The 2025 logistics IPO wrap-up: 10 companies that hit the floor

As 2025 concludes, the Indian stock exchanges, notably the NSE and BSE SME platforms, have transformed into key growth avenues for logistics companies and emerging freight forwarders. The logistics sector, often called the backbone of the economy, is making an entry onto the trading floor, encompassing a range of companies from asset-light digital platforms to major fleet operators, all keen on scaling their operations.

Shadowfax Technologies
The year’s most significant listing, Shadowfax received SEBI approval for a ₹2,000 crore IPO. The company holds a dominant position in the third-party quick commerce sector with over 50% market share, acting as the primary fulfillment partner for major platforms like Flipkart Minutes, BigBasket, and Meesho.

Its vast operational network employs over 1.25 lakh monthly active delivery partners, services more than 14,000 pin codes across over 2,500 cities, and includes more than 3.5 million sq. ft. of sortation and fulfillment space as of late 2025.

Furthermore, Shadowfax expanded its business in 2025 by acquiring CriticaLog India, diversifying its revenue beyond pure e-commerce parcels into high-value logistics segments such as pharmaceuticals, electronics, and luxury goods.

Global Ocean Logistics India (SME)
Listing on December 24, this asset-light freight forwarder raised ₹30.41 crore. By focusing on ocean and air cargo with a low debt-to-equity ratio, the company is capitalising on India’s rising EXIM trade and port modernisation.

Rather than owning a massive fleet, Global Ocean leverages a network of over 20,000 agents and third-party partners to manage containers and transport. This allows them to scale rapidly without heavy capital expenditure on trucks or ships.

The IPO proceeds allocate approximately ₹21.27 crore to incremental working capital needs for 2026 and 2027. This capital is vital for bridging the gap between when the company pays its freight carriers and when it receives payments from its extensive base of over 260 global port clients.

Jayesh Logistics (SME)
A standout performer listed in November, this Kolkata-based firm saw post-listing gains of over 35%. Its success lies in the integration of its Smart-Sys IT platform with a physical fleet, specifically targeting high-demand trade corridors like India-Nepal.

The company utilises several key technological advancements to optimise its logistics operations. A Blockchain e-POD (Electronic Proof of Delivery) system ensures secure, tamper-proof documentation for all cross-border transit.

For enhanced customer engagement and proactive fleet management, the firm employs AI-Driven CRM. Furthermore, SAP Integration provides real-time GPS and RFID tracking, which is essential for monitoring cargo as it navigates the challenging Himalayan terrains.

E to E Transportation Infrastructure (SME)
The company specialises in Signalling & Telecommunication (S&T), Overhead Electrification (OHE), and track works, operating on an asset-light model that focuses on high-value engineering design and system integration.

It is a critical vendor for the Kavach train protection system and has executed major signaling projects for Mumbai Metro Line 3, Nagpur Metro, and Vizag Steel Plant.

Financially, the company shows consistent growth, making it a compelling play on the Gati Shakti and Dedicated Freight Corridor (DFC) themes, with FY25 revenue at ₹253.82 crore (a 47% increase) and net profit at ₹13.99 crore (a 36% rise).

Its robust order book of approximately ₹401 crore provides revenue visibility for the next two years. The company plans to use roughly ₹70 crore of the IPO proceeds for working capital, a crucial step to mitigate the long receivable cycles in government railway contracts (120–150 days) and enable it to bid for larger composite turnkey projects that span civil, power, and signaling works.

Neptune Logitek (SME)
The Gujarat-based company, a player in the multimodal logistics sector, made its stock market debut on December 22. Its core business model centers around providing comprehensive, door-to-door cargo handling services, effectively managing goods from the point of origin to the final destination.

The strategic intent behind the company's Initial Public Offering (IPO) was clear and focused. The proceeds generated from the public offering were primarily earmarked for an ambitious capital expenditure plan: the expansion of its owned fleet of trucks.

This investment in proprietary trucking assets is a crucial component of the company's long-term strategy. By increasing the size of its internal fleet, the logistics giant aims to reduce its dependence on third-party transporters and, more importantly, gain greater control over the entire supply chain.

