Shadowfax Technologies IPO

About Shadowfax Technologies IPO

The IPO of Shadowfax Technologies comprises a fresh issue and an offer for sale. The fresh issue comprises equity shares aggregating up to ₹1000 crores. The offer for sale aggregates up to ₹907.269 crores. It’s a 100% book-built issue. The lot size of shares in the IPO is 120 and the price band of shares is between ₹118 to ₹124.

Shadowfax Technologies IPO opens on January 20, 2026 and closes on January 22, 2026. The allotment of shares will take place on January 23, 2026. The credit of shares to the Demat account will take place on January 27, 2026. The initiation of refunds will take place on January 27, 2026. The listing of shares will take place on January 28, 2026. The minimum investment amount required by a retail investor is ₹14,880 based on the upper price. The minimum lot for retail investors is 1 (120 shares).

Shadowfax Technologies is a new-age, technology-led third-party logistics (“3PL”) company, and leverages technology to facilitate digital commerce. The company serves a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies.

Objectives of Shadowfax Technologies IPO

The company proposes to utilise the net proceeds for funding:

• Capital expenditure requirements of the company in relation to network infrastructure
• Lease payments for new first mile centres, last mile centres and sort centres
• Branding, marketing and communication costs
• Unidentified inorganic acquisitions and general corporate purposes

Industry Outlook

India’s logistics market is a dynamic ecosystem catering to both B2B and B2C segments. B2B logistics primarily focuses on bulk movement of goods for industrial and commercial purposes between manufacturers, suppliers, distributors, and retailers. On the other hand, the B2C and C2C segments focus on smaller shipments catering directly to end consumers and individual needs.

As of FY 2025, the overall Indian logistics market was estimated to be at ₹21-23 Tn ($247-270 Bn) which grew at a CAGR of 2.5-5% since FY 2020. Also, the e-commerce logistics ecosystem in India has seen a growth of 28-31% in the previous five financial years to reach 4.9-5.3 billion shipments in FY 2025. This is projected to reach 15-16 billion shipments in FY 2030, growing at 23-27% CAGR.

Shadowfax Technologies Company Information

Shadowfax Technologies is a new-age, technology-led third-party logistics (“3PL”) company, and leverages technology to facilitate digital commerce, with its service network encompassing 14,758 Indian pin codes as of September 30, 2025.

It serves a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. Its range of services includes express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other services, including critical logistics enabling it to cater to the most diverse and complex needs of its clients.

Strengths of Shadowfax Technologies

• Agile and customisable logistics services that enable faster go-to-market for clients
• Largest last-mile gig-based delivery partner infrastructure
• Extensive nationwide network
• Proprietary and agile technology capabilities
• Proven business model, with focus on profitability, while delivering healthy growth
• Experienced management team supported by entrepreneurial founders

Risks of Shadowfax Technologies

• History of negative cash flows and it may continue to experience losses and negative cash flows in the future
• Disruptions to network may adversely affect business operations, financial condition and cash flows
• Loss of any key commercial relationships could adversely affect business
• Failure to manage growth or execute strategies effectively could impede expansion and materially affect business and future prospects
• Inability to expand and grow network infrastructure in a balanced manner could adversely affect future growth, business operations, financial condition and cash flows
• Mishandling of goods by delivery partners may lead to operational inefficiencies and client dissatisfaction
• Disruptions in business relationships with third-party franchisees could adversely impact service quality
• Failure to renew leases or to locate desirable alternatives for facilities could materially and adversely affect business
• Failure to continue to improve and effectively utilise technology infrastructure or successfully develop new technologies could harm business operations
• Little experience in operating the new service lines or offerings into which it diversifies

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on January 19, 2026.

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
  
• Book Running Lead Managers: ICICI Securities, Morgan Stanley India Company and JM Financial
  

Shadowfax Technologies Business Model

Shadowfax Technologies range of services includes express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other services, including critical logistics enabling it to cater to the most diverse and complex needs of its clients.

Shadowfax Technologies Growth Trajectory

The revenue from operations of Shadowfax Technologies jumped from ₹1415.124 crores in FY 23 to ₹2485.131 crores in FY 25. Its adjusted EBITDA margin moved into the positive territory from negative (7.18%) in FY 23 to 1.96% in FY 25. Total orders grew from 25.911 crores in FY 23 to 43.636 crores in FY 25. Extensive nationwide network and proven business model has helped the company grow over the years.

Shadowfax Technologies Market Position

Shadowfax Technologies is the fastest growing 3PL company of scale in India as of March 31, 2025, expanding its e-commerce shipment market share from approximately 8% in the financial year 2022 to approximately 21% in the three months period ended June 30, 2025 and within the express service line, it’s the market leader in reverse pickup shipments, in terms of order volume for the financial year 2025 and the three months period ended June 30, 2025.

The company is also a market leader in 3PL quick commerce (or “Q-Commerce”) solutions and same-day delivery based on order volume for the financial year 2025 and the three months ended June 30, 2025.

How to Apply for the Shadowfax Technologies IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.