Shadowfax ipo listing

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 –

1. Express Forward Parcel Deliveries,
2. Reverse Pickups and Hand-In-Hand Exchange Deliveries,
3. Prime Deliveries,
4. Quick Commerce & On-Demand Hyperlocal Deliveries,
5. Mobility, and
6. 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

1. Abhishek Bansal
2. 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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