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Shadowfax Technologies IPO Explained: Business Model, Issue Size, Investors & What to Know
Shadowfax Technologies is hitting the primary markets with a ₹1,907 crore IPO. From last-mile ecommerce and quick-commerce logistics to marquee investors exiting via OFS, here’s a crisp breakdown of the company, IPO structure, promoters, and key issue highlights investors should track.
Written by: SERNET Research Team
Table of Content
Shadowfax Technologies Ltd
Shadowfax Technologies Ltd is a 10-year-old company focused on specialized logistics solutions. Its services suite includes last mile ecommerce delivery, D2C delivery, specialized delivery for quick commerce and hyperlocal businesses etc. Shadowfax Technologies Ltd also offers personal courier services as well as other logistics related value-added services. The company has over 4,299 touch points pan-India and serves over 14,758 PIN codes across the country. Its activities are supported by sorting and storage facilities spanning over 3.50 million square feet (SFT). It operates an asset-light lease over own model and operates about 3,000 trucks across India daily. It has about 2,06,000 unique transacting partners and caters to clients like Meesho, Swiggy, Flipkart, Myntra, Big Basket, Zepto, Nykaa, Uber etc.
Shadowfax Technologies Ltd has been promoted by Abhishek Bansal and Vaibhav Khandelwal. The fresh funds raised in the IPO will be used for funding capex to expand network infrastructure, lease payments of first-mile centres, branding / marketing costs, and for future inorganic acquisitions. The Offer for Sale (OFS) is by early investor shareholders like Flipkart Internet, Eight Roads Investments, IFC, Qualcomm Asia, Nokia Growth, NewQuest Asia, Mirae Asset etc. The issue is being lead-managed by ICICI Securities, Morgan Stanley India, and JM Financial; while KFIN Technologies Ltd (KFINTECH) will be the registrars to the IPO.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Shadowfax Technologies Ltd.
- The IPO of will be open from January 20th, 2026 to January 22nd, 2026. It has a face value of ₹10 per share and IPO price band is set in range of ₹118 to ₹124 per share.
- The IPO of Shadowfax Technologies Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early investors.
- The Fresh issue portion comprises the issue of 8,06,45,161 shares (806.45 lakh shares), which at the upper price band of ₹124 per share translates into ₹1,000 crore.
- The offer for sale (OFS) portion comprises the sale of 7,31,66,935 shares (731.67 lakh shares), which at the upper price band of ₹124 per share translates into ₹907.27 crore.
- The overall IPO, therefore, will comprise of the fresh issue portion and the offer for sale of 15,38,12,096 shares (1,538.12 lakh shares), which at the upper price band of ₹124 per share translates into ₹1,907.27 crore.
The IPO of Shadowfax Technologies Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened a day ahead of IPO opening on January 19, 2026.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Shadowfax Technologies Ltd
| Event | Tentative Date |
| IPO Open Date | Tuesday, 20 January, 2026 |
| IPO Close Date | Thursday, 22 January, 2026 |
| Basis of Allotment | Friday, 23 January, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 27 January, 2026 |
| Credit of Shares to Demat | Tuesday, 27 January, 2026 |
| Listing Date on NSE and BSE | Wednesday, 28 January, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | 4,23,728 shares | 0.27% of total IPO size |
| Anchor Allocation | 6,90,33,955 shares | 43.66% of total IPO size |
| QIB Shares Offered | 4,83,62,771 shares | 30.59% of total IPO size |
| NII (HNI) Shares Offered | 2,41,81,385 shares | 15.29% of total IPO size |
| Retail Shares Offered | 1,61,20,923 shares | 10.20% of total IPO size |
| Total Shares Offered | 15,81,22,762 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Shadowfax Technologies Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 120 shares)
Financial Highlights
The table captures the key financials of Shadowfax Technologies Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 2,485.13 | 1,884.82 | 1,415.12 |
| Sales Growth (%) | 31.85% | 33.19% | |
| Profit after Tax (₹ in crore) | 6.43 | -11.88 | -142.64 |
| PAT Margins (%) | 0.26% | -0.63% | -10.08% |
| Total Equity (₹ in crore) | 660.43 | 421.78 | 176.32 |
| Total Assets (₹ in crore) | 1,259.26 | 786.14 | 442.73 |
| Return on Equity (%) | 0.97% | -2.82% | -80.90% |
| Return on Assets (%) | 0.51% | -1.51% | -32.22% |
| Asset Turnover Ratio (X) | 1.97 | 2.40 | 3.20 |
| Earnings per share (₹) | 0.13 | -0.28 | -3.38 |
| EBITDA (₹ in Crore) | 48.67 | 19.29 | -101.65 |
| EBITDA Margins (%) | 1.96% | 1.02% | -7.18% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has turned around to net profits only in the latest fiscal year FY26 and to positive EBITDA only in the previous year. Hence, financials may not be exactly comparable and looking at the profit ratios like net margins, ROE or even the EBITDA margins could be quite misleading. It has to be seen as a start-up towards the end of gestation.
