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Shadowfax Technologies IPO
2.71xsubscribed

Shadowfax Technologies IPO

Logistics
listed
₹14,160Min. investment

Shadowfax Technologies Limited IPO Details

SectorLogistics
Price range₹118 – ₹124
IPO type
Regular
Lot size120 shares
Issue size₹1,907Cr
Draft Red Herring Prospectus
Read
Market cap
₹7,168.85CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹2,485.13CrHigher than sector avg
Growth rate3Y CAGR
32.52%Higher than sector avg

Shadowfax Technologies IPO Subscription Status

Date
QIB
NII
Retail
Total
20-Jan-26
0.09 times (X)
0.22 times (X)
1.13 times (X)
0.47 times (X)
21-Jan-26
0.09X
0.33X
1.66X
0.6X
22-Jan-26
0.85X
0.83X
2.27X
2.71X

As on 20-Jan-26, 5:30 PM

Shadowfax Technologies IPO Timeline

  1. Pre-apply
    19 Jan 2026
  2. Bid start
    20 Jan 2026
  3. Bid end
    22 Jan 2026
  4. Allotment
    23 Jan 2026
  5. Release of funds
    27 Jan 2026
  6. Demat transfer
    27 Jan 2026
  7. Listing
    28 Jan 2026

About Shadowfax Technologies Limited

Shadowfax Technologies is a new age technology-led third-party logistics (3PL) company that is focused on enabling digital commerce all over India. It partners with large enterprises in e-commerce, quick commerce, food delivery, and on-demand mobility.
As of September 30, 2025, the Shadowfax network spans 14,758 pin codes in the country. The company provides diverse services, including, but not limited to, express parcel deliveries, reverse pickups, exchange deliveries, same-day and prime deliveries, quick commerce, hyperlocal deliveries, mobility services, and critical logistics.
The company is among the fastest-growing major 3PL players in India. Its proportion of e-commerce shipments has dramatically risen from around 8% in FY22 to close to 23% in H1 FY26. The company is at the forefront of the market in reverse pickups, quick commerce logistics, and same-day deliveries (by order volume) in FY25 and H1FY26. In FY25, it managed 43.64 crore orders, representing a growth of nearly 30% CAGR since FY23. In H1FY26, it handled 29.45 crore orders, signifying a growth of more than 50% compared to H1FY25.
The company has a strong logistics network across the country with 4,299 touchpoints and 53 sort centres that span over 1.8 msf. The total space for first-mile, middle-mile, and last-mile operations is more than 3.5 msf. Shadowfax also operates a large gig-based delivery model. On a quarterly basis, it has 205,000+ active delivery partners spread over more than 2,300 cities. This asset-light model keeps the cost structure flexible. Its proprietary technology platform comprises AI-powered route mapping (SF Maps), intelligent order allocation, and smooth API integrations for clients.
Shadowfax operates mainly through three key service segments: express services accounted for a revenue of ₹1,716.08 crore in FY25 and recorded a growth of 29% CAGR over the FY23-FY25 period. This comprises forward deliveries, reverse logistics, exchanges, and prime deliveries spread over 14,758 pin codes. The hyperlocal services segment that covers quick commerce, food delivery, and mobility generated revenue of ₹513.24 crore in FY25 and the number of orders processed during the year was close to 9.5 crore. Other logistics services contributed ₹255.80 crore in FY25 and include critical logistics, unbundled services, and dark store operations.
The company has partnerships with many leading digital-first companies like Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, etc. It is the only sizable 3PL player in India that supports full end-to-end e-commerce logistics as well as last-mile delivery for quick commerce, food delivery, and other hyperlocal use cases.
India's e-commerce penetration is still very low, accounting for just around 7% of total retail sales in FY25. This contrasts with much higher levels in China and the US. On a per capita basis, the number of e-commerce shipments in India is only around 3-4 annually, whereas the figure in developed markets is as high as 60-85, signalling the strong long term potential for growth. The e-commerce logistics market (excluding quick commerce) is forecast to increase at a 15-20% CAGR from FY25 to FY30. At the same time, quick commerce, which was worth approximately ₹53,000 crore in FY25, is projected to grow fast at a 50-62% CAGR and reach ₹4-6 lakh crore by FY30.
The underdeveloped e-commerce sector in India, together with increasing per capita shipments give a lot of opportunity for volume growth through express and reverse logistics in the future. The fast growth of quick commerce increases the demand for high frequency, same day and hyperlocal deliveries on a continuous basis, where the company is already a leader. When the clients grow rapidly, it gains from higher network utilisation, operating leverage, and margin improvement. The move to outsourced, tech-enabled logistics also raises the company's competitive position and pricing power in the long run. Now, Shadowfax Technologies Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹1,000 crore and an offer for sale of ₹907.27 crore. The total issue size of the IPO is ₹1,907.27 crore. Its shares will be listed on the NSE and BSE.

