Shadowfax IPO – Key Details and Investment Highlights
Shadowfax Technologies IPO is scheduled to open for subscription on January 20, 2026, and will close on January 22, 2026. The issue is a Book-Built IPO, through which the company aims to raise approximately ₹1,907 crore. This includes a fresh issue of ₹1,000 crore along with an Offer for Sale (OFS) of up to 7,31,66,935 equity shares, each having a face value of ₹10.
The IPO price band has been fixed at ₹118 to ₹124 per share. The issue allocation is structured with 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (HNIs), and 10% for Retail Individual Investors. Shadowfax Technologies is proposed to be listed on both BSE and NSE, with a tentative listing date of January 28, 2026. The basis of allotment is expected to be finalized on January 23, 2026.
On the financial front, Shadowfax has demonstrated strong revenue growth. The company reported a revenue of ₹2,514.66 crore in FY2025, compared to ₹1,896.48 crore in FY2024. Notably, it has also achieved a significant turnaround in profitability, posting a net profit of ₹6.06 crore in FY2025, against a net loss of ₹11.88 crore in the previous year.
With improving financial performance and a clear path to profitability, the IPO appears suitable for investors with a long-term investment horizon who are looking to participate in India’s growing logistics and last-mile delivery ecosystem.
Shadowfax IPO Objectives:
The company proposes to utilize the net proceeds from the IPO for the following purposes:
- Funding capital expenditure requirements to support expansion of logistics infrastructure and technology capabilities.
- Strengthening working capital resources to meet the growing operational needs of the business.
- Investment in product innovation and technology development, including platform enhancement and automation initiatives.
- Pursuing inorganic growth opportunities through strategic acquisitions and partnerships, subject to applicable approvals.
- General corporate purposes, which include supporting day-to-day operations, brand building, and strategic initiatives.
Shadowfax IPO Review (Apply or Not)
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Shadowfax IPO Date & Price Band Details:
| IPO Open Date | January 20, 2026 |
| IPO Close Date | January 22, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹118 to ₹124 Per Share |
| Issue Size | Approx ₹1907.27 Crores |
| Fresh Issue | Approx ₹1,000 Crores |
| Offer for Sale: | Approx 7,31,66,935 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | Link |
| RHP Draft Prospectus | Link |
Shadowfax IPO Lot Size:
The Shadowfax Technologies IPO lot size is expected to be announced in the Red Herring Prospectus (RHP). Retail investors will be required to apply for a minimum of one lot, and applications must be made in multiples of the lot size thereafter.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum | 68 | 8,160 | ₹10,11,840 |
Shadowfax IPO Allotment & Listing Date (Details)
The basis of allotment for the Shadowfax Technologies IPO is expected to be finalized on January 23, 2026. Investors can check their allotment status online through the registrar’s website or via their respective stock exchange platforms once the allotment is completed.
Successful applicants will receive the equity shares in their demat accounts, while refunds for non-allottees are likely to be initiated on January 24, 2026. The shares are expected to be credited to demat accounts by January 27, 2026.
The Shadowfax Technologies IPO is proposed to be listed on both the BSE and NSE on January 28, 2026, subject to market conditions and regulatory approvals.
| IPO Open Date: | January 20, 2026 |
| IPO Close Date: | January 22, 2026 |
| Basis of Allotment: | January 23, 2026 |
| Refunds: | January 27, 2026 |
| Credit to Demat Account: | January 27, 2026 |
| IPO Listing Date: | January 28, 2026 |
| IPO Bidding Cut-off Time: | January 22, 2026 – 5 PM |
Shadowfax IPO GMP Today:
The latest Grey Market Premium (GMP) for Shadowfax Technologies IPO stands at ₹8, as of January 17, 2026,. Based on the upper price band of ₹124 per share, the IPO’s estimated listing price is around ₹132 per share, calculated by adding the current GMP to the cap price.
This indicates an expected listing gain of approximately 6.45% per share. While the GMP reflects prevailing market sentiment, investors should note that it is unofficial and subject to change based on market conditions.
Promoters of Shadowfax IPO
The promoters of Shadowfax Technologies Limited are Mr. Abhishek Bansal and Mr. Vaibhav Khandelwal, who bring extensive experience in building and scaling technology-driven logistics platforms.
