Shadowfax Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 28 Jan 2026 | −₹3.50 | −2.82% | ₹0 | ₹120.50 | −₹420 |
| 27 Jan 2026 | −₹3.50 | −2.82% | ₹0 | ₹120.50 | −₹420 |
| 26 Jan 2026 | −₹4 | −3.23% | ₹0 | ₹120 | −₹480 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 20 Jan 2026 – 22 Jan 2026
- Listing date
- 28 Jan 2026
- Face value
- ₹1 per share
- Issue price
- ₹124 per share
- Lot size
- 120 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹1,907 Cr
- Market cap at offer price
- ₹7,169 Cr
- Promoter holding
- 19.13% → 16.49% pre-issue → post-issue
- ISIN
- INE12UN01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 3rd Floor, Shilpitha Tech Park, Sy No.55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 6,90,33,955 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 120 shares per lot, in multiples, at ₹124
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 120 | ₹14,880 |
| Retail (max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (min) | 68 | 8,160 | ₹10,11,840 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹124 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.12 | 0.73 |
| P/E (×) | 1,033.33 | 169.86 |
| Price to book (×) | 8.97 | — |
| Market cap | — | ₹7,169 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 0.97%
- Debt / equity
- 0.20
- EBITDA margin
- 1.96%
- NAV per share
- ₹13.83
- Price to book
- 8.97
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shadowfax Technologies
Shadowfax Technologies Limited is a new-age, technology-enabled third-party logistics (3PL) company incorporated in India in 2015. Originally incorporated as a private limited company in Delhi, the company converted to a public limited company in 2025 and relocated its headquarters to Bengaluru, Karnataka. The company operates a scaled network infrastructure comprising 4,299 touchpoints (first-mile, last-mile, and sort centers) across 14,758 Indian pin codes, supported by over 3.50 million square feet of operational space as of September 30, 2025. Shadowfax generates revenue through express forward parcel deliveries, reverse pickups, hand-in-hand exchange deliveries, prime deliveries, quick commerce hyperlocal deliveries, and mobility services. The company serves a diverse client base including horizontal and non-horizontal e-commerce platforms, quick commerce operators, food marketplaces, and on-demand mobility companies. It relies on a crowdsourced network of approximately 205,864 average quarterly unique transacting delivery partners and utilizes proprietary technology platforms including AI-based image recognition (SF Eye), address intelligence (SF Maps), and trip management systems (TM-VTS). The company achieved revenue from operations of ₹24,851.31 million in FY2025, growing from ₹14,151.24 million in FY2023, with profitability turning positive in FY2025 with a profit of ₹64.26 million after losses in prior years.
Company Analysis
from RHPShadowfax Technologies is a technology-led third-party logistics (3PL) company that facilitates digital commerce across express, hyperlocal, and on-demand mobility services in India.
Shadowfax Technologies Limited is a new-age, technology-enabled third-party logistics (3PL) company incorporated in India in 2015. Originally incorporated as a private limited company in Delhi, the company converted to a public limited company in 2025 and relocated its headquarters to Bengaluru, Karnataka. The company operates a scaled network infrastructure comprising 4,299 touchpoints (first-mile, last-mile, and sort centers) across 14,758 Indian pin codes, supported by over 3.50 million square feet of operational space as of September 30, 2025. Shadowfax generates revenue through express forward parcel deliveries, reverse pickups, hand-in-hand exchange deliveries, prime deliveries, quick commerce hyperlocal deliveries, and mobility services. The company serves a diverse client base including horizontal and non-horizontal e-commerce platforms, quick commerce operators, food marketplaces, and on-demand mobility companies. It relies on a crowdsourced network of approximately 205,864 average quarterly unique transacting delivery partners and utilizes proprietary technology platforms including AI-based image recognition (SF Eye), address intelligence (SF Maps), and trip management systems (TM-VTS). The company achieved revenue from operations of ₹24,851.31 million in FY2025, growing from ₹14,151.24 million in FY2023, with profitability turning positive in FY2025 with a profit of ₹64.26 million after losses in prior years.
