Shadowfax Technologies IPO is a mainboard public issue of India's leading logistics tech unicorn, expected to open in Q1 2026 with a proposed structure favouring QIBs at 75% reservation. The company provides tech‑driven logistics solutions for first‑mile, middle‑mile and last‑mile delivery, powering e‑commerce platforms with a network of 20,000+ delivery partners and 5,000+ pincode coverage.​

Shadowfax Technologies IPO overview

Shadowfax is a logistics technology company offering end‑to‑end delivery services including express parcel delivery, same‑day delivery, hyperlocal delivery and B2B logistics for e‑commerce, quick commerce and D2C brands. Key offerings include Shadowfax Express (middle‑mile), Shadowfax Last‑Mile and Shadowfax Hyperlocal, supported by proprietary technology for route optimisation, real‑time tracking and delivery partner management.​

Promoters are Abhishek Bansal and Vaibhav Khandelwal, with promoter holding details to be confirmed in the RHP. Lead managers include ICICI Securities, Morgan Stanley India and JM Financial Limited, signalling strong institutional backing.​

IPO Details :-

5. IPO Date :- Jan 20^th to 22^nd 2026

5. Listing Date :- Jan 28^th 2026
5. Allotment Date :- Fri, Jan 23^rd 2026
5. Credit of shares :- Fri, Jan 27^th 2026
5. Refund :- Fri, Jan 27^th 2026
5. Face Value :- Rs. 10 per share
5. Price Band :- Rs 118 to Rs. 124
5. Lot Size :- 120 shares
5. Market Cap :- Rs. 7,168.85 crore
5. Sale Type :- Fresh Capital & OFS
5. Total Issue Size :- Rs. 1,907 crore
5. Fresh Issue :- Rs. 1,000 crore
5. OFS :- Rs. 907 crore

Investor reservation:-

QIB (ex‑anchor) 75%, NII 15%, Retail 10%.​

IPO Lot Size:-

Lot of 120 shares (₹14,880 at upper band estimate), retail max 13 lots (1,560 shares, ₹1,93,440); S‑HNI 14–67 lots; B‑HNI 68 lots.​

Objective of the issue

• Funding capital expenditure for network infrastructure.​

• Lease payments for new first‑mile, last‑mile and sort centres.​
• Branding, marketing and communication costs.​
• Unidentified inorganic acquisitions and general corporate purposes.​

Financials and valuation snapshot

Shadowfax has scaled revenues rapidly but faced profitability challenges typical of high‑growth logistics tech firms.​

Financials (₹ crore):

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,453.16	1,259.26	786.14	442.73
Total Income	1,819.80	2,514.66	1,896.48	1,422.89
Profit After Tax	21.04	6.06	-11.88	-142.64
EBITDA	64.34	56.19	11.37	-113.47
NET Worth	693.53	660.43	421.78	176.32
Reserves and Surplus	281.26	248.16	172.47	171.20
Total Borrowing	147.44	132.23	40.33	66.69
Amount in ₹ Crore

Key FY25 metrics:​

• EPS (basic): ₹0.13
• RoNW: 0.97%
• NAV: ₹13.83 per share.

Peers include Blue Dart Express Ltd (EPS ₹106.38, RoNW 17.25%) and Delhivery Ltd (EPS ₹2.19, RoNW 1.75%), where Shadowfax trades at premium growth multiples despite thin margins.​

Strengths

• India's leading logistics tech unicorn with 20,000+ delivery partners.​
• End‑to‑end coverage: first‑mile, middle‑mile, last‑mile, hyperlocal.​
• Strong revenue growth from ₹1,423 crore (FY23) to ₹2,515 crore (FY25).​
• Proprietary technology for route optimisation and real‑time tracking.​
• Powers major e‑commerce, quick commerce and D2C platforms.​
• Network spans 5,000+ pincodes across India.​
• Backed by marquee lead managers (ICICI Sec, Morgan Stanley, JM Financial).​

Risks

• Thin profitability with FY25 PAT ₹6.43 crore on ₹2,515 crore revenue.​
• High operating expenses (99.8% of revenue in FY25).​
• Intense competition from Delhivery, Ecom Express, DTDC.​
• Customer concentration risk with major e‑commerce platforms.
• Logistics sector cyclicality tied to e‑commerce growth.
• Execution risk in network expansion and acquisitions.​
• Low RoNW (0.97%) vs peers like Blue Dart.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs – Shadowfax Technologies IPO

Q1. What does Shadowfax Technologies do?
Shadowfax provides tech‑enabled logistics solutions covering first‑mile pickup, middle‑mile transport and last‑mile delivery for e‑commerce, quick commerce and D2C brands across 5,000+ pincodes.​

Q2. What is the proposed reservation structure?
The issue is proposed to reserve 75% for QIBs (ex‑anchor), 15% for NIIs and 10% for retail investors.​

Q3. Who are the promoters?
The promoters are Abhishek Bansal and Vaibhav Khandelwal, founders of the company.​

Q4. What are the main objects of the IPO proceeds?
Proceeds will fund network infrastructure capex, lease payments for new centres, marketing costs and potential inorganic acquisitions.​

Q5. How has Shadowfax's revenue trended?
Revenue grew from ₹1,423 crore in FY23 to ₹2,515 crore in FY25, with H1 FY26 revenue at ₹1,820 crore.​

Q6. What are the lead managers?
ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited are the book‑running lead managers.​

Q7. When are the exact IPO dates expected?
Specific dates, price band, lot size and issue size are awaited in the RHP; anchor bidding typically precedes the main issue by one day.​