Promoter Shareholding Details
| Particulars | Number of Shares | Shareholding (%) |
|---|---|---|
| Promoter Holding (Pre-Issue) | 49,74,88,085 | 19.13% |
| Promoter Holding (Post-Issue) | 57,81,33,246 | To be updated |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Blue Dart Express Limited | 106.38 | 50.70 | 17.25 | 657.05 | 5,762.16 Cr. |
| Delhivery Limited | 2.19 | 195.07 | 1.75 | 124.77 | 9,372.01 Cr. |
Shadowfax IPO– Company Financial Performance
Shadowfax Technologies Limited has demonstrated strong revenue growth and a notable improvement in profitability over the recent financial years, reflecting the company’s scalable business model and operational efficiency.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹1,422.89 | ₹1,565.53 | ₹142.64 | ₹442.73 |
| 2024 | ₹1,896.48 | ₹1,908.36 | ₹11.88 | ₹786.14 |
| 2025 | ₹2,514.66 | ₹2,508.60 | ₹6.06 | ₹1,259.26 |
| September 2025 | ₹1,819.80 | ₹1,798.77 | ₹21.04 | ₹1,453.16 |
Shadowfax IPO Registrar
KFin Technologies Limited
Phone: +91 40 6716 2222/18003094001
Email: shadowfax.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Shadowfax IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- Morgan Stanley India Company Private Limited
- JM Financial Limited
Shadowfax IPO Company Address
Shadowfax Technologies Ltd.
1st Floor, Appek Building, 93/A
4th B Cross Rd, 5th Block,
Koramangala,
Bengaluru, Karnataka, 560095
Email: hello@shadowfax.in
Website: https://www.shadowfax.in/
Shadowfax Technologies IPO FAQs
What is Shadowfax Technologies IPO?
Shadowfax Technologies IPO is a book-built public issue through which the company aims to raise approximately ₹1,907 crore. The issue consists of a fresh issue of ₹1,000 crore and an offer for sale (OFS) by existing shareholders.
When will Shadowfax IPO open and close?
The Shadowfax Technologies IPO will open for subscription on January 20, 2026, and will close on January 22, 2026.
What is the price band of Shadowfax IPO?
The price band for Shadowfax Technologies IPO is fixed at ₹118 to ₹124 per equity share, with a face value of ₹10 per share.
What is the Shadowfax IPO allotment date?
The basis of allotment for the Shadowfax IPO is expected to be finalized on January 23, 2026.
When will Shadowfax IPO list on the stock exchanges?
Shadowfax Technologies IPO is proposed to be listed on BSE and NSE on January 28, 2026, subject to market conditions.
What is the lot size of Shadowfax IPO?
The exact lot size for Shadowfax Technologies IPO will be announced in the Red Herring Prospectus (RHP). Retail investors must apply for a minimum of one lot, and in multiples thereof.
Who are the promoters of Shadowfax Technologies Limited?
The promoters of Shadowfax Technologies Limited are Mr. Abhishek Bansal and Mr. Vaibhav Khandelwal.
What is the latest Shadowfax IPO GMP today?
As of January 17, 2026, the Shadowfax IPO GMP (Grey Market Premium) is ₹8, indicating positive market sentiment. GMP is unofficial and may change frequently.
What is the expected listing price of Shadowfax IPO?
Based on the upper price band of ₹124 and the current GMP of ₹8, the estimated listing price of Shadowfax IPO is around ₹132 per share, suggesting an expected gain of approximately 6.45%.
How is Shadowfax Technologies’ financial performance?
Shadowfax reported a revenue of ₹2,514.66 crore in FY2025, up from ₹1,896.48 crore in FY2024. The company also turned profitable in FY2025, reporting a net profit of ₹6.06 crore, compared to a loss in the previous year.
What are the objectives of Shadowfax IPO?
The IPO proceeds will be used for capital expenditure, working capital requirements, technology development, strategic acquisitions, and general corporate purposes.
Is Shadowfax IPO good for long-term investment?
With strong revenue growth, improving profitability, and exposure to India’s expanding logistics and last-mile delivery sector, Shadowfax IPO may be suitable for long-term investors, subject to individual risk assessment.
How can I apply for Shadowfax IPO?
Investors can apply for the Shadowfax IPO through UPI-enabled ASBA via their stockbroker platforms, banking apps, or registered online trading accounts.
Where can I check Shadowfax IPO allotment status?
You can check the Shadowfax IPO allotment status on the registrar’s official website, as well as on the BSE and NSE websites once the allotment is finalized.
