Shadowfax Technologies Limited has set the price band for its maiden public offering at ₹118-124 per share, valuing the logistics services provider at over ₹7,100 crore at the higher end. The ₹1,907.27 crore IPO will open for subscription on January 22 and conclude on January 24, with anchor investor bidding scheduled for January 19.

IPO Structure and Shareholding Details

The public offering comprises two components: a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) valued at ₹907.27 crore by existing shareholders.

Several prominent investors will participate in the OFS, including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Fund Utilization and Business Operations

The company plans to utilize proceeds from the fresh issue for multiple strategic initiatives, including enhancing network infrastructure capacity, funding lease payments for new first mile, last mile, and sort centres, as well as supporting branding, marketing, and communication initiatives. Additional funds will be allocated toward unidentified inorganic acquisitions and general corporate purposes.

Shadowfax Technologies Limited operates as India's leading logistics service provider for e-commerce express parcel and value-added services, maintaining a service network covering 14,758 Indian pin codes as of September 2025. The company serves diverse enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility sectors.

Financial Performance and Market Position

The company demonstrated robust financial growth in recent periods:

Shadowfax Technologies Limited's market presence has strengthened significantly, with its express parcel market share rising to approximately 21% in Q1 FY26, compared to around 8% in FY22 according to Redseer data. The e-commerce express parcel segment contributes approximately 70% of total business revenue, while hyperlocal and quick commerce logistics account for around 20% of revenue.

IPO Timeline and Allocation

The IPO allocation follows standard regulatory guidelines:

• Qualified Institutional Buyers: 75% of issue size
• Non-Institutional Investors: 15% of issue size
• Retail Investors: 10% of issue size

Shares are expected to list on January 28 on stock exchanges. The company filed draft papers with SEBI in late June through a confidential pre-filing route and received regulatory approval in October, providing flexibility in IPO planning while maintaining confidentiality until later stages.

Shadowfax Technologies Limited has set the price band for its initial public offering at ₹118-124 per equity share with a face value of ₹10.00, targeting to raise ₹1,907 crores through the public issue. The Flipkart-backed logistics and delivery startup's IPO comprises both fresh issue of shares and an offer for sale by existing shareholders.

IPO Structure and Fundraising Details

The public issue is structured as a combination of fresh capital raising and secondary share sale by existing investors.

The OFS includes equity shares from several major shareholders, with Flipkart Internet Pvt Ltd leading the sale at up to ₹400 crores, followed by Eight Roads Investments Mauritius II Ltd at up to ₹197 crores, Mirae Asset at ₹75 crores, and Qualcomm Asia Pacific at ₹65.24 crores.

Use of Proceeds and Investment Plans

Shadowfax Technologies plans to deploy the proceeds from the fresh issue across multiple strategic initiatives. The company will expand its network infrastructure and fund lease payments for first-mile and last-mile sortation centres. Additional funds will support branding and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.

Valuation Metrics and Subscription Timeline

At the upper end of the price band, the IPO is priced at a price-to-earnings multiple of 952.79x based on FY25 diluted earnings per share, compared with a weighted average industry P/E of 122.88x for FY25. The price band values the company at approximately 11.80-12.40 times the face value of each share.

The minimum bid lot is 120 shares, with bids accepted in multiples thereafter. ICICI Securities, Morgan Stanley, and JM Financial are serving as book-running lead managers, while KFin Technologies acts as the registrar.

Financial Performance and Market Position

Shadowfax Technologies demonstrated strong financial growth in recent periods. In the first half of FY26, the company reported revenue of ₹1,800 crores, marking a 68.00% year-on-year increase. For the full FY25, the company posted revenue of ₹2,485 crores.

The company's revenue composition shows the e-commerce express parcel segment as its largest contributor, accounting for approximately 70% of total revenue, while hyperlocal and quick commerce logistics contributed the remaining 20%. According to Redseer data, Shadowfax's market share in the express parcel segment rose to around 21% in Q1 FY26 from 8% in FY22.

Business Operations and Investor Base

Shadowfax Technologies operates as a third-party logistics company with technology-driven solutions, serving clients across 14,758 pin codes in India as of September 30, 2025. The company offers express parcel delivery, reverse logistics, hyperlocal services, and other critical logistics solutions to clients spanning horizontal and non-horizontal e-commerce platforms, quick commerce, food marketplaces, and mobility services.

The company is backed by prominent investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, Nokia Growth Partners, and Qualcomm Asia Pacific. Snapdeal founders Kunal Bahl and Rohit Kumar Bansal are also among the selling shareholders in this public offering.