- Bid / Offer will close on Thursday, January 22, 2026.
- The Anchor Investor Bid / Offer Period shall be on Monday, January 19, 2026
- Bids can be made for a minimum of 120 Equity Shares and in multiples of 120 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, JAN 16
Flipkart-backed logistics and last-mile delivery startup Shadowfax Technologies Ltd on Friday announced it will open its initial public offering (IPO) for subscription on Tuesday, January 20, 2026. The issue will close on Thursday, January 22, while the anchor investor bidding will take place a day earlier on Monday, January 19.
The company has fixed the price band for the issue at ₹118–124 per equity share of face value ₹10. At the upper end of the band, the IPO values the shares at 12.4 times their face value.
Bids can be made for a minimum of 120 Equity Shares and in multiples of 120 Equity Shares thereafter.
The IPO comprises a total issue size of ₹1,907.27 crore, including a fresh issue of shares worth up to ₹1,000 crore and an offer for sale (OFS) of shares aggregating up to ₹907.27 crore by existing shareholders.
The company focuses on express parcel delivery for e-commerce and a variety of supplementary services.
Their services include e-commerce and direct-to-consumer shipping, quick commerce and hyperlocal deliveries accomplished within a few hours or on the same day, along with SMS and personal courier options available through the Shadowfax Flash app.
Under the book-building process, at least 75 per cent of the net offer will be allocated to qualified institutional buyers (QIBs), of which up to 60 per cent may be allotted to anchor investors. Within the anchor investor portion, up to 33.33 per cent will be reserved for domestic mutual funds and up to 6.67 per cent for insurance companies and pension funds, subject to valid bids.
Of the remaining issue, up to 15 per cent will be reserved for non-institutional investors (NIIs), split between small and large applicants, while up to 10 per cent will be allocated to retail individual investors. A portion of the issue will also be reserved for eligible employees.
All investors, except anchor investors, will be required to apply through the Application Supported by Blocked Amount (ASBA) process, including via UPI for retail bidders.
Shadowfax has shown impressive financial performance in recent years, with profits for the six-month period ending September 2025 rising by nearly 114% to ₹21 crore, compared to ₹9.8 crore during the same period last year. In this timeframe, revenue shot up to ₹1,805.6 crore, representing a 68.4% increase from ₹1,072 crore.
For fiscal 2025, the company reported a profit of ₹6.4 crore, a significant turnaround from a loss of ₹11.8 crore the previous year. Revenue for that fiscal year grew by 31.8%, reaching ₹2,485.1 crore, up from ₹1,884.8 crore.
The Equity Shares are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.
ICICI Securities Limited, Morgan Stanley India Company Private Limited and JM Financial Limited, are the book running lead managers to the Offer.