This vertical integration is intended to enhance service reliability, optimise transit times, improve cost efficiencies, and offer a more seamless and integrated logistics solution to its clients across various industries.

The move is a deliberate step toward becoming an end-to-end supply chain controller, reinforcing its position in the competitive and rapidly growing Indian logistics landscape.

Rapid Fleet Management (SME)
The Chennai-based telematics provider, recently public following a successful March IPO, is using the raised capital to aggressively scale its proprietary predictive planning platform, moving beyond simple GPS tracking to a data-driven optimisation model for its fleet of over 200 vehicles.

This advanced system is fundamentally designed to address the two main operating costs in logistics: by leveraging real-time and historical data to optimize routes proactively and manage driver behavior, the company aims for substantial reductions in fuel consumption and minimization of non-productive vehicle idling time, thereby enhancing efficiency and setting a new industry standard.

Ashwini Container Movers (SME)
The company, which recently completed its initial public offering (IPO) and listed on December 19, operates as a specialised logistics provider focused on the surface transportation of containerised goods.

Its primary area of operation is the highly active and critical industrial corridor encompassing the states of Maharashtra and Gujarat, a belt known for its significant manufacturing, trade, and port-related traffic.

The strategic purpose behind the recent IPO was multifaceted, with a core focus on capital expenditure for fleet modernisation. Specifically, the proceeds generated from the public offering are earmarked for updating the company's existing fleet, which comprises over 300 vehicles.

This initiative is for two main reasons: enhancing operational efficiency and, more importantly, ensuring compliance with increasingly rigorous environmental and emission standards mandated by regulatory bodies.

By upgrading its vehicles, the company aims to not only maintain but also strengthen its position as a reliable and environmentally responsible logistics partner in one of India's most economically vital regions.

Shipwaves Online (SME)
The company in question operates as a modern, digital-first freight forwarding platform, marking its entry into the public market with a successful listing on December 17. Its core value proposition lies in democratizing complex international logistics through a Software-as-a-Service (SaaS)-led solution. This technological approach is specifically designed to address the persistent pain points faced by Micro, Small, and Medium Enterprises (MSMEs) when managing cross-border supply chains.

The platform's primary function is to provide these smaller businesses with unprecedented access to two crucial elements of international shipping. It replaces the traditional, opaque quotation process with immediate, clear, and itemised pricing, allowing MSMEs to accurately forecast and control their freight costs.

The system offers real-time data on various transport routes, carriers, and transit times, enabling users to make informed decisions and book international shipments covering air, ocean, and ground freight through a single, streamlined digital interface.

By making logistics management accessible, transparent, and user-friendly, the company empowers MSMEs, who often lack dedicated in-house logistics departments, to compete more effectively on the global stage.

Sunsky Logistics (SME)
Sunsky, which debuted on the stock market in October, is a prominent player in the logistics sector, operating as a 3PL (Third Party Logistics) provider. Its operational model is significantly bolstered by its membership in the World Shipping Alliance, granting it access to a robust and extensive global network.

This international connectivity is critical for managing complex logistics chains across various continents.

Strategically, Sunsky has differentiated itself by intensely focusing on niche, high-margin segments of the freight market. This approach includes specialising in the complex and highly regulated transportation of medical equipment, which demands stringent temperature control and handling protocols.

Furthermore, the company is deeply involved in the logistics for specialised engineering cargo, a segment often involving the transport of oversized, heavy, or custom-fabricated components that require bespoke shipping solutions and careful project management.

This focused strategy allows Sunsky to command premium pricing and maintain healthier profit margins compared to general freight operators.

Dhillon Freight Carrier (SME)
The company, which successfully executed its IPO in October, garnered market attention and media coverage primarily due to its forward-thinking "Young Fleet" strategy.

This innovative approach centers on a rapid and large-scale transition to electric vehicles (EVs). A substantial allocation of the capital raised through the IPO was explicitly earmarked for the acquisition of new electric three-wheelers.

This financial commitment is central to the company's ambition to modernize its logistical assets and, critically, to establish itself as a dominant force and market leader in environmentally conscious, green last-mile delivery services, particularly within densely populated urban centers and commercial hubs.