IPO details · Updated
Shadowfax Technologies Limited
ClosedMainboardNSE: SHADOWFAXBSE: SHADOWFAX
- Price Band
- ₹118 – ₹124
- Lot Size
- 120 shares
- Min. Investment
- ₹14,880
- Issue Size
- ₹1,907.27 Cr
- Offer Dates
- 20 Jan – 22 Jan 2026
- Listing
- 28 Jan 2026
Issue Details
- Total Issue Size
- ₹1,907.27 Cr
- 15,38,12,017 shares
- Fresh Issue
- ₹1,000 Cr
- 8,06,45,161 shares
- Offer for Sale
- ₹907.27 Cr
- 7,31,66,935 shares
- Face Value
- ₹10 per share
- Issue Type
- Book-built IPO
- Listing At
- NSE, BSE
- Shares Pre-Issue
- 49,74,88,085
- Shares Post-Issue
- 57,81,33,246
IPO Timeline
Offer opens
20 Jan 2026
Offer closes
22 Jan 2026
Allotment
23 Jan 2026
Listing
28 Jan 2026
Issue Allocation
Share of the offer reserved for each investor category
- Anchor44.9%6,90,33,955 shares
- QIB29.9%4,60,22,638 shares
- HNI15.0%2,30,11,319 shares
- Retail10.0%1,53,40,879 shares
- Employee0.3%4,03,226 shares
Subscription Status
Times subscribed by investor category
| Category | Offered | Bids | Subscribed |
|---|---|---|---|
| QIB | 4,60,22,638 | 18,40,33,800 | 4.00x |
| HNI | 2,30,11,319 | 2,03,13,840 | 0.88x |
| Retail | 1,53,40,879 | 3,71,64,720 | 2.42x |
| Employee | 4,03,226 | 8,76,000 | 2.17x |
| Total | 8,47,78,062 | 24,23,88,360 | 2.86x |
Lot Size & Investment
1 lot = 120 shares
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 120 | ₹14,880 |
| Small HNI (S-HNI) | 14 | 1,680 | ₹2,08,320 |
| Big HNI (B-HNI) | 68 | 8,160 | ₹10,11,840 |
Financial Performance
Restated figures in ₹ crore, unless stated otherwise
| Period | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Income | 1,819.8 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.43 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| Net Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserves & Surplus | 281.26 | 248.16 | 172.47 | 171.2 |
| Total Borrowing | 147.44 | 132.23 | 40.33 | 66.69 |
Key Performance Indicators
| Period | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| RoNW (%) | 3.03 | 0.97 | -2.82 |
| EPS (₹) | 0.41 | 0.13 | -0.28 |
| P/E (pre-issue) | — | 1,017.96 | — |
| P/E (post-issue) | 170.39 | — | — |
Peer Comparison
Listed companies in the same business
| Company | CMP | P/E | ROE |
|---|---|---|---|
| Blue Dart Express Limited | ₹0 | 50.7 | 17.25% |
| Delhivery Limited | ₹0 | 195.07 | 1.75% |
About Shadowfax Technologies Limited
Shadowfax Technologies Limited is a technology-led logistics provider serving e-commerce, quick commerce and hyperlocal delivery across India.
Objects of the Issue
- Network infrastructure capex
- Lease payments
- Branding & marketing
- Inorganic acquisitions
Company Information
Strengths (from RHP)
- Agile logistics platform
- Largest gig-based last-mile network
- Robust nationwide backbone
Key risks (from RHP)
- Operating losses
- Network concentration risk
- High client dependence
- Book running lead managers
- ICICI Securities Limited
- JM Financial Limited
- Morgan Stanley India Company Pvt Ltd
- Registered office
- 3rd Floor, Shilpitha Tech Park, Bellandur, Bengaluru 560103
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Disclaimer: Data on OpenIPO is for information only and is not investment advice. OpenIPO is not a SEBI-registered entity. GMP figures are unofficial estimates and may change. Verify all details against the company RHP and the official registrar before investing.