Update:
Shadowfax Technologies Ltd, Bengaluru-based tech-led logistics solutions provider, made a weak debut on the stock market on January 28, 2026.
The weak listing came despite the company’s ₹1,907 Cr IPO receiving a decent subscription of 2.72 times (according to stock exchange data) during January 20-22.
The stock opened at ₹113 per share on the Bombay Stock Exchange (BSE) against the IPO price of ₹124, representing a discount of about 8.85%.
On the National Stock Exchange (NSE), the stock was listed at ₹112.60 per share, representing a 9.20% discount over the IPO price.
The Stock made a high of ₹119.67 and a low of ₹109 before it ended at ₹109.98 (down 11.31%) on the NSE when the market closed.
In terms of volumes, Shadowfax Technologies traded with 28,514,464 shares on the NSE.
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18 January 2026
Shadowfax Technologies Limited, India’s leading logistics service provider for express parcel, e-commerce, and value-added services is planning to raise ₹1,907 crore through an Initial Public Offering.
[Fresh Issue ₹1,000 Cr + OFS ₹907 Cr]
Shadowfax ipo price ₹118 – ₹124 per share
Shadowfax: History
The company was originally incorporated as Shadowfax Technologies Private Limited, a private limited company under the Companies Act, 2013, at Delhi, India, on April 21, 2015.
The Company was then converted into a public limited company under a special resolution passed by the shareholders on March 6, 2025. Its name was subsequently changed to Shadowfax Technologies Limited, as per a fresh certificate of incorporation issued by the Registrars of Companies on April 21, 2025.
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Shadowfax: Business
Shadowfax Technologies Ltd. is a new-age, technology-led third-party logistics (3PL) company that leverages technology to facilitate digital commerce, with a service network encompassing 14,758 Indian pin codes as of September 30, 2025.
The Company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, food marketplaces, quick commerce (or Q-Commerce), and on-demand mobility companies.
The company’s range of services includes –
- Express Forward Parcel Deliveries,
- Reverse Pickups and Hand-In-Hand Exchange Deliveries,
- Prime Deliveries,
- Quick Commerce & On-Demand Hyperlocal Deliveries,
- Mobility, and
- Other Services (critical logistics cater to the most diverse and complex needs of clients)
Logistics Network
- As of September 30, 2025, the company’s nationwide logistics network includes 4,299 touchpoints across first and last-mile centres.
- The company’s network is supported by over 3.50 million sq ft of operational space, including 53 sort centres covering 1.80 million sq ft, for shipment consolidation, sorting, and dispatch.
- It operates a dedicated fleet of over 3,000 trucks daily as part of its asset-light linehaul network.
Client List
The company’s clients include Bigbasket, Blinkit, Flipkart, Kartrocket, Licious, Meesho, Myntra, Nykaa, ONDC, Pincode, Purplle, Swiggy, Uber, Zepto, Zomato, Magicpin, among others.
Strategies Ahead
- Market share expansion driven by deepening client relationships
- Continue to expand service portfolio.
- Strengthen and expand the network.
- Invest in a proprietary technology platform.
- Enabling EV fleets
- Inorganic growth through acquisition for the expansion of capabilities
Company Promoters
- Abhishek Bansal
- Vaibhav Khandelwal
Refer to Shadowfax IPO DRHP for detailed Information.
IPO Details
IPO date: 20 – 22 Jan 2026
Minimum Amount: ₹14,880
Minimum Bid: 120 Shares
Face Value (FV): ₹10
Listing On = NSE, BSE
Book Running Lead Managers
ICICI Securities
Morgan Stanley India
JM Financial
Financial
CONCLUSION
FinBlab recommends ‘SUBSCRIBE‘ ratings (keeping long-term view in mind) on Shadowfax Technologies limited IPO.
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