Shadowfax Technologies Files for ₹2,000 Crore IPO
Logistics service provider Shadowfax Technologies has filed updated papers with SEBI for an IPO worth up to ₹2,000 crore. The IPO includes a fresh issue of ₹1,000 crore and an offer for sale of ₹1,000 crore. Funds will be used for network infrastructure, lease payments, marketing, acquisitions, and corporate purposes. The company operates across 14,758 pin codes in India, serving e-commerce and quick commerce clients. Shadowfax reported improved financial performance with revenue of ₹18,056.44 million and an Adjusted EBITDA margin of 2.86% in H1 FY26. ICICI Securities, Morgan Stanley India, and JM Financial are managing the IPO.
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Logistics service provider Shadowfax Technologies has taken a significant step towards going public by filing updated papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth up to ₹2,000 crore.
IPO Structure
The proposed IPO is structured as follows:
| Component | Amount (₹ in Crore) |
|---|---|
| Fresh Equity Shares | 1,000.00 |
| Offer for Sale | 1,000.00 |
| Total IPO Size | 2,000.00 |
The company plans to issue shares with a face value of ₹10 each.
Utilization of Funds
Shadowfax intends to use the proceeds from the fresh issue for:
- Network infrastructure capital expenditure
- Lease payments for new centers
- Marketing initiatives
- Potential acquisitions
- General corporate purposes
Company Overview
Shadowfax Technologies operates across 14,758 pin codes in India, providing logistics services to enterprise clients, including:
- E-commerce companies
- Quick commerce businesses
- Food marketplace platforms
Financial Performance
The company has shown growth in its operations and financials:
| Metric | FY25 | H1 FY26 (6 months ended Sept 30, 2025) |
|---|---|---|
| Orders Processed (millions) | 436.36 | 294.45 |
| Revenue (₹ in millions) | 24,851.31 | 18,056.44 |
| Adjusted EBITDA Margin | 1.96% | 2.86% |
The Adjusted EBITDA margin improved from 1.96% in FY25 to 2.86% in H1 FY26, indicating a positive trend in the company's operational efficiency.
IPO Management
The book running lead managers for the IPO are:
- ICICI Securities
- Morgan Stanley India
- JM Financial
This IPO filing marks a significant move for Shadowfax Technologies as it seeks to capitalize on the growing logistics sector in India, particularly in the e-commerce and quick commerce segments.
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