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Shadowfax Technologies' ₹1,900cr IPO opens tomorrow: Should you bid?
19 Jan 2026

Bengaluru-based logistics company Shadowfax Technologies will launch its ₹1,907 crore initial public offering (IPO) on Tuesday.

The shares are currently trading at an 8% premium in the gray market, which is a little lower than an earlier 12%.

If this trend continues, the stock is likely to list at around ₹134 per share against the IPO's upper price band of ₹124.

IPO subscription period and structure
Subscription details

The Shadowfax Technologies IPO will be open for subscription from January 20 to 22, 2026. The price band has been fixed at ₹118-124 per share.

The issue consists of a fresh equity issue worth ₹1,000 crore and an offer for sale (OFS) of up to ₹907.27 crore by existing shareholders looking to partially exit their investments.

IPO proceeds allocation and company growth
Fund utilization

The proceeds from the Shadowfax Technologies IPO will mainly be used for expansion and operational growth.

A major chunk of ₹423.43 crore has been allocated for capital expenditure to strengthen and expand its logistics network infrastructure.

The company also plans to use around ₹138.64 crore for lease payments related to setting up new first-mile centers, last-mile centers, and sortation centers.

Shadowfax Technologies's marketing and branding budget
Marketing allocation

Shadowfax Technologies will spend ₹88.57 crore on branding, marketing, and communication efforts to boost brand visibility and customer reach.

The remaining funds will be allocated for unidentified inorganic acquisitions and general corporate purposes, giving the company flexibility to pursue future strategic opportunities.

This is a significant step as it prepares for its public debut in India's fast-growing logistics ecosystem.

Shadowfax Technologies's market presence and financial performance
Company profile

Founded in 2015, Shadowfax Technologies has become a leading player in India's logistics sector.

The company offers a range of services including express parcel delivery, same-day/next-day delivery, doorstep exchange services, and quick-commerce solutions with delivery times as short as 10 minutes.

It has a strong national presence covering over 18,000 pin codes across more than 2,500 cities.

Shadowfax Technologies's financial growth and profitability
Financial performance

In FY25, Shadowfax Technologies posted a 32% increase in total income to ₹2,515 crore from ₹1,897 crore in the previous year.

The company's EBITDA grew by 410% to ₹56 crore from ₹11 crore.

It also turned profitable with a net profit of ₹6 crore in FY25, indicating improved operational efficiency and scalability.

The issue is being managed by ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited as book-running lead managers.