Shadowfax Technologies Limited is preparing to launch its ₹1,907 crore initial public offering on January 20, 2026, marking a significant milestone for the Bengaluru-based logistics and last-mile delivery company. The three-day subscription window will remain open until January 22, 2026, with shares expected to list on both BSE and NSE around January 28, 2026.

IPO Structure and Pricing Details

The public offering consists of two main components designed to balance growth funding with existing shareholder liquidity. The company has structured the issue to support both immediate expansion needs and provide exit opportunities for current investors.

Grey Market Performance and Investor Sentiment

As of January 19, 2026, Shadowfax Technologies shares are trading at a grey market premium of ₹10 per share, representing an 8% premium over the upper price band of ₹124. This suggests a potential listing price of approximately ₹134 per share, though the premium has moderated from an earlier 12% level. The grey market activity reflects moderate investor interest ahead of the official listing, though these unofficial indicators can fluctuate based on market conditions.

Fund Utilization Strategy

The company has outlined specific deployment plans for the ₹1,000 crore fresh issue proceeds, focusing on infrastructure expansion and market presence enhancement.

The capital expenditure allocation will strengthen the company's logistics network infrastructure, while lease payments will support the establishment of first-mile centers, last-mile centers, and sortation centers to improve delivery efficiency.

Company Operations and Market Presence

Founded in 2015, Shadowfax Technologies Limited has established itself as a prominent player in India's logistics ecosystem. The company operates across more than 18,000 pin codes spanning over 2,500 cities, with the capability to process over two million packages daily. The firm specializes in rapid delivery services, including same-day and next-day delivery, doorstep exchange services, and quick-commerce solutions with delivery timelines as short as 10 minutes.

Financial Performance Highlights

Shadowfax demonstrated robust financial growth in FY25, achieving significant improvements across key performance metrics. The company's operational efficiency gains translated into improved profitability and sustainable business momentum.

The company's total income rose 32% to ₹2,515 crore in FY25, while EBITDA surged 410% to ₹56 crore. Most notably, Shadowfax achieved profitability with a net profit of ₹6 crore in FY25, demonstrating improved operational efficiency and business scalability. The IPO is being managed by ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited as book-running lead managers, with KFin Technologies Ltd serving as the registrar.

Shadowfax Technologies Limited is preparing to launch its Initial Public Offering worth ₹1,907 crore, scheduled to open for subscription on January 20, 2026. The Bengaluru-based logistics and last-mile delivery firm has set an attractive price band of ₹118-124 per share, with early market indicators suggesting strong investor interest ahead of the three-day subscription period.

IPO Structure and Timeline

The public offering combines fresh capital raising with existing shareholder divestment through a well-structured approach. The company will raise ₹1,000 crore through fresh equity issuance of 8.06 crore shares, while existing shareholders will divest 7.32 crore shares worth ₹907.27 crore through the offer for sale component.

Grey Market Premium Analysis

The grey market premium currently stands at ₹15 per share as of January 16, indicating robust pre-listing demand. At the upper price band of ₹124, this premium suggests a potential listing price of approximately ₹139 per share, translating to estimated gains of 12.10% for successful allottees.

Retail investors can participate with a minimum application of 120 shares, requiring an investment of ₹14,880 at the upper price band. All bids must be placed in multiples of the lot size.

Fund Utilization Strategy

Shadowfax Technologies has outlined a comprehensive deployment plan for the ₹1,000 crore fresh capital raise. The largest allocation of ₹423.43 crore will support capital expenditure requirements, particularly for strengthening and expanding the logistics network infrastructure. The company plans to invest ₹138.64 crore in lease payments for establishing new first-mile centers, last-mile centers, and sortation centers to enhance delivery efficiency.

Additionally, ₹88.57 crore will be directed toward branding, marketing, and communication initiatives to strengthen brand visibility and expand customer reach across India's competitive logistics market.

Company Performance and Market Position

Founded in 2015, Shadowfax Technologies Limited has established itself as a significant player in India's logistics ecosystem. The company operates across more than 18,000 pin codes spanning over 2,500 cities, with the capability to process over two million packages daily. The firm specializes in rapid delivery services, including same-day and next-day delivery, doorstep exchange services, and quick-commerce solutions with delivery timelines as short as 10 minutes.

The company demonstrated impressive financial performance in FY25, achieving substantial growth across key metrics. Total income increased by 32% to ₹2,515 crore compared to ₹1,897 crore in the previous year. More notably, EBITDA surged by 410% to ₹56 crore from ₹11 crore, while the company achieved profitability with a net profit of ₹6 crore in FY25.

The IPO is being managed by ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited as book-running lead managers, with KFin Technologies Ltd serving as the registrar to the issue.