Shadowfax Technologies, a technology-led third-party logistics (3PL) platform that serves over 14,700 pin codes in India, is entering the primary market to fund its next phase of growth. The IPO includes a fresh issue of ₹1,000 crore and an offer for sale (OFS) of ₹907 crore by existing marquee investors like Flipkart, Eight Roads, and Nokia Growth Partners.
The company has successfully demonstrated a "turnaround story," moving from a net loss of ₹142.6 crore in FY23 to a net profit of ₹6.4 crore in FY25. This momentum has accelerated into FY26, with the company reporting a profit of ₹21 crore in just the first half (H1) of the year. Shadowfax currently commands a 23% market share in the express parcel segment and is a dominant player in the booming quick-commerce delivery space.
As of today, January 19, 2026, the Grey Market Premium (GMP) is hovering around ₹10, suggesting a listing gain of approximately 8%. While the premium is modest, the strong backing of Flipkart (which holds a ~15% stake) and the company’s recent profitability are key highlights for long-term investors.
IPO Vital Details & Schedule
| Feature | Details |
| Price Band | ₹118 – ₹124 per share |
| Lot Size | 120 Shares (Min. Investment ₹14,880) |
| Issue Size | ₹1,907.27 Crore |
| Listing Platform | BSE & NSE (Mainboard) |
| Anchor Bidding | January 19, 2026 (Today) |
| Open Date | January 20, 2026 (Tomorrow) |
| Close Date | January 22, 2026 |
| Allotment Date | January 23, 2026 |
| Tentative Listing | January 28, 2026 |
Important Note for Investors
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Turnaround Achievement: Shadowfax turned profitable in FY25. Its ability to maintain margins in the razor-thin logistics sector is a major positive, though net margins currently remain under 2%.
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Client Concentration: The company is heavily dependent on a few large clients, with Flipkart alone contributing nearly 49% of its revenue in H1 FY26. While the CEO has stated they are diversifying toward D2C brands, this remains a key risk.
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Asset-Light Advantage: Unlike traditional couriers, Shadowfax operates an asset-light model with over 1.25 lakh active delivery partners (gig workers). This allows them to scale rapidly during festival seasons without high fixed costs.
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Valuation vs. Peers: At the upper price band, the company is valued at roughly ₹7,168 crore. While its P/E ratio appears high, analysts note that on a Price-to-Sales (P/S) basis, it is priced more attractively than its listed competitor, Delhivery.