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. 

1. 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.
2. 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.
3. 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.
4. 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.
5. 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 

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. 

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. 

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.  

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 

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. 

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. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20260119-42&attachedId=2ba28ad7-954a-4145-b953-f0eda43a1614 

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). 

As of 5.15 pm on 20th January 2026, out of the 890.89 lakh shares on offer in the IPO (excluding anchor portion), Shadowfax Technologies Ltd saw bids for 418.54 lakh shares. This implies an overall subscription of 0.47X or 47% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Shadowfax Technologies Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 43.66% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to January 22, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-1 of the IPO stood at ₹1,375 Crore (including the anchor allocation portion too). 

As of 7.15 pm on 22nd January 2026, out of the 890.89 lakh shares on offer in the IPO (excluding anchor portion), Shadowfax Technologies Ltd saw bids for 2,423.88 lakh shares. This implies an overall subscription of 2.72X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Shadowfax Technologies Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and while this was partially visible in QIB bids, this interest was absent among HNI/ NII investors, even on the last day. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 43.66% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Shadowfax Technologies Ltd was open up to January 22, 2026, and has closed for subscription as of the close of trading hours on January 22, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹3,862 crore. 

About the Shadowfax Technologies Ltd

The IPO of Shadowfax Technologies Ltd opened on January 20th, 2026 and closed on January 22nd, 2026. The IPO comprised of a fresh issue and an offer for sale (OFS) by issuer of 15,81,22,762 shares (1,581.23 lakh shares) worth ₹1,960.72 crore at the upper band price of ₹124 per share. The allotment status will be finalized by EOD of January 23, 2026. Here is how to check allotment status for the IPO of Shadowfax Technologies Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH). 

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1.  Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Shadowfax Technologies Ltd from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Alternatively, Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Shadowfax Technologies Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1.  Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select SHADOWFAX from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Shadowfax Technologies Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on KFIN Technologies Ltd

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below: 

https://kosmic.kfintech.com/ipostatus/ 

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Shadowfax Technologies Ltd.  

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD 

To Query by Application Number, check the appropriate box and follow these steps. 

1. Enter the Application Number as it is 
2. Enter the 6-digit Captcha Code 
3. Click on Submit button 
4. Allotment Status gets displayed on screen 

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option. 

To Query by Demat Account, check the appropriate box and follow these steps. 

1. First select the depository (NSDL / CDSL) 
2. Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL) 
3. Enter the Client-ID in the second box 
4. For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string 
5. Enter the 6-digit Captcha Code 
6. Click on Submit button 
7. Allotment Status gets displayed on screen 

To Query by PAN, check the appropriate box and follow these steps. 

1. Enter the 10-Character PAN number, available on your PAN card 
2. After you enter the PAN number, Enter the 6-digit numeric Captcha Code 
3. Click on Submit button 
4. Allotment status gets displayed on screen 

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.