124.00
Lot Size	120 Shares
Total Issue Size	Approx 1907.27 Cr 15,38,12,014 Equity Shares
Fresh Issue	Approx 1000.00 Cr 8,06,45,160 Equity Shares
Offer for Sale	Approx 907.00 Cr 7,31,66,854 Equity Shares
Retail Portion	10%
Sale Type	Offer for sale
Issue Type	Book-Building IPO
Listing Date	28 Jan 2026
Listing At	BSE & NSE
Total Subscription Amount	₹3,007.27 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	11,50,56,593	75.00%
- Anchor	6,90,33,955	0.00%
- QIB (Ex. Anchor)	4,60,22,638	0.00%
NII	2,30,11,318	15.00%
- bNII > ₹10L	1,53,40,879	0.00%
- sNII < ₹10L	76,70,439	0.00%
Retail	1,53,40,878	10.00%
Employees	4,03,225	0.00%
Total	15,38,12,014	100.00%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	1	120	₹14,880
Individual investors (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

About Company

Shadowfax is one of the top companies in the case of Shadowfax is a modern, tech-driven logistics company that uses digital tools to support e-commerce. Furthermore, their platform manages many types of deliveries, urgent and flexible for clients like Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, and others.

They are the fastest-growing large 3PL company in India as of March 31, 2025. Their share of the e-commerce shipment market increased from about 8% in FY 2022 to around 21% in the three months ended June 30, 2025. In express services, they are the market leader in reverse pickup shipments by order volume for FY 2025 and for the three months ended June 30, 2025.

Contact Details

Shadowfax Technologies Ltd.

1st Floor, Appek Building, 93/A

4th B Cross Rd, 5th Block,

Koramangala,

Bengaluru, Karnataka, 560095

hello@shadowfax.in

Visit Website

Registrar

KFin Technologies Limited

+91 40 67162222

shadowfax.ipo@kfintech.com

Lead Managers

ICICI Securities Ltd

JM Financial Ltd

Morgan Stanley India Company Pvt Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
28-Jan-2026 03:00 PM	+₹0	₹124	+0.00%	₹0
27-Jan-2026 03:00 PM	+₹0	₹124	+0.00%	₹0
26-Jan-2026 02:45 PM	+₹0	₹124	+0.00%	₹0
24-Jan-2026 01:40 PM	+₹0	₹124	+0.00%	₹0
23-Jan-2026 03:00 PM	+₹0	₹124	+0.00%	₹0
22-Jan-2026 12:00 PM	+₹1.5	₹125.5	+1.21%	₹180
21-Jan-2026 12:00 PM	+₹1	₹125	+0.81%	₹120
20-Jan-2026 12:00 PM	+₹6	₹130	+4.84%	₹720
19-Jan-2026 12:00 PM	+₹9	₹133	+7.26%	₹1,080
17-Jan-2026 12:00 PM	+₹16	₹140	+12.90%	₹1,920
16-Jan-2026 12:00 PM	+₹16	₹140	+12.90%	₹1,920

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	4.00x	4,60,22,638	18,40,33,800	₹2,282.02 Cr
NII	0.88x	2,30,11,318	2,03,13,840	₹251.89 Cr
bNII > ₹10L	0.66x	1,53,40,879	1,01,19,600	₹125.48 Cr
sNII < ₹10L	1.33x	76,70,439	1,01,94,240	₹126.41 Cr
Retail	2.43x	1,53,40,878	3,72,98,280	₹462.50 Cr
Employees	2.17x	4,03,225	8,75,998	₹10.86 Cr
Total	2.86x	8,47,78,059	24,25,21,918	₹3,007.27 Cr

Objects of the Issue

01 Funding of capital expenditure requirements of our Company in relation to our network infrastructure : 423.43 Cr
02 Funding of lease payments for new first mile centers, last mile centers and sort centers : 138.64 Cr
03 Funding of branding, marketing and communication costs : 88.57 Cr
04 Unidentified inorganic acquisitions and general corporate purposes : 291.94 Cr
05 Issue Expenses : 109.51 Cr

Company Financials

Period Ended	30 SEPT 2025	31 MAR 2025	31 MAR 2024
Total Income	1819.80	2514.66	1896.48
Profit After Tax	21.04	6.06	-11.88
EBITDA	64.34	56.19	11.37
NET Worth	693.53	660.43	421.78
Reserves and Surplus	281.26	248.16	172.47
Total Borrowing	147.44	132.23	40.33

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
Debt/Equity Ratio	0.20
Return on Net Worth (RoNW)	0.97%
EBITDA Margin	₹1.96
Net Asset Value (NAV)	₹13.83
Earning Per Share (EPS)	₹0.13

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
Delhivery Limited	2.19	195.07	124.77	1.75	9,372.01
Blue Dart Express Limited	106.38	50.70	657.05	17.25	5,762.16

IPO Anchor Investors

Anchor Investors Letter (PDF)

Promoters and Holding Pattern

Abhishek Bansal, Vaibhav Khandelwal are the company's promoters of Shadowfax Technologies Limited.

