- Issue price
- ₹124per share
- Issue size
- ₹1,907.27 Cr15,38,12,014 shares
- Face value
- ₹10per equity share
- Lot size
- 120 sharesMin. ₹14,880 at the upper price
- Anchor biddingMon, 2026
- OpensTue, 2026
- ClosesThu, 2026
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 8,06,45,160 shares (₹1,000 Cr)
- Offer for sale
- 7,31,66,854 shares (₹907.27 Cr)
- Total issue
- 15,38,12,014 shares (₹1,907.27 Cr)
- Face value
- ₹10
- Listing at
- NSE, BSE
- Promoter holding
- 19.13% → 16.50%
Source: ProspectusUpdated
Reservation
Share of the total issue- Anchor44.9%
- QIB ex-anchor29.9%
- NII15.0%
- Retail10.0%
- Employees0.3%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,53,40,878 | 9.97% | 10% |
| Non-institutional investors (NII) | 2,30,11,318 | 14.96% | 15% |
| Qualified institutional buyers (QIB) | 11,50,56,593 | 74.80% | 75% |
| QIB, excluding anchor | 4,60,22,638 | 29.92% | — |
| Anchor investors | 6,90,33,955 | 44.88% | — |
| Employees | 4,03,225 | 0.26% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹124 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 120 | ₹14,880 |
Source: ProspectusUpdated
Subscription
As of 19 Oct, 8:42 pm| Category | Shares offered | Shares bid | Times | Share of bids |
|---|---|---|---|---|
| Qualified institutional buyers (QIB) | 1,25,43,518 | 2,29,10,95,976 | 182.65× | 81.4% |
| Non-institutional investors (NII) | 94,07,639 | 39,84,69,578 | 42.36× | 14.2% |
| Big NII (above ₹10 lakh) | 62,71,760 | 30,69,18,534 | 48.94× | — |
| Small NII (₹2–10 lakh) | 31,35,879 | 9,15,51,044 | 29.19× | — |
| Retail individual investors | 2,19,51,158 | 12,38,47,828 | 5.64× | 4.4% |
| Employees | 1,68,367 | 11,10,746 | 6.60× | 0.0% |
| Total | 4,40,70,682 | 2,81,45,24,128 | 63.86× | — |
Times = shares bid ÷ shares offered in that category. Share of bids splits all shares bid (excluding anchor investors) by category.
How many applications get shares under SEBI's rules →
Source: NSE bid detailsUpdated
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹0.13
- EPS (diluted)
- ₹0.13
- RoNW
- 0.97%
- NAV per share (At Offer Price)
- ₹28.43
- P/E (FY 2024-25 diluted at Cap Price)
- 952.79×
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 30 Sep 20246 months | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|---|
| Revenue from operations | 1,805.64 | 2,485.13 | 1,072.07 | 1,884.82 | 1,415.12 |
| Total income | 1,819.80 | 2,514.66 | 1,088.97 | 1,896.48 | 1,422.89 |
| Profit after tax | 21.04 | 6.43 | 9.84 | -11.88 | -142.64 |
| Net worth | 693.53 | 660.43 | 446.15 | 421.78 | 176.32 |
| Reserves and surplus | 281.26 | 248.16 | 196.84 | 172.47 | 171.20 |
| Total assets | 1,453.16 | 1,259.26 | 929.32 | 786.14 | 442.73 |
| Total borrowing | 147.44 | 132.23 | 101.46 | 40.33 | 66.69 |
FY 2024-25 vs FY 2023-24: revenue +31.8%, profit after tax +154.1%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
A technology-led third-party logistics company facilitating digital commerce, offering express parcel, reverse pickup, hyperlocal and quick commerce delivery services. Its network covers 14,758 pin codes as of September 30, 2025, serving e-commerce, quick commerce, food marketplace and mobility clients.
- Incorporated
- 2015
- Industry
- Logistics
- Sector
- Logistics and Transport
- CIN
- U72300KA2015PLC150324
- Website
- shadowfax.in
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Abhishek Bansal | Promoter | 10.76% | 9.28% | — |
| Vaibhav Khandelwal | Promoter | 8.37% | 7.22% | — |
| Flipkart Internet Private Limited | Selling shareholder | 14.83% | 7.28% | 3,22,58,065 |
| Eight Roads Investments Mauritius II Limited | Selling shareholder | 14.15% | 9.49% | 1,58,87,097 |
| NewQuest Asia Fund IV (Singapore) Pte. Ltd. | Selling shareholder | 14.08% | 11.52% | 36,29,032 |
| Nokia Growth Partners IV, L.P. | Selling shareholder | 6.31% | 4.62% | 47,82,258 |
| International Finance Corporation | Selling shareholder | 5.23% | 3.61% | 52,86,210 |
| Qualcomm Asia Pacific Pte. Ltd. | Selling shareholder | 3.66% | 2.26% | 52,75,806 |
| Mirae Asset - Naver New Growth Fund I | Selling shareholder | 1.93% | 1.15% | 30,24,193 |
| Mirae Asset - GS Retail New Growth Fund I | Selling shareholder | 1.93% | 1.15% | 30,24,193 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure for network infrastructure | 423.43 |
| Lease payments for new first mile, last mile and sort centers | 138.64 |
| Branding, marketing and communication costs | 88.57 |
| Unidentified inorganic acquisitions and general corporate purposes | 291.94 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Shadowfax Technologies LimitedIssuer | ₹0.13 | 952.79× | 0.97% | ₹13.83 |
| Blue Dart Express Limited | ₹106.38 | 50.70× | 17.25% | ₹657.05 |
| Delhivery Limited | ₹2.19 | 195.07× | 1.75% | ₹124.77 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Large nationwide network covering nearly 14,800 pin codes and over 4,000 touchpoints.
- Largest crowdsourced last-mile delivery partner base among listed 3PL peers, per the document.
- Asset-light, variable-cost model using gig-based delivery partners and franchisees.
- Revenue grew from ₹14,151.24 million in FY 2023 to ₹24,851.31 million in FY 2025.
- Returned to reported profit in FY 2025 and the six months to September 2025.
Risks
- Has reported losses in past years and negative operating cash flows in some periods.
- Heavy reliance on a few large clients; the largest client contributed about 48% of revenue in the six months to September 2025.
- Dependence on a large network of leased facilities and gig-based delivery partners without exclusive arrangements.
- Cash-on-delivery operations expose the company to cash loss and operational risks.
- Use of Net Proceeds has not been appraised by any bank or financial institution.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹124) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Shadowfax Technologies IPO open and close?
According to the Prospectus, the issue opens on Tuesday, 20 January 2026 and closes on Thursday, 22 January 2026.
What is the Shadowfax Technologies IPO price band?
The final issue price is ₹124 per share.
What is the lot size of the Shadowfax Technologies IPO?
One lot is 120 shares, which is ₹14,880 at ₹124 per share.
Where will Shadowfax Technologies shares list?
On NSE and BSE.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Shadowfax Technologies IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹423.43 Cr for capital expenditure for network infrastructure, ₹138.64 Cr for lease payments for new first mile, last mile and sort centers, ₹88.57 Cr for branding, marketing and communication costs, ₹291.94 Cr for unidentified inorganic acquisitions and general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.