Objects of the Issue
- Funding of capital expenditure requirements for network infrastructure ₹4,234.31 million p.24
- Funding of lease payments for first mile centers, last mile centers and sort centers ₹1,386.43 million p.24
- Funding of branding, marketing and communication costs ₹885.74 million p.24
- Unidentified inorganic acquisitions and general corporate purposes p.24
- Funding of capital expenditure requirements of our company in relation to our network infrastructure p.53
- Funding of lease payments for new first mile centers, last mile centers and sort centers p.53
- Funding of branding, marketing and communication costs p.53
- Unidentified inorganic acquisitions and general corporate purposes p.53
- Funding of capital expenditure requirements of our Company in relation to our network infrastructure ₹4,234.31 million p.123
- Funding of lease payments for new first mile centers, last mile centers and sort centers ₹1,386.43 million p.123
- Funding of branding, marketing and communication costs ₹885.74 million p.123
- Unidentified inorganic acquisitions and general corporate purposes [●] p.123
- Funding capex for expansion of automated sortation centers p.190
- Investment in technology platform enhancement and AI capabilities p.190
- EV fleet expansion and EV centers p.191
- Network expansion including middle-mile capacity and last-mile infrastructure p.190
- Not specified in this document section
- Fresh Issue aggregating up to ₹10,000.00 million ₹10,000.00 million p.373
Issue Structure
- Total Issue
- Up to ₹19,072.69 million aggregating up to [●] Equity Shares of face value of ₹10 each
- Fresh Issue
- Up to ₹10,000.00 million aggregating up to [●] Equity Shares of face value of ₹10 each
- Offer for Sale
- Up to ₹9,072.69 million aggregating up to [●] Equity Shares of face value of ₹10 each by Selling Shareholders
- Price Band
- [●] per Equity Share (to be determined; Floor Price and Cap Price with Cap Price at least 105% of Floor Price)
- Lot Size
- [●] Equity Shares (minimum Bid Lot to be decided by Company in consultation with BRLMs)
- Face Value
- ₹10 each
Business Model
Shadowfax operates as a technology-enabled 3PL service provider, earning revenue primarily through logistics and delivery services across three main segments: (1) Express service line providing standard parcel deliveries (69.05% of FY2025 revenue), (2) Hyperlocal service line for quick commerce and on-demand deliveries (20.65% of FY2025 revenue), and (3) Other logistics services including reverse pickups and specialty services (10.29% of FY2025 revenue). The company utilizes a hybrid model combining a proprietary crowdsourced delivery partner network with some third-party franchisees for last-mile fulfillment. Revenue is generated through service fees charged to enterprise clients. The company leases all its logistics facilities and employs proprietary technology systems to optimize network design, delivery routes, and shipment tracking. As of September 30, 2025, the company's largest client (primarily quick-commerce platforms) contributed 48.91% of revenue, with top five clients accounting for 74.11% and top ten clients representing 84.32% of total revenue.
Business Segments
SWOT Analysis
- • Technology-led 3PL company with extensive network coverage(p.23)
- • Diversified service portfolio across e-commerce segments(p.23)
- • Substantial operational infrastructure(p.27)
- • Strong investor backing with reputable institutional shareholders(p.11)
- • Only 3PL of scale offering end-to-end e-commerce and last-mile hyperlocal delivery(p.184)
- • Largest crowdsourced last-mile delivery fleet among 3PL e-commerce players(p.185)
- • Fastest growing 3PL company of scale with market share expansion(p.179)
- • Nationwide network infrastructure with extensive pin code coverage(p.186)
- • Proprietary technology platform with AI/ML capabilities(p.187)
- • Proven profitability achievement with improving margins(p.179)
- • Market leadership in value-added services(p.182)
- • Highest capital turnover ratio among listed logistics peers(p.187)
- • Proven track record of rapid growth at scale with consistent revenue expansion(p.189)
- • Strong margin improvement from negative to positive EBITDA(p.189)
- • Highest capital turnover ratio among 3PL peers in India(p.189)
- • Experienced management team with strong execution capabilities and functional expertise(p.189)
- • Fastest-growing 3PL company of scale with significant market share gains(p.189)
- • Technology-driven, variable-cost model enabling profitable scaling(p.189)
- • Largest crowdsourced last-mile delivery fleet among 3PL e-commerce players(p.197)
- • Comprehensive end-to-end network infrastructure covering first, middle and last mile(p.195)