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	19.13%	16.49%
Others*	80.87%	83.51%

Strengths

Shadowfax Technologies claims to be the only third-party logistics provider of scale in India that offers both end-to-end e-commerce delivery and last-mile delivery for quick commerce, food delivery, and other hyperlocal use cases (as per the RedSeer Report). It also claims to be the largest 3PL provider in India for value-added services such as reverse pickup logistics, hand-in-hand exchange deliveries, same-day delivery, and quick commerce by order volume for FY25 and the six months ended September 30, 2025. The company further claims that several large digital commerce platforms, including Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, and others, use its services across multiple service lines and that some of these clients co-develop logistics features with it, such as combined forward-and-reverse exchange deliveries and compressed same-day or next-day delivery timelines.
Shadowfax Technologies claims to have access to India’s largest crowdsourced last-mile delivery fleet among 3PL e-commerce players, based on average monthly transacting delivery partners in FY25 and the six months ended September 30, 2025, with 205,864 average quarterly unique transacting delivery partners across more than 2,300 cities. The company claims that this gig-based, interoperable last-mile fleet is allocated across multiple service lines through its proprietary tech stack “Frodo,” which manages onboarding, training, payout calculation, and AI/ML-based order assignment, and is integrated with UIDAI and NSDL for digital verification. It further claims that features such as referral-led onboarding, surge- and performance-linked incentives, and access to EV rentals through OEM partnerships support fleet expansion, increase partner engagement, and enable flexible deployment across different logistics use cases.
Shadowfax Technologies claims to operate an extensive nationwide logistics network that, as of September 30, 2025, could service 14,758 pin codes through more than 4,299 touchpoints, including first- and last-mile centres, franchisees, and sort centres, supported by a fully leased model for trucks and properties and what it states is the highest capital turnover ratio among 3PL peers in India for FY25. The company claims that this network includes fully or highly automated sort centres (with cross-belt sorters, x-ray and DWS systems, volumetric profilers, heavy-load sortation units, and camera-based SF Shield surveillance) and a linehaul operating more than 3,000 trucks per day, supplemented by airline partnerships for next-day delivery in metropolitan areas and multiple daily feeds to last-mile centres in larger cities.
Shadowfax Technologies claims to have built a proprietary, microservices-based logistics technology platform that supports multiple service lines and a flexible gig-based delivery network through in-house modules, including a supply-demand allocation engine, Frodo (a delivery partner lifecycle system), SF Shield (a fraud detection system), and SF Maps (an address intelligence system). It claims that these systems use AI/ML to match orders to delivery partners based on skills and behaviour, manage effort-based payouts, enable digital onboarding via UIDAI/NSDL integrations, and monitor shipments through video-based track-and-trace, image recognition, and product verification checks. The company also claims that SF Maps can correct pin codes, interpret non-standard addresses, optimise routes, and enforce geo-fencing at the delivery location, which is intended to reduce misrouting, incorrect delivery status updates, and fraud.
The company has witnessed a consistent increase in its revenue from operations. It increased from Rs 1,415.12 crore in FY23 to Rs 1,884.82 crore in FY24 and Rs 2,485.13 crore in FY25.

Risks

The largest client accounted for Rs 883.22 crore (48.91 percent) of the company’s revenue for the period ended September 30, 2025; Rs 1,192.98 crore (48.00 percent) in FY25; Rs 1,116.34 crore (59.23 percent) in FY24; and Rs 842.32 crore (59.52 percent) in FY23. If the company is unable to retain this key customer, expand the customer base, or faces a loss or reduction of business from this client, it could hurt the company’s business and finances.
Shadowfax Technologies’ growth strategy requires continuous expansion and upgrading of its logistics infrastructure, which involves significant capital expenditure and execution risk. It spent 49.61 crore (80.26 percent) of total capital expenditure for the period ended September 30, 2025; Rs 46.15 crore (66.31 percent) in FY25; Rs 40.93 crore (77.06 percent) in FY24, and Rs 41.14 crore (87.05 percent) in FY23. Any inability to secure suitable locations at reasonable rents, obtain required approvals, or adapt its network and facilities to evolving client preferences could lead to underutilised assets, lower-than-expected returns on these investments, higher financing needs, and an adverse impact on its business, financial condition, and cash flows.
The number of cash-on-delivery orders delivered accounted for 10.15 crore (34.46 percent) of total orders for the period ended September 30, 2025; 15.77 crore (36.13 percent) in FY25; 15.57 crore (44.44 percent) in FY24, and 12.18 crore (47.00 percent) in FY23. This exposes the company to risks such as cash theft, short deposits, and fraud, reflected in past incidents, including 11 cheque dishonour complaints and 71 pending criminal cases relating to theft, shipment swapping, cash theft, and robbery. Any increase in such incidents, control failures, or disputes around COD settlements could adversely affect its cash flows, profitability, and reputation.
The company, its promoters, directors, and key managerial personnel are involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
Shadowfax Technologies extends credit of seven to 60 days to many clients. As of September 30, 2025, the company had trade receivables of Rs 373.43 crore (20.68 percent) of its revenue from operations, up from Rs 329.06 crore (13.24 percent) in FY25; Rs 183.64 crore (9.74 percent) in FY24, and Rs 157.02 crore (11.10 percent) in FY23. It also reports credit-impaired trade receivables of up to Rs 15.63 crore, Rs 12.64 crore, Rs 8.57 crore, and Rs 7.73 crore during these periods. Any delays or defaults in client payments, an increase in receivable levels, or tightening of payment terms by suppliers (typically paid within 15-60 days) could put pressure on the company’s cash flows and adversely affect its financial condition and operations.
Shadowfax Technologies’ business is exposed to seasonality linked to retail and logistics cycles, with express operations typically seeing a sharp surge in volumes in the third quarter of each financial year around festive periods such as Diwali, Christmas, and New Year. This seasonality makes demand forecasting and capacity planning more difficult, as shipment and supply chain volumes can fluctuate significantly and unexpectedly, affecting decisions on network capacity, procurement, and staffing. Any inability to scale operations in time or manage these peaks efficiently could adversely impact its service quality, financial condition, and results of operations.

