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.

Shadowfax Technologies Limited, a leading logistics services provider, has announced the price band for its ₹1,907-crore initial public offering that opens next week. The Bengaluru-based company is targeting a valuation of approximately ₹7,170 crore through this public issue.

IPO Structure and Timeline

The company has set the price band between ₹118-124 per share for the public offering. The IPO structure includes specific allocation percentages and investment requirements:

The share allocation follows standard IPO norms with 75% reserved for Qualified Institutional Bidders, 15% for Non-Institutional Investors, and 10% earmarked for retail investors.

Issue Composition and Selling Shareholders

The ₹1,907-crore IPO comprises a fresh issue of shares worth ₹1,000 crore and an offer for sale of ₹907 crore by existing shareholders. Major shareholders participating in the offer for sale include:

• 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
• Snapdeal founders Kunal Bahl and Rohit Kumar Bansal

Fund Utilization and Business Operations

Proceeds from the fresh issue will support multiple growth initiatives including enhancing network infrastructure capacity, funding lease payments for new first mile, last mile, and sort centres. Additional funds will be allocated towards branding, marketing, communication initiatives, 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. The company maintains an extensive service network covering 14,758 Indian pincodes as of September 2025, serving enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility sectors.

Financial Performance and Revenue Segments

The company demonstrated strong financial growth in recent periods:

Revenue distribution shows the e-commerce express parcel segment as the primary contributor, accounting for approximately 70% of total business. Hyperlocal and quick commerce logistics contribute around 20% of revenue, highlighting the company's diversified service portfolio.

Market Position and Advisory Team

Shadowfax Technologies Limited is backed by marquee investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The company offers comprehensive logistics solutions including express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics services.

ICICI Securities, Morgan Stanley India Company, and JM Financial are serving as book running lead managers for the IPO, while KFin Technologies acts as the registrar for the public issue.