Shadowfax Technologies IPO opens: Check price band, GMP, issue, lot size

Shadowfax Technologies IPO: On Monday, reports indicated that Shadowfax raised ₹856 crore from anchor investors, attracting a mix of domestic and global institutions

Shadowfax Technologies’ initial public offering (IPO) will open for subscription today, January 20, 2026. The ₹1,907-crore issue is the company’s maiden public offer and comprises a fresh issue of 80.6 million shares worth ₹1,000 crore and an offer for sale (OFS) of 73.2 million shares totalling ₹907.27 crore.

 

As part of the OFS, existing investors, including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte Ltd, Nokia Growth Partners IV LP, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal, are expected to offload shares.

 

 

On Monday, reports indicated that Shadowfax raised ₹856 crore from anchor investors, attracting a mix of domestic and global institutions such as mutual funds, insurers, pension funds, and foreign investors.

Key details of the Shadowfax Technologies IPO

Shadowfax Technologies IPO: Important dates

The IPO will close on Thursday, January 22, 2026. The basis of allotment is expected to be finalised on Friday, January 23, with shares likely to be credited to demat accounts on Tuesday, January 27. The stock is set to debut on the exchanges on Wednesday, January 28, 2026.  ALSO READ | Shadowfax Tech IPO opens Jan 20: 5 key strengths investors must know

Shadowfax Technologies IPO: Price band and lot size

The price band has been fixed at ₹118–124 per share. Retail investors can apply for a minimum of 120 shares, amounting to ₹14,880 at the upper price band.

 

Of the total issue, 75 per cent is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 10 per cent for retail investors.

Shadowfax Technologies IPO GMP (grey market premium):

At the last count, Shadowfax’s unlisted shares were trading at ₹130, a premium of ₹6 or 4.84 per cent over the upper end of the price band, according to market observers.

Shadowfax Technologies IPO: Registrar and lead manager

KFin Technologies is the registrar, while ICICI Securities is the lead book-running manager.

Shadowfax Technologies IPO objectives

The company plans to deploy the fresh issue proceeds to expand its network infrastructure, fund lease payments for new first-mile and last-mile facilities and sort centres, and invest in branding, marketing, communications, and potential acquisitions, apart from general corporate purposes. 

Shadowfax Technologies IPO: Should you subscribe?

SBI Securities has maintained a 'Neutral' view on Shadowfax IPO and intends to observe its performance post-listing. The brokerage highlighted the company’s asset-light and scalable model, supported by an asset turnover of over 4x. It noted that Shadowfax does not own delivery vehicles, while its touchpoints and last-mile facilities are largely run through a leasing-led setup, which helps keep the model capital-efficient. On the industry outlook, SBI Securities pointed to low per-capita shipments in India (3–5) versus 60–70 in the US and 75–85 in China, indicating significant headroom for growth.

 

However, the brokerage added that compared with its closest listed peers, the IPO valuation appears slightly premium.

 

SMIFS expects continued network expansion (targeting 2,160 new delivery centres by FY27), operating leverage-driven margin improvement and expansion into higher-margin verticals (such as banking, financial services and insurance (BFSI) and cross-border logistics) to support medium-to-long-term value creation for Shadowfax. 

 

It recommended growth-oriented investors subscribe with a multi-year investment horizon, citing market leadership, technology moat and favourable industry tailwinds.

 

Master Capital Services recommends investors consider Shadowfax Technologies with a long-term view, as it believes Shadowfax is well-positioned as a technology-led, digital-first 3PL platform catering to e-commerce, quick commerce, and hyperlocal delivery, and investors may consider the IPO as a long-term investment opportunity.

   

About Shadowfax Technologies

Backed by Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds, Shadowfax is one of India’s leading logistics providers for e-commerce express parcel delivery and value-added services. Its client base spans major horizontal and vertical e-commerce platforms, quick commerce companies, food marketplaces, and on-demand mobility players. The company offers forward and reverse logistics, hyperlocal delivery, and critical logistics solutions.