- • Promoters have clean regulatory history with no debarment or default records(p.239)
- • No conflict of interest between promoters and key operational stakeholders(p.239)
- • No conflict of interest with property lessors critical for operations(p.239)
- • Market leadership in express reverse pickups and same-day delivery(p.301)
- • Fastest growing 3PL company with significant market share gains(p.302)
- • Largest crowdsourced last-mile delivery fleet among 3PL e-commerce players(p.303)
- • Proprietary technology platform with real-time allocation engine(p.303)
- • Extensive nationwide logistics network reaching 14,758 pin codes(p.303)
- • Asset-light model providing cost efficiency and operational flexibility(p.308)
- • Improved profitability with positive Adjusted EBITDA margin(p.311)
- • Strong revenue growth with hyperlocal services experiencing exceptional expansion(p.326)
- • Improved operational leverage and cost efficiency as a percentage of revenue(p.327)
- • Significant geographic reach expansion across pin codes(p.327)
- • Strong cash generation capability from operations(p.329)
- • Improved profitability trajectory with return to profit(p.327)
- • History of significant losses and unprofitability(p.27)
- • High customer concentration risk with largest client dominating revenue(p.37)
- • Dependence on crowdsourced delivery partners with no exclusive arrangements(p.27)
- • All logistics facilities are leased with potential renewal and irregularity risks(p.27)
- • Significant exposure to cash on delivery operations with inherent fraud and theft risks(p.27)
- • Reliance on third-party franchisees for last-mile delivery with performance risks(p.27)
- • Reliance on telecommunications and IT infrastructure beyond company control(p.44)
- • Insufficient insurance coverage for certain operational risks(p.45)
- • High employee attrition and labor cost pressures(p.45)
- • Involvement in legal proceedings and litigation(p.46)
- • Delays in statutory dues payment(p.48)
- • Heavy dependence on e-commerce and hyperlocal commerce clients(p.51)
- • Related party transaction concentration risk(p.52)
- • Relatively small revenue compared to established peers(p.172)
- • Historical profitability challenges before recent recovery(p.184)
- • Dependence on gig-based delivery partner model with high attrition risk(p.177)
- • Operating on fully leased model for facilities with no asset ownership(p.180)
- • Heavy dependence on key commercial relationships, with largest client contributing nearly 60% of revenue(p.203)
- • Large quantity of confidential data creates data protection and breach risk(p.202)
- • High attrition and oversight requirements in gig workforce necessitate fraud prevention measures(p.200)
- • Insurance coverage may be insufficient for all business losses(p.204)
- • Significant accumulated losses reducing retained earnings(p.246)
- • High dependence on lease liabilities for operational infrastructure(p.246)
- • No guarantee of future dividend payments(p.240)
- • Significant concentration in two major customers(p.279)
- • High lost shipment costs, particularly in express and reverse logistics(p.310)
- • Contingent GST liability pending resolution(p.281)
- • Audit trail gaps in accounting software systems(p.296)
- • Heavy dependence on a single dominant customer(p.333)
- • Significant losses on shipments increasing as percentage of revenue(p.327)
- • Contingent liability exposure from GST disputes(p.331)
- • Multiple ongoing litigations involving company and promoters(p.338)
- • Employee fraud and misappropriation incidents(p.338)
- • Large and growing Indian logistics market(p.23)
- • Expansion of gig worker base enabling scalable logistics operations(p.23)
- • Plans for geographic and service line expansion(p.44)
- • Growing quick commerce and hyperlocal delivery segments(p.39)
- • Online retail expected to grow at 20-25% CAGR(p.61)
- • Hyperlocal delivery market growth potential(p.61)
- • Diversification into new service verticals(p.50)
- • Strategic acquisitions to expand capabilities(p.56)
- • Rapid growth of e-commerce logistics market in India(p.181)
- • Quick commerce market expanding at 50-62% CAGR(p.181)
- • Growth in value-added logistics services driven by e-commerce expansion(p.165)
- • Expansion potential in Tier 2+ cities for hyperlocal services(p.167)
- • Increasing adoption of EV-based delivery solutions(p.183)
- • Unbundling of supply chains creating 3PL outsourcing opportunities(p.164)
- • Expansion of wallet share with existing clients and acquisition of new clients across service portfolios(p.189)
- • Focus on high-yield D2C brands and SMEs with superior margin profiles(p.189)
- • Expansion of service portfolio including dark stores, BFSI, cross-border and B2B parcels(p.190)
