Shadowfax Technologies IPO allotment is scheduled for Friday, January 23, marking a crucial milestone for investors who participated in the logistics company's public offering. The ₹1,907.27 crore issue concluded with robust investor interest, achieving an overall subscription of 2.86 times.

Subscription Performance

The three-day IPO demonstrated strong market appetite across investor categories. The company received bids for 24.25 crore shares against the total offer size of 8.5 crore shares.

How to Check Allotment Status

Investors have multiple convenient options to verify their share allotment status:

BSE Website Process:

• Select 'Equity' under issue type
• Choose Shadowfax Technologies from the dropdown menu
• Enter application number or PAN details
• Complete the captcha verification

NSE Website Method:

• Navigate to equity and SME IPO bid details section
• Select the company name from available options
• Provide PAN and application details for verification

KFin Technologies Portal:

• Select Shadowfax IPO from the available list
• Verify identity through PAN, application number, or demat account details

IPO Structure and Pricing

The Bengaluru-based logistics company offered shares within a price band of ₹118 to ₹124 during the subscription period from January 20 to January 22.

Use of Proceeds and Investor Base

The fresh issue proceeds will support multiple strategic initiatives including network infrastructure expansion, lease payments for new facilities, branding and marketing strengthening, potential acquisitions, and general corporate requirements. Prior to the public offering, Shadowfax successfully raised ₹856.02 crore from anchor investors including ICICI Prudential Mutual Fund, Nippon India MF, Motilal Oswal MF, and Government Pension Fund Global.

Company Performance

Shadowfax operates an extensive nationwide logistics network covering 14,758 pincodes as of September 2025. The company reported impressive financial growth with revenue of approximately ₹1,800.00 crore for the first half of FY26, representing a 68.00% year-on-year increase, while total revenue reached ₹2,485.00 crore in FY25. The e-commerce express parcel segment contributes about 70.00% of overall revenue, with hyperlocal and quick commerce logistics accounting for nearly 20.00%.

Shadowfax Technologies expects to maintain steady revenue growth of 23-25% on a compounded basis, supported by market share gains and expansion in value-added logistics services. The logistics provider's ₹1,907.00 crore initial public offering opened for investors on January 20 and will close on January 22.

Strong Revenue Growth Trajectory

The company has demonstrated robust growth momentum, with revenue expanding at approximately 32.50% annually between FY23 and FY25. In the first half of the current financial year, Shadowfax reported 68.00% growth. Founder and CEO Abhishek Bansal attributed this surge to recovery in consumption, higher digital adoption, and consolidation in the logistics sector.

Market Share Expansion

Shadowfax has significantly expanded its market presence, with market share increasing from approximately 8.00% in FY22 to nearly 23.00% in the current financial year. This growth has been driven by the company's strategic focus on value-added services including same-day delivery, omnichannel logistics, and reverse logistics.

Business Segment Performance

Value-added services have become a cornerstone of Shadowfax's business model, now contributing 40-45% of total revenue. These services, which are harder to replicate, provide stronger profitability support compared to traditional logistics offerings. Quick commerce currently accounts for approximately 20.00% of the company's business and is expected to grow faster than the overall business.

Financial Turnaround

The company has achieved a remarkable financial transformation, moving from negative margins in FY23 to positive performance across key metrics. Shadowfax reached EBITDA break-even, followed by positive EBITDA and net margins, and achieved positive free cash flow in the current year. Management expects margins to rise further as network utilisation improves.

Operational Highlights

Shadowfax's top 10 customers account for approximately 74.00% of total revenue, though management indicated that client diversification by large customers is largely complete and market conditions have stabilised. The company maintains average earnings for gig workers in top cities between ₹110.00 and ₹120.00 per hour.

The logistics provider continues to see opportunities for market share gains in e-commerce logistics while expanding its presence in the fast-growing quick commerce segment, positioning itself for sustained growth in the evolving logistics landscape.