SHADOWFAX IPO

SHADOWFAX IPO

Quick Overview

Key Dates for Investors

• Opening Date: 20th January 2026
• Closing Date: 22nd January 2026
• UPI Payment Deadline: 22nd January 2026 (5 PM)
• Allotment Announcement: 23rd January 2026
• Refund Processing: 27th January 2026
• Demat Credit: 27th January 2026
• Stock Market Listing: 28th January 2026
• Mandate Validity End: 7th February 2026
• Anchor Investor Lock-in Release (50%): 22nd February 2026
• Anchor Investor Lock-in Release (Remaining): 23rd April 2026

*Dates may be revised as per official updates.

Understanding the Business: Shadowfax at a Glance

Founded in April 2015, Shadowfax Technologies Limited stands as a prominent technology-led third-party logistics (3PL) company headquartered in Bengaluru, India. The company plays a pivotal role in enabling digital commerce across the nation by providing comprehensive, end-to-end logistics solutions. Shadowfax specializes in a diverse portfolio of services, including express parcel deliveries, efficient reverse logistics, rapid hyperlocal and quick commerce deliveries, and various mobility-related logistics services.

Leveraging a robust, asset-light delivery network, Shadowfax boasts an impressive reach, covering over 14,700 pin codes across India. This extensive network allows it to cater to a broad and diverse base of enterprise clients, which includes leading e-commerce marketplaces, dynamic quick commerce platforms, established food delivery companies, and innovative on-demand mobility players. At the core of its operations lies proprietary, in-house technology platforms that power crucial functions such as intelligent routing, seamless partner management, stringent security protocols, and advanced address intelligence. This technological backbone facilitates a scalable, platform-based business model, characterized by its reliance on a flexible gig workforce and data-driven operational efficiencies. Shadowfax’s market positioning is defined by its deep integration capabilities with client platforms, its unparalleled nationwide reach, and a proven track record of strong execution in high-frequency delivery environments.

Financial Performance and Fundraising Details

Shadowfax Technologies Limited is poised to raise a total of ₹1,907.27 Crores through its initial public offering. This sum is composed of two primary components: a fresh issue of shares amounting to ₹1,000 Crores, the proceeds of which will directly flow into the company, and an Offer for Sale (OFS) of ₹907.27 Crores, where existing investors will dilute their stake.

Examining Shadowfax’s financial trajectory reveals a compelling growth story. The company has demonstrated impressive revenue growth and a significant turnaround in profitability. For the financial year ended March 2024, the company reported a revenue of ₹1,884.82 Crores, alongside a Profit After Tax (PAT) of -₹11.88 Crores. By March 2025, revenue surged to ₹2,485.13 Crores, achieving a positive PAT of ₹6.43 Crores. This positive momentum continued into the first half of the financial year ending September 2025, with revenues reaching ₹1,805.64 Crores and PAT escalating to ₹21.04 Crores. Concurrently, the company’s total assets have steadily grown, from ₹786.14 Crores in March 2024 to ₹1,259.26 Crores in March 2025, and further to ₹1,453.16 Crores by September 2025, reflecting an expanding operational base and strengthening financial position.

Strategic Utilization of Capital

The capital raised from the fresh issue component of the IPO is strategically earmarked to fuel Shadowfax’s ambitious growth plans and strengthen its operational backbone. A significant portion is allocated towards enhancing its network infrastructure and ensuring long-term operational sustainability.

The largest chunk, 42.34%, is dedicated to capital expenditure for network infrastructure, signifying the company’s commitment to expanding and upgrading its physical and technological assets. A notable 13.86% will be used to fund lease payments for its critical first mile, last mile, and sort centers, essential for maintaining and expanding its operational footprint. Furthermore, 8.86% is budgeted for branding, marketing, and communication efforts, crucial for enhancing market presence and customer acquisition. The remaining 34.94% is reserved for unidentified inorganic acquisitions and general corporate purposes, providing the company with strategic flexibility for future growth opportunities and operational needs.

Distinct Advantages of Shadowfax

Shadowfax distinguishes itself in the competitive logistics landscape through several key strengths that underpin its growth and market position:

• Asset-light, Technology-Driven Platform: The company operates an asset-light model, reducing capital intensity and increasing operational flexibility. This approach, combined with a sophisticated proprietary technology platform, enables efficient, scalable, and nationwide logistics services.
• Strong Presence in High-Growth Segments: Shadowfax has carved out a significant presence in rapidly expanding sectors such as e-commerce and quick commerce, which are experiencing robust growth fueled by increasing digital adoption and consumer demand for faster deliveries.
• Scalable and Extensive Delivery Network: With a delivery network that spans over 14,700+ pin codes across India, Shadowfax demonstrates exceptional reach. This vast network, coupled with a scalable operational model, allows it to efficiently serve diverse geographical areas and accommodate fluctuating demand.
• Proprietary Technology for Optimized Operations: The company’s in-house developed technology solutions are integral to its success. These platforms facilitate intelligent routing, effective partner management, stringent security controls, and precise address intelligence, leading to enhanced efficiency, reliability, and cost-effectiveness.
• Long-Standing Relationships with Key Enterprise Clients: Shadowfax has cultivated enduring relationships with a large and diverse base of enterprise clients. These partnerships provide a stable revenue base and demonstrate the company’s capability to meet the complex logistical demands of major industry players.

Key Considerations for Investors

While Shadowfax presents an attractive investment proposition, potential investors should also be aware of certain risk factors:

• High Dependence on Limited Clientele: A significant portion of the company’s revenue may be derived from a limited number of large enterprise clients. Any adverse change in these relationships or the business fortunes of these clients could impact Shadowfax’s financial performance.
• Vulnerability to Seasonal Demand Swings: The logistics sector, particularly segments like e-commerce and food delivery, often experiences seasonal fluctuations in demand. These variations can affect revenue predictability and operational planning.
• Reliance on Third-Party Delivery Partners: Shadowfax’s asset-light model relies heavily on its network of third-party delivery partners (gig workers). Challenges in managing, retaining, or incentivizing this workforce could disrupt operations and impact service quality.
• Intense Competition: The logistics and last-mile delivery sector in India is highly competitive, with numerous established players and emerging startups. This intense competition could put pressure on pricing, margins, and market share.
• Technology System Failures: As a technology-led company, Shadowfax’s operations are critically dependent on the continuous and efficient functioning of its proprietary technology systems. Any system failure, data breach, or technological disruption could significantly impair its service delivery and reputation.

Latest Subscription Data

Subscription statistics based on the latest available information will be updated once the IPO opens for public subscription. Investors are encouraged to monitor live subscription figures during the IPO period.

*GMP figures are unofficial and may vary; exchange data is more reliable.

How to Apply

Investors can participate in this IPO via the official Dhan Kirti IPO platform before the subscription closes.