Last updated on March 9th, 2026 at 06:00 pm
Shadowfax Technologies Limited is a technology-led third-party logistics (3PL) company in India, specialized in express parcel delivery, hyperlocal and quick-commerce logistics, same-day and next-day deliveries, reverse logistics, and fulfillment solutions for e-commerce, grocery, pharma and other sectors.
Shadowfax also serves some of the popular brands like Flipkart, Swiggy & Zomato as its clients.
Shadowfax has filed DRHP to raise ~ ₹ 1907.27 Cr via IPO out of which Fresh Issue is ~ ₹ 1,000 Crore & Offer for Sale of ~ ₹ 907.27 Crore.
Subscription date to apply for Shadowfax Technologies Limited is yet to be announced. Price band for the IPO is also officially pending.
| Issue Size: | ~₹ 1907.27 Cr |
| Fresh Issue: | ~₹ 1,000 Cr |
| Offer for Sale: | ~₹ 907.27 Cr |
| Price Range: | ₹ 118-124 |
| Lot Size: | 120 shares |
| Face Value: | ₹ 10 per Eq. Share |
| Grey Market Premium | ₹ 00 |
Revenue, PAT, EBITDA of Shadowfax Technologies
| Year | Fiscal 2025 |
| Networth | ~₹ 660.42 Cr |
| Revenue: | ~₹ 2485.13 Cr |
| EBITDA | ~ ₹ 48.66 Cr |
| PAT | ~ ₹ 6.42 Cr |
| EBITDA Margin: | ~ 1.96% |
| PAT Margin | ~ 0.26% |
Shadowfax Technologies IPO important dates
| IPO Open Date: | 02 Jan‘26 |
| IPO Close Date: | 22 Jan‘26 |
| Anchor Investor Bidding | 19 Jan’26 |
| IPO Allotment Date: | 23 Jan‘26 |
| Refunds & Demat Credit | 27 Jan’26 |
| Tentative Listing Date: | 28 Jan‘26 |
Shadowfax Technologies Use of Proceeds
| Purpose | Amount |
| Network Infrastructure Capex | ~₹ 423.43 Cr |
| Lease Payments for New Centers | ~₹ 138.64 Cr |
| General Corporate Purpose | Balance |
| Branding & Marketing | ~₹ 88.57 Cr |
Shadowfax Technologies Limited Promoters – Pre offer equity (Approx)
| Abhishek Bansal | ~10.76% |
| Vaibhav Khandelwal | ~8.37% |
Shadowfax Technologies Limited Financial Data
| 2023 | 2024 | 2025 | 2025 (Till Sep) | |
| Revenue (₹ Cr) | ₹ 1,415.1 | ₹ 1,885 | ₹ 2,485 | ₹ 1,806 |
| Profit (₹ Cr) | ₹ -142.6 | ₹ -11.9 | ₹ 6.4 | ₹ 21 |
| Asset (₹ Cr) | ₹ 442.7 | ₹ 786.1 | ₹ 1,259 | ₹ 929.3 |
| Net Worth (₹ Cr) | ₹ 176.3 | ₹ 421.8 | ₹ 660.4 | ₹ 693.5 |
Shadowfax Technologies IPO GMP
| Date | IPO Price | IPO GMP | Profit per lot |
| 24-Jan | ₹ 118-124 | ₹ 00 | ₹ 00 |
| 23-Jan | ₹ 118-124 | ₹ 02 | ₹ 240 |
| 22-Jan | ₹ 118-124 | ₹ 02 | ₹ 240 |
| 21-Jan | ₹ 118-124 | ₹ 05 | ₹ 600 |
| 20-Jan | ₹ 118-124 | ₹ 08 | ₹ 960 |
| 19-Jan | ₹ 118-124 | ₹ 10 | ₹ 1,200 |
| 18-Jan | ₹ 118-124 | ₹ 09 | ₹ 1,080 |
| 17-Jan | ₹ 118-124 | ₹ 15 | ₹ 1,800 |
| 16-Jan | ₹ 118-124 | ₹ 15 | ₹ 1,800 |
| 15-Jan | ₹ 118-124 | ₹ 16 | ₹ 1,920 |
| 14-Jan | ₹ 118-124 | ₹ 10 | ₹ 1,200 |
Shadowfax Technologies Limited IPO Pros & Cons
Strengths:
- Rapidly growing logistics player with strong presence across 14,700+ PIN codes, benefiting from booming e-commerce, D2C and quick-commerce demand.
- Asset-light business model enables faster expansion, lower capital burden and higher scalability compared to traditional logistics providers.
- Strong client portfolio, including leading e-commerce, grocery, pharma and mobility brands, ensuring diversified and stable revenue streams.
- High-order growth momentum, backed by technology-driven operations and efficient last-mile delivery capabilities.
- Improved financial performance in recent years, with rising revenue and expansion into profitable service verticals.
Risks:
- Highly competitive industry with strong players like Delhivery, Ecom Express and Blue Dart pressuring margins.
- Thin profitability typical of logistics startups, making sustained margins challenging in the short to medium term.
- Heavy reliance on large clients, meaning loss of a major customer could impact revenue significantly.
- Operational costs vulnerable to fuel prices, workforce availability, and rising lease expenses for warehouses and delivery hubs.
- Scaling challenges ahead, as maintaining consistent delivery quality across a massive network requires heavy oversight and investment.
Shadowfax Technologies Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | 120 | 1 | 120 | ₹ 14,880 |
| Retail (Max) | 120 | 13 | 1560 | ₹ 1,93,440 |
| Small HNI (Min) | 120 | 14 | 1680 | ₹ 2,08,320 |
| Small HNI (Max) | 120 | 66 | 7,920 | ₹ 982,080 |
| Big HNI (Min) | 120 | 67 | 8,040 | ₹ 9,96,960 |
Core Offerings & Market share of Shadowfax Technologies Limited
Shadowfax provides express-parcel delivery, e-commerce & D2C logistics, hyperlocal/quick-commerce delivery, same-day and next-day fulfillment, reverse logistics and value-added delivery services across segments like groceries, pharma, general merchandise, and on-demand deliveries.
Shadowfax operates across 2,300+ cities and over 14,700 PIN codes in India.
Lead Managers / Registrars of Shadowfax Technologies Limited
| Lead / Book Running Lead Managers | ICICI Securities Limited, Morgan Stanley India, Company Private Limited, JM Financial Limited |
| Registrar (RTA) | KFin Technologies Limited |
Founding Year of Shadowfax Technologies Limited & Managing Director
Shadowfax Technologies Limited was incorporated in the year 2015.
Mr. Abhishek Bansal is the MD & CEO of the company.
Shadowfax Technologies Limited FAQ
For more amazing blogs click here (IPO Corner).
Click for the latest upcoming IPO Calendar
