Shadowfax Technologies IPO 2026: Dates, Price Band, Financials & Review

India’s logistics and last-mile delivery ecosystem has witnessed rapid growth alongside the expansion of e-commerce, D2C brands, and quick commerce platforms. Shadowfax Technologies Ltd., a leading logistics solutions provider with a strong nationwide network, is now entering the capital markets with a mainboard IPO.

The Shadowfax Technologies IPO is a book-building issue comprising both a fresh issue and an offer for sale. In this article, we provide a detailed Shadowfax Technologies IPO review, covering IPO dates, price band, lot size, financial performance, valuation, and whether the IPO is worth considering for long-term investors.

Shadowfax Technologies IPO Overview 2026

The following table explains the basic structure and size of Shadowfax Technologies Ltd. IPO:

Shadowfax Technologies IPO Important Dates

The following is the tentative IPO timeline for Shadowfax Technologies Ltd.:

Shadowfax Technologies IPO Price Band & Lot Size

The following section explains pricing and minimum investment for the Shadowfax Technologies IPO:

Shadowfax Technologies IPO Lot Size Details

The table below shows minimum and maximum bidding limits:

Shadowfax Technologies IPO Reservation

The following section explains investor category-wise reservation:

Shadowfax Technologies Ltd. Business Operations

Incorporated in June 2016, Shadowfax Technologies Ltd. is a logistics solutions provider in India offering e-commerce express parcel delivery and value-added logistics services.

Its service offerings include:

• E-commerce and D2C delivery
• Hyperlocal and quick commerce delivery within hours or same day
• SMS and personal courier services through the Shadowfax Flash app

As of September 30, 2025, the company’s nationwide logistics network included:

• 4,299 touchpoints across first- and last-mile centres and sort centres
• Coverage across 14,758 pin codes
• Over 3.50 million sq ft of operational space

53 sort centres spanning 1.80 million sq ft

The company follows an asset-light model by leasing logistics facilities and linehaul while owning automation and machinery. It operates a dedicated fleet of over 3,000 trucks daily.

As of September 30, 2025:

• Average Quarterly Unique Transacting Delivery Partners: 205,864
• Permanent employees: 4,472
• Contract workers: 17,182

The company’s client base includes Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, and others.

Competitive Strengths of Shadowfax Technologies Ltd.

The following are the key strengths of the company:

• Agile and customisable logistics services enabling faster go-to-market
• Largest last-mile gig-based delivery partner infrastructure
• Scalable nationwide logistics network
• Proprietary technology capabilities
• Proven business model with focus on profitability and growth
• Experienced management team and entrepreneurial founders

Shadowfax Technologies Financial Performance

The following table shows the restated consolidated financials of Shadowfax Technologies Ltd.:

Financials (₹ Crore)

Shadowfax Technologies IPO Key Performance Indicators

The following KPIs help assess valuation and profitability:

Valuation: EPS & P/E

The following section explains valuation metrics:

Objects of the Issue

The company proposes to utilise the net proceeds towards:

Shadowfax Technologies IPO Promoters

The promoters of Shadowfax Technologies Ltd. are:

• Abhishek Bansal
• Vaibhav Khandelwal

Shadowfax Technologies IPO Registrar & Lead Managers

• Registrar: Kfin Technologies Ltd.
• Lead Managers:
  • ICICI Securities Ltd.
  • Morgan Stanley India Co. Pvt. Ltd.
  • JM Financial Ltd.

Also, check our detailed guide on upcoming IPOs in January 2026, wherein you can check all the IPOs that were launched in January 2026, along with upcoming IPOs for January 2026.

Summary

Shadowfax Technologies Ltd. operates a nationwide logistics platform serving e-commerce, quick commerce, food delivery, and hyperlocal segments. The IPO combines a fresh issue and an offer for sale, with proceeds intended to support infrastructure expansion, lease commitments, branding initiatives, and general corporate purposes.

The offering provides investors exposure to India’s growing logistics and last-mile delivery ecosystem through a technology-enabled, asset-light business model.

Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice. Readers should conduct their own research and consult qualified professionals before making investment decisions.

Frequently Asked Questions (FAQs)

What is the Shadowfax Technologies IPO?

Shadowfax Technologies IPO is a mainboard IPO of 15,38,12,096 equity shares aggregating to ₹1,907 crore, priced in the range of ₹118 to ₹124 per share.

When will the Shadowfax Technologies IPO open?

Shadowfax Technologies IPO opens on January 20, 2026, and closes on January 22, 2026.

What is the lot size of Shadowfax Technologies IPO?

The lot size of Shadowfax Technologies IPO is 120 shares, requiring a minimum retail investment of ₹14,880.

When is Shadowfax Technologies IPO allotment date?

The Shadowfax Technologies IPO allotment is expected on January 23, 2026.

When is Shadowfax Technologies IPO listing date?

The Shadowfax Technologies IPO is expected to list on January 28, 2026, on BSE and NSE.

Author: Diwakar Singh

Diwakar Kumar Singh is a BFSI specialist and finance writer with over 7 years of hands-on experience in financial research, content creation, and analysis.

 

A Gold Medalist in MBA (Marketing) from IMT, he combines deep analytical skills with practical insights gained from evaluating companies, IPOs, unlisted shares, financial ratios, and investment opportunities. Diwakar has personally analysed hundreds of financial instruments and market scenarios, which he uses to break down complex topics into clear, actionable advice.

He has authored numerous in-depth finance articles, published multiple books internationally, and contributed to research publications. His work focuses on helping everyday investors and readers make better-informed financial decisions through well-researched, evidence-based explanations that are always grounded in real-world application rather than theory alone.