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Shadowfax IPO
Shadowfax Technologies Ltd
₹14,160 /120 sharesMinimum Investment
Shadowfax IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹124.00 | ₹112.60 | -₹11.40 (9.19%) |
Shadowfax IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 20 Jan ‘26 - 22 Jan ‘26 | ₹14,160 | 120 | ₹118 - ₹124 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 1,907.27 Cr | RHP PDF | 23 Jan ‘26 | 28 Jan ‘26 |
| Face value |
|---|
| 10 |
Subscription rate
As of 22 Jan'26, 05:01 PM
| Qualified Institutional Buyers | 3.81x |
| Non-Institutional Investor | 0.82x |
| Retail Individual Investor | 2.22x |
| Employees | 2.00x |
| Total | 2.70x |
About Shadowfax
Founded in
2015
MD/CEO
Mr Abhishek Bansal
Parent organisation
Shadowfax Technologies Ltd
Strengths & Risks of Shadowfax
Strengths
Risks
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.
Shadowfax Technologies has reported negative cash flows in multiple periods, driven by increased spending on network expansion, technology development, vehicle leasing, international growth initiatives, and the acquisition of Criticalog India Private Limited. Negative cash flow from operating activities amounted to Rs 72.83 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 92.87 crore for the period ended September 30, 2025; Rs 119.26 crore in FY25; Rs 311.49 crore in FY24; and Rs 39.80 crore in FY23. The company also recorded a negative cash flow from financing activities of Rs 38.51 crore for the period ended September 30, 2025. Any failure to grow revenue and manage these higher expenses and cash outflows could prevent it from sustaining profitability and may adversely affect its business, financial condition, and the value of its equity shares.
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.
Shadowfax Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Shadowfax IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹118 - 124 | Upto ₹2 Lakh | 120 |
| Employee | ₹118 - 124 | Upto ₹2 Lakh | 120 |
| High Networth Individual | ₹118 - 124 | ₹2 - 5 Lakh | 120 |
For Shadowfax IPO, eligible investors can apply as Regular & Employee.
About Shadowfax IPO
Shadowfax IPO Timeline
| IPO Open | Tue, Jan 20, 2026 |
| IPO Close | Thu, Jan 22, 2026 |
| IPO Allotment | Fri, Jan 23, 2026 |
| Refund Initiated | Tue, Jan 27, 2026 |
| Credit of Shares | Tue, Jan 27, 2026 |
| IPO Listing | Wed, Jan 28, 2026 |
Objective of Shadowfax IPO
| 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
|
Fresh Issue Proceeds Allocation (Approximate)
(Based on DRHP details — approximately ₹1,000 crore fresh issue)
| Purpose | Allocation (₹ Crore) |
Description
|
| Network Infrastructure Expansion | ₹423.4 Cr |
Capital expenditure to expand and strengthen delivery network infrastructure.
|
| Lease Payments for New Facilities | ₹138.6 Cr |
Funding lease payments for new first-mile, last-mile, and sortation centres.
|
| Branding, Marketing & Communication | ₹88.6 Cr |
Costs towards brand building, promotions, and market outreach.
|
| Remaining for Acquisitions & General Corporate Purposes | Balance |
To be used for potential inorganic acquisitions, technology upgrades, working capital needs, and general corporate purposes.
|
Shadowfax IPO Registrar
Kfin Technologies Ltd.
Phone No: 04067162222, 04079611000
Email: [email protected]
Shadowfax IPO Lead Manager(s)
- ICICI Securities Ltd.
- Morgan Stanley India Co.Pvt.Ltd.
- JM Financial Ltd.
Shadowfax IPO Contact Details
Shadowfax Technologies Ltd.
Address
3rd Floor, Shilpitha Tech Park
Sy No. 55/3 & 55/4, Outer Ring Road,
Devarabisanahalli Village,Bellandur, Varthur Hobli
Bengaluru, Karnataka, 560103