Valuation Metrics
At the IPO price of ₹124 per share, the indicative P/E may not be too relevant at 954X as the company has just turned around to profitability in the latest year and the profits are yet to see traction. It is more of a start-up in the logistics space competing with the likes of Delhivery Ltd and XpressBees and will have to be looked at accordingly. However, the company does bring some advantages to the table.
The company has adopted an asset-light model with leased assets so profit growth should be much quicker. With the rise in the demand for rapid delivery, it is the logistics companies like Shadowfax Technologies Ltd that cater to these quick-commerce that will actually rake in the profits. The model is tested and it has built a technology infrastructure to support the growth. Investors who missed out on earlier digital logistics plays can look at this IPO to fill up that gap in their portfolios.
A Brief on the Anchor Allocation
The anchor issue of Shadowfax Technologies Ltd saw a robust response on 19th January 2026 with 43.66% of the IPO size absorbed by anchors. Out of 15,81,22,762 shares (1,581.23 lakh shares) on offer in the IPO, anchors picked up 6,90,33,955 shares (690.34 lakh shares) accounting for 43.66% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹124 per share. This includes the face value of ₹10 per share plus a share premium of ₹114 per share. The anchor bidding process opened and closed on 19th January 2026.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Shadowfax Technologies Ltd
| Bid Date | January 19, 2026 |
| Shares Offered | 6,90,33,955 shares |
| Anchor Portion Size (₹ in crore) | ₹856.02 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | February 24, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | April 25, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 19th January 2026, Shadowfax Technologies Ltd allotted 6,90,33,955 shares to 39 anchor investors. The allocation was done at the upper IPO price band of ₹124 per share which resulted in overall anchor allocation of ₹856.02 crore. The anchors have already absorbed 43.66% of the total issue size of ₹1,960.72 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹555.97 crores, or, 64.95% of the overall anchor allocation of shares, one day ahead of the IPO of Shadowfax Technologies Ltd. The anchor bidding opened and closed on January 19, 2026.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Nippon India Small Cap Fund | 96,77,520 | 14.02% | ₹ 120.00 |
| 02 | ICICI Prudential Flexicap Fund | 78,44,400 | 11.36% | ₹ 97.27 |
| 03 | ICICI Pru Balanced Advantage Fund | 41,83,680 | 6.06% | ₹ 51.88 |
| 04 | Government Pension Fund Global | 40,32,360 | 5.84% | ₹ 50.00 |
| 05 | ICICI Prudential Life Insurance | 40,32,360 | 5.84% | ₹ 50.00 |
| 06 | Societe Generale – ODI | 35,33,860 | 5.12% | ₹ 43.82 |
| 07 | HSBC Global Fund (Asia Ex-Japan) | 32,25,840 | 4.67% | ₹ 40.00 |
| 08 | Eastspring Investments – Asia | 32,25,840 | 4.67% | ₹ 40.00 |
| 09 | Motilal Oswal Large Cap Fund | 26,61,360 | 3.86% | ₹ 33.00 |
| 10 | TIMF Holdings | 24,19,440 | 3.50% | ₹ 30.00 |
| Grand Total | 4,48,36,660 | 64.95% | ₹ 555.97 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 6,90,33,955 shares allocated to the anchors in the IPO, there were a total of 3,67,52,805 shares allocated to mutual funds registered with SEBI. The allocation was made to 20 mutual fund schemes across 9 AMCs. Mutual funds accounted for 53.24% of the total anchor allocation of the IPO.
In addition, out of the 6,90,33,955 shares allocated to the anchors in the IPO, there were a total of 56,45,280 shares allocated to life insurance companies regulated by IRDA. The allocation was made to 2 life insurance companies in total. Insurance companies accounted for 8.18% of the total anchor allocation of the IPO.
FPIs, Sovereign Funds, P-Notes, and AIFs also actively participated in the anchor allocation of Shadowfax Technologies Ltd.
Next Step in the IPO
Post the closure of the IPO subscription on 22nd January 2026, the basis of allotment will be finalized on 23rd January 2026 and the refunds will be initiated on 27th January 2026. In addition, the demat credits are expected to also happen on 27th January 2026 and the stock will list on 28th January 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th January 2026 under ISIN (INE12UN01015).
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