Shadowfax Tech IPO opens Jan 20: 5 key strengths investors must know

Shadowfax Technologies comprises a fresh issue of 80.6 shares worth up to ₹1,000 crore, and an OFS of 73.2 million shares worth up to ₹907.27 crore

Shadowfax Technologies IPO: Shadowfax Technologies, a logistics solution provider, is set to launch its initial public offering (IPO) on Tuesday, January 20, 2026. The public issue comprises a fresh issue of 80.6 shares worth up to ₹1,000 crore, and an offer for sale (OFS) of 73.2 million shares worth up to ₹907.27 crore.

 

Under the OFS, Flipkart Internet, Eight Roads Investments Mauritius II, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partner IV, NewQuest Asia Fund, and Mirae Asset - Naver New Growth Fund I, and Mirae Asset - GS Retail New Growth Fund I are the investor selling shareholders. 

 

 

Shadowfax IPO will be offered at a price band of ₹118 to ₹124 per share. The minimum application size has been set at 120 shares per lot. The issue will remain open for subscription till Thursday, January 22, 2026. The company’s shares are tentatively scheduled to make their D-Street debut on Wednesday, January 28, 2026.

 

Kfin Technologies is the registrar for the issue. ICICI Securities, Morgan Stanley India Company, and JM Financial are the book-running lead manager. 

Here are the key strengths of Shadowfax Technologies:

Rapid market expansion: According to the DRHP, Shadowfax claims to be the fastest-growing third-party logistics (3PL) company of scale in India as of March 31, 2025. Its e-commerce shipment market share rose from 8 per cent in FY22 to 23 per cent in H1FY26. The company leads in reverse pickup shipments, quick commerce, and same-day delivery. Its platform processed 436.36 million orders in FY25, with a CAGR of 29.77 per cent from FY23, and 294.45 million orders in H1FY26, up 50.11 per cent from the year-ago period.

 

Nationwide network reach: The company operates a nationwide logistics network with 4,299 touchpoints across first- and last-mile centers and sort facilities, covering 14,758 pin codes as of September 30, 2025. The network includes 53 sort centers spanning 1.8 million square feet and over 3,000 trucks in its dedicated linehaul fleet, the company said in its DRHP. Using a fully leased, asset-light model, the company retains ownership of automation and machinery, enabling flexibility, efficiency, and cost optimisation. Its hybrid mesh-based linehaul, powered by dynamic routing algorithms, supports scalable operations and fast, reliable service across India’s e-commerce landscape.

 

Scalable last-mile network: Shadowfax has developed a large last-mile network of gig-based delivery partners across more than 2,300 cities and towns in India. According to RedSeer, the company operates the largest crowdsourced last-mile delivery fleet among 3PL e-commerce players in terms of average monthly transacting delivery partners in FY25 and H1FY26. Its variable-cost model, supported by gamification and dynamic partner engagement, enables same-day and hyperlocal deliveries at scale without fixed fleet costs. During H1FY26, the platform recorded 205,864 average quarterly unique transacting delivery partners, supported by a franchisee network that aids geographic expansion while limiting fixed overheads.

 

Proprietary technology platform: As per the DRHP, Shadowfax’s proprietary technology forms the backbone of its integrated operations, enabling service customisation, network design, and real-time demand–supply matching. The company’s multi-category allocation engine manages dynamic demand across offerings, while APIs allow customised client integration. Its AI-led SF Maps platform supports accurate geo-tagging and efficient last-mile execution. A unified, in-house-built technology stack and automation enhance operational control and serviceability. The company has also developed a proprietary mobile application to manage and improve the experience of its gig-based delivery partners across the platform.

 

Focus on sustainable logistics: The company has prioritised environmental sustainability, social impact, and strong governance practices across its operations. It is focused on reducing its carbon footprint by promoting the adoption of electric vehicles (EVs) and eco-friendly delivery solutions. Shadowfax has created a two-wheeler rental marketplace to improve EV access for delivery partners and also supports bicycle-based deliveries to enable wider participation from lower socio-economic groups. In the H1FY26, an average of 23.62 per cent of monthly hyperlocal delivery orders on the platform were fulfilled using EVs or bicycles.