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About Shadowfax Technologies Limited IPO

IPO Details

Shadowfax Technologies Limited IPO Details and Specifications
IPO Date	20 Jan 2026 to 22 Jan 2026
Face Value	₹10 Per Share
Price Band	₹118.00 - ₹124.00
Lot Size	120 Shares
Total Issue Size	Approx 1907.27 Cr 15,38,12,014 Equity Shares
Fresh Issue	Approx 1000.00 Cr 8,06,45,160 Equity Shares
Offer for Sale	Approx 907.00 Cr 7,31,66,854 Equity Shares
Retail Portion	10%
Sale Type	Offer for sale
Issue Type	Book-Building IPO
Listing Date	28 Jan 2026
Listing At	BSE & NSE
Total Subscription Amount	₹3,007.27 Cr

Investor Category

Shares Offered

% Net Issue

QIB

11,50,56,593

75.00%

- Anchor

6,90,33,955

0.00%

- QIB (Ex. Anchor)

4,60,22,638

0.00%

NII

2,30,11,318

15.00%

- bNII > ₹10L

1,53,40,879

0.00%

- sNII < ₹10L

76,70,439

0.00%

Retail

1,53,40,878

10.00%

Employees

4,03,225

0.00%

Total

15,38,12,014

100.00%

Application

Lots

Amount

Individual investors (Retail) (Min)

120

₹14,880

Individual investors (Retail) (Max)

1,560

₹1,93,440

S-HNI (Min)

1,680

₹2,08,320

S-HNI (Max)

8,040

₹9,96,960

B-HNI (Min)

8,160

₹10,11,840

About Company

Contact Details

Shadowfax Technologies Ltd.

1st Floor, Appek Building, 93/A

4th B Cross Rd, 5th Block,

Koramangala,

Bengaluru, Karnataka, 560095

hello@shadowfax.in

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

28-Jan-2026 03:00 PM

+₹0

₹124

+0.00%

₹0

27-Jan-2026 03:00 PM

+₹0

₹124

+0.00%

₹0

26-Jan-2026 02:45 PM

+₹0

₹124

+0.00%

₹0

24-Jan-2026 01:40 PM

+₹0

₹124

+0.00%

₹0

23-Jan-2026 03:00 PM

+₹0

₹124

+0.00%

₹0

22-Jan-2026 12:00 PM

+₹1.5

₹125.5

+1.21%

₹180

21-Jan-2026 12:00 PM

+₹1

₹125

+0.81%

₹120

20-Jan-2026 12:00 PM

+₹6

₹130

+4.84%

₹720

19-Jan-2026 12:00 PM

+₹9

₹133

+7.26%

₹1,080

17-Jan-2026 12:00 PM

+₹16

₹140

+12.90%

₹1,920

16-Jan-2026 12:00 PM

+₹16

₹140

+12.90%

₹1,920

Shadowfax Technologies Limited IPO Details

About Shadowfax Technologies Limited IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Shadowfax Technologies Limited IPO open and close?

What is Shadowfax Technologies Limited IPO price band?

What is the Shadowfax Technologies Limited IPO lot size?

What is the Shadowfax Technologies Limited IPO allotment date?

What is the Shadowfax Technologies Limited IPO listing date?

What is the minimum investment required in Shadowfax Technologies Limited IPO?

Join the discussion

Shadowfax Technologies Limited IPO Details

About Shadowfax Technologies Limited IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Shadowfax Technologies Limited IPO open and close?

What is Shadowfax Technologies Limited IPO price band?

What is the Shadowfax Technologies Limited IPO lot size?

What is the Shadowfax Technologies Limited IPO allotment date?

What is the Shadowfax Technologies Limited IPO listing date?

What is the minimum investment required in Shadowfax Technologies Limited IPO?

Join the discussion