- • Network expansion to increase pin codes served and reduce delivery costs(p.190)
- • Investment in automated sortation centers to drive operational efficiencies(p.190)
- • Technology investment including generative AI to optimize resources and improve efficiency(p.190)
- • EV fleet expansion to reduce costs and address environmental concerns(p.190)
- • Strategic acquisitions to enhance service capabilities and expand market position(p.191)
- • Growing e-commerce and hyperlocal delivery market segment(p.255)
- • Expansion through recent acquisition of Criticalog for critical logistics services(p.252)
- • Technology-enabled platform model for scalability(p.252)
- • Rapid growth in India's digital commerce projected at 20-25% CAGR(p.305)
- • Expansion of dark store operations and B2B express services(p.307)
- • Growing demand for reverse and exchange logistics services(p.306)
- • Market consolidation creating wallet share opportunities(p.307)
- • Leadership position in quick commerce and same-day delivery market(p.302)
- • Rapid expansion of quick commerce sector driving hyperlocal demand(p.326)
- • Continued geographic expansion potential with increasing pin code coverage(p.327)
- • Scaling capacity through new processing centers and infrastructure investment(p.326)
- • Growing e-commerce sector providing volume uplift opportunity(p.326)
- • Network disruptions could adversely impact operations(p.27)
- • Inability to manage growth or scale network infrastructure effectively(p.27)
- • Competitive pressure on delivery partner supply and compensation(p.40)
- • Risk of service quality degradation from delivery partner mishandling(p.27)
- • Political disruptions and regional instability affecting operations(p.36)
- • Reliance on third-party technology platforms and cloud services(p.43)
- • Intensifying competition in 3PL landscape with margin pressure(p.52)
- • Dependence on e-commerce industry health and regulatory environment(p.51)
- • Evolving and uncertain labor laws including new Labor Codes(p.46)
- • Macroeconomic volatility and forex risks(p.61)
- • Infrastructure limitations and service interruptions(p.61)
- • Policy and regulatory uncertainty in India(p.62)
- • Natural disasters and geopolitical risks(p.61)
- • Intense competition from larger established players(p.177)
- • Regulatory and policy risks in gig economy(p.177)
- • Seasonal demand fluctuations impacting capacity utilization(p.177)
- • Infrastructure deficiencies limiting logistics efficiency(p.177)
- • Rising operational complexity in reverse pickup logistics(p.177)
- • Customer expectation management challenges in hyperlocal services(p.177)
- • Consolidation among competitors strengthening market positions(p.170)
- • Highly competitive logistics industry affecting results and market share(p.204)
- • Rapidly evolving logistics industry driven by e-commerce, quick commerce and consumer expectations(p.190)
- • Complex regulatory environment including multiple central and state government requirements(p.205)
- • Data protection regulations including new Digital Personal Data Protection Act imposing compliance obligations(p.206)
- • Significant trade receivable exposure with credit impairment provisions(p.268)
- • High operating expenses relative to revenue indicating thin margins(p.247)
- • Potential interest rate exposure from borrowings(p.277)
- • Significant seasonal variation impacting shipment volumes(p.306)
- • Customer pricing pressure and competitive pricing dynamics(p.306)
- • Industry-wide capacity constraints relative to retail consumption(p.306)
- • Dependence on gig-based delivery partner availability and cost volatility(p.309)
- • Hyperlocal service line growth uncertainty after COVID-19 slowdown(p.307)
- • Business seasonality linked to platform promotions and festivals(p.333)
- • Competitive logistics market with ongoing competitive pressures(p.333)
- • Loss exposure from reverse shipments and supply chain complexity(p.327)
- • Regulatory compliance and employment law violations(p.338)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Abhishek Bansal | Promoter | 10.76% | — |
| Vaibhav Khandelwal | Promoter | 8.37% | — |
| Abhishek Bansal | Promoter | — | — |
| Vaibhav Khandelwal | Promoter | — | — |
| Abhishek Bansal | Promoter | 10.92% | — |
| Vaibhav Khandelwal | Promoter | 8.50% | — |
| Abhishek Bansal | Promoter | 10.76% | — |
| Vaibhav Khandelwal | Promoter | 8.37% | — |
| Abhishek Bansal | Promoter | 45.29% | 31.77% |
| Vaibhav Khandelwal | Promoter | 34.16% | 24.81% |
| Nawal Kishore Khandelwal HUF | Promoter Group | — | — |
| Choudhary Sales Corporation | Promoter Group | — | — |
| Abhishek Bansal | Promoter | — | — |
| Abhishek Bansal | Promoter | — | — |
| Vaibhav Khandelwal | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.