How to apply for the Shadowfax Technologies IPO?

If you are interested in this investment opportunity but unsure how to apply for the Shadowfax Technologies IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Shadowfax Technologies IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Shadowfax TechnologiesIPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check Shadowfax Technologies IPO Allotment Status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Shadowfax Technologies IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Shadowfax Technologies IPO allotment status will be mentioned

How to pre-apply for the Shadowfax Technologies IPO?

You can pre-apply for the Shadowfax Technologies IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Shadowfax Technologies IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

Shadowfax Technologies Limited IPO Analysis

IPO REVIEW

Shadowfax Technologies IPO | Analysis Video

Should you apply?

Watch our analysts break down the Shadowfax Technologies Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Offers e-commerce and hyperlocal delivery

The company is the only third-party logistics (3PL) player in India that offers end-to-end e-commerce delivery at scale and also operates hyperlocal/quick commerce deliveries at scale. This enables customers to have a single logistics partner for multiple delivery requirements, thus increasing the client-partner relationship and the share of the client's wallet.

Strong client relationships

Most of the top customers of the company engage several service lines like express delivery, hyperlocal, reverse logistics, same-day delivery, etc. Such a deep integration leads to less customer churn and more long-term revenue visibility. Besides, the company was involved in designing delivery solutions with its large clients, e.g. hand-in-hand exchange and faster delivery timelines, which indicate strong operational trust.

Largest gig-based last-mile delivery network

The company runs the biggest crowdsourced last-mile delivery fleet in India among the 3PL players. It has 205,864 average quarterly active delivery partners in H1FY26 and operations across 2,300+ cities. The gig fleet is utilised for different services (e-commerce, quick commerce, hyperlocal), which results in high efficiency of the fleet and hence low delivery costs.

Nationwide network and asset-light model

The company delivers services to 14,758 pin codes through 4,299+ touchpoints in India. It also receives support from automated sort centres and follows an asset-light leased infrastructure model. As a result, the company has demonstrated a very strong growth potential and achieved industry-leading capital efficiency, with a capital turnover ratio reaching 3.96x in FY25, which is the highest among 3PL peers.

Strong in-house technology

The company's own platform Frodo, SF Shield and SF Maps, harness AI and data analytics to coordinate delivery partners, detect fraud, and increase routing accuracy. This technology-driven business model reduces per-order costs, increases delivery dependability, and allows multiple service lines to be run on one scalable platform.

Objectives of Shadowfax Technologies Limited IPO

Funding for capex
42.34%
The company will use ₹423.43 crore towards network infrastructure.
General corporate purposes
34.94%
IPO funds for acquisitions, general use & expenses.
Funding for Opex
13.86%
₹138.64 cr will fund lease payments for new logistics centres.
Marketing and advertising expenses
8.86%
The company will use ₹88.57 crore for branding, marketing and communication costs.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹2,485.13Cr32.52%₹6.43Cr₹7,168.85Cr953.840.20
This sector (avg.)₹711.28Cr0.02%-₹13.78Cr₹1,677.75Cr34.350.59
₹8,887.02Cr---₹1,291.84Cr₹38,252.26Cr31.230.07
₹6,763.79Cr---₹787.42Cr₹25,640.55Cr35.750.99
₹426.73Cr----₹38.28Cr₹10,164.42Cr29.860.03

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Shadowfax Technologies IPO Contact Details

Company NameShadowfax Technologies Limited

How to apply for Shadowfax Technologies IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Shadowfax Technologies Limited IPO FAQs

Investors can apply for the Shadowfax Technologies IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Shadowfax Technologies IPO is 1907 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Shadowfax Technologies IPO will be open between 2026-01-20 and 2026-01-22.
Shadowfax Technologies IPO allotment date is 2026-01-27. For Shadowfax Technologies IPO allotment status check, you can visit the website of the registrar of the IPO.
For Shadowfax Technologies IPO, the IPO registrar is KFin Technologies Limited. You can check Shadowfax Technologies IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Shadowfax Technologies IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Shadowfax Technologies IPO lot size is 120 and minimum order quantity is 120.
Shadowfax Technologies IPO has set the price band for its IPO at 124 per equity share with a face value of 10.