Shadowfax Technologies Ltd. launched its initial public offering (IPO) to raise over Rs 1,900 crore from the primary market on Tuesday. The company provides logistics solutions. The grey market premium (GMP) indicates a potential listing gain of nearly 5% for the mainboard issue. Investors who want to bid for the Shadowfax Technologies IPO can check the following details before applying:
Shadowfax Technologies IPO GMP Today
According to InvestorGain, the GMP for the Shadowfax Technologies IPO stood at Rs 6 at 9:00 a.m. on Jan. 20. The latest GMP indicates a listing price of Rs 130 apiece at a premium of 4.84% over the upper limit of the price band.
Note: GMP does not represent official data and is based on speculation.
Shadowfax Technologies IPO: Key Details
The Shadowfax Technologies IPO is a book-building issue worth Rs 1,907.27 crore. The mainboard IPO comprises a fresh issue of 8.06 crore shares, worth Rs 1,000 crore, and an offer-for-sale (OFS) of 7.32 crore shares, amounting to Rs 907.27 crore. The price band for the IPO has been fixed between Rs 118 and Rs 124 per share.
To participate in the IPO, retail investors need to bid for a single lot size of 120 shares, requiring an investment of Rs 14,880 at the upper limit of the price band per application. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,08,320. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 68 lots. It will lead to an investment of Rs 10,11,840.
The subscription window will remain open from Jan. 20 to Jan. 22, with the allotment expected to be finalised on Jan. 23. The company will transfer shares to the demat accounts of successful bidders on Jan. 27 and refunds for non-allottees will also be processed on the same day.
Shares of Shadowfax Technologies are tentatively scheduled to list on the BSE and NSE on Jan. 28.
Qualified Institutional Buyers (QIBs) will be offered a minimum of 75% of the offer. Retail investors will be allocated a maximum of 10% of the issue and the remaining 15% will be reserved for the Non-Institutional Investors (NIIs).
ICICI Securities Ltd. is the book-running lead manager, and KFin Technologies Ltd. is the registrar of the issue.
Shadowfax Technologies IPO: Brokerage Ratings
Online financial analysis platform Capital Market has given the IPO a rating of 42/100. Highlighting the company's strengths, it has called it, “The only 3PL (Third-Party Logistics) of scale in India offering both end-to-end delivery for e-commerce and last-mile delivery for quick commerce, food delivery, and other hyperlocal use cases. Also, the largest 3PL provider in India for value-added services such as reverse pickup logistics, hand-in-hand exchange deliveries, same-day, and quick commerce.”
On its weaknesses, Capital Market said the company's revenue profile remains highly concentrated, with its largest client contributing nearly half of the total income in the first half of FY2026. The top five customers together generated close to three-quarters of overall revenue during the period.
The business also faces risks from its reliance on non-exclusive partners, which could disrupt service delivery. Any uneven expansion of network infrastructure may further weigh on growth prospects.
Swastika Investmart maintains a neutral rating on the IPO.
“Shadowfax benefits from strong growth in India's last-mile logistics and e-commerce delivery space. Revenue momentum is improving, but profitability remains low and margin visibility is still evolving,” the brokerage said in its outlook.
“A massive chunk of their revenue comes from just two sources: Flipkart (which is also an investor) and Meesho. Suitable only for high-risk, long-term investors; conservative investors should wait post-listing for better price discovery,” the brokerage emphasised.
Use Of Proceeds
The company will use proceeds from the IPO to fund capital expenditure, lease payments for new first-mile centres, last-mile centres and sort centres, branding, marketing and communication costs, unidentified inorganic acquisitions and general corporate purposes.
About Shadowfax Technologies
Shadowfax Technologies is a logistics solution provider in India. It provides delivery solutions for e-commerce, quick commerce, food delivery and hyperlocal businesses.
Financials
The company reported a net profit of Rs 6.43 crore in FY25, compared to a loss of Rs 11.88 crore in FY24. Revenue from operations rose 31.85% year-on-year (YoY) to Rs 2,485.1 crore in FY25 from Rs 1,884.8 crore in FY24.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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