Shadowfax Technologies sets IPO price band at ₹118-₹124; Issue opens Jan 20
Fresh issue proceeds will fund network infrastructure, facility leases, and branding.;
(L-R) - Praharsh Chandra, Co-Founder and Chief Business Officer; Gaurav Jaithlia, Head of Business Strategy; Vaibhav Khandelwal, Co-Founder and Chief Technology Officer; Abhishek Bansal, Founder and Chief Executive Officer; Praveen Kumar KJ, Chief Financial Officer
Flipkart-backed logistics provider Shadowfax Technologies is set to launch its ₹1,907.27 crore initial public offering (IPO) on January 20, 2026, with a price band fixed at ₹118 to ₹124 per share. The public issue, which closes on January 22, comprises a fresh issuance of shares worth ₹1,000 crore and an offer for sale (OFS) aggregating ₹907.27 crore.
Retail investors can participate by bidding for a minimum of 120 shares, requiring an investment of ₹14,880 at the upper end of the price band.
The company intends to allocate the funds raised from the fresh issue across three key areas: ₹423.43 crore will be used to enhance network infrastructure via automation and IT upgrades, ₹138.64 crore is earmarked for lease payments for new facilities, and ₹88.57 crore will be dedicated to supporting branding initiatives.
The issue is being managed by ICICI Securities, Morgan Stanley India, and JM Financial. Following the allotment of shares on January 27, Shadowfax Technologies is scheduled to list on the BSE and NSE on January 28, 2026.
The company has demonstrated a strong financial turnaround, posting a net profit of ₹6.06 crore in FY 2024-25 compared to a loss in the previous fiscal, with continuing into the quarter ended September 30, 2025, where it reported a profit of ₹21.04 crore on a total income of ₹1,819.80 crore.
Shadowfax operates a hyperlocal and third-party logistics network that leverages technology to facilitate digital commerce. Its client base spans various sectors, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility.
As of September 2025, the company’s logistics network covered 14,758 pin codes, serving clients across e-commerce, quick commerce, and food delivery sectors.