Shadowfax Technologies IPO: Logistics Solution Provider’s Public Issue Set To Open On Jan 20 - Should You Apply?

Shadowfax Technologies IPO GMP: The initial public offering (IPO) of Shadowfax Technologies is scheduled to open for subscription on January 20 and close on January 22, 2026. Here’s a look at some of the key details related to the logistics solutions provider’s public issue which investors should know before they consider applying for the same.

Shadowfax Technologies IPO: Offer Size

Shadowfax Technologies’ public issue is worth Rs 1,907.27 crore and consists of a fresh issue of 80.60 million shares amounting to Rs 1,000 crore and an offer for sale (OFS) of 73.20 million shares aggregating to Rs 907.27 crore. The price band has been set between Rs 118 and Rs 124 per share. Retail investors can apply for the public issue by placing bids for a minimum of 120 shares requiring an investment of Rs 14,880.

Shadowfax Technologies IPO GMP

Shares of Shadowfax Technologies are trading at a premium of 8.06 per cent in the grey market. Unlisted shares of the logistics services provider are commanding a grey market premium (GMP) of Rs 10 per share over the upper end of the price band, indicating a potential listing at Rs 134 apiece.

Shadowfax Technologies IPO: Subscription Window, Allotment Date, Listing Date

Following the closure of the bidding window on January 22, the shares will be allotted to the successful bidders on January 27. The shares will list on the BSE and NSE on January 28.

Shadowfax Technologies IPO: Key Financials

In the quarter ended September 30, 2025, Shadowfax Technologies posted a total income of Rs 1,819.80 crore, the company’s profit-after-tax (PAT) stood at Rs 21.04 crore and net worth stood at Rs 693.53 crore. Shadowfax Technologies’ total income grew by over 32 per cent to Rs 2,514.66 crore in the financial year ended March 31, 2025 compared to Rs 1,896.48 crore in the preceding fiscal. The company posted a net profit of Rs 6.06 crore in FY 2024-25 compared to a net loss of Rs 11.88 crore in the preceding fiscal.

Shadowfax Technologies: Business Model

Shadowfax Technologies is a third-party logistics company which uses technology to facilitate digital commerce. The company’s service network is spread across 14,758 Indian pin codes as on September 30, 2025. The company caters to enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies.

The company operates on an asset-light model and generates revenue by charging clients for successful deliveries. According to its red herring prospectus (RHP), the major source of the company’s revenue is its Express Logistics (Express Parcel) service line, encompassing standard e-commerce parcel deliveries, forward shipments, and reverse pick-ups. However, the company also generates revenue through hyperlocal services, such as rapid, short-distance deliveries for the quick commerce and food delivery markets.

Shadowfax Technologies: Competitors

Based on the RHP, Shadowfax Technologies faces competition from major prominent logistics and technology-led delivery providers in India. This includes listed peers, such as Blue Dart Express and Delhivery, and unlisted peers, such as Xpressbees and Ecom Express. Additionally, platforms such as Zepto, Blinkit, Swiggy, and Big Basket have their own delivery operations and compete with Shadowfax in its hyperlocal services business.

Shadowfax Technologies IPO: Should You Apply?

Here’s a look at the strengths and risks mentioned by the logistics solutions provider which investors must consider before applying for the public issue:

Shadowfax Technologies: Key Risks

Here’s a look at some of the key risks related to Shadowfax Technologies’s business according to the company’s RHP.

• The logistics company disclosed in its RHP that it has incurred losses and negative cash flows in the past and may continue to experience the same in the future due to an anticipatory increase in expenses.

• The company said it relies on third-party franchisees for a portion of its last-mile deliveries, and failure in their performance can adversely impact financial performance.

• Its largest client contributed 48.91 per cent and 51.23 per cent of its revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, respectively. Thus, the loss of key commercial relationships could adversely affect its business.

Shadowfax Technologies: Key Strengths

Here’s a look at some of the key strengths of Shadowfax Technologies, according to the company’s RHP.

• The company claims to have an agile and customisable logistics services that enables faster go-to-market plans for clients.

• The logistics services provider claims to have the largest last-mile gig-based delivery partner infrastructure in India along with an extensive nationwide network.

Shadowfax Technologies IPO: Objective

Shadowfax Technologies plans to use the proceeds of the public issue for funding its capital expenditure requirements for setting up network infrastructure and for funding of lease payments for new centres. The company also seeks to use the proceeds for funding of branding, marketing and communication costs, inorganic acquisitions, and general corporate purposes.