Shadowfax Technologies IPO Opens Today; Price Band Set at ₹118 to ₹124  Per Share 

Mumbai, 20 January 2026: The ₹1,907.27 crores book build issue of Shadowfax Technologies IPO opened today, 20 January 2026, for subscription, and will close on January 22, 2026. The issue is a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale of 7.32 crore shares aggregating to ₹907.27 crores. 

Established in 2016, Shadowfax Technologies Ltd is a logistics solutions provider company in India. The company provides e-commerce express parcel delivery along with a range of value-added services. Services include e-commerce and D2C delivery, hyperlocal & quick commerce and SMS & personal courier services.  

 The company has a nationwide logistics network of 4,299 touchpoints in first- and last-mile centres and sort centres as of September 30, 2025, covering 14,758 pin codes. Over 3.50 million sq ft of operational space, including 53 sort centres spanning 1.80 million sq ft for consolidating, sorting and dispatching shipments.  

Shadowfax Technologies IPO Price Band Set at ₹118 to ₹124 Per Share; Lot Size 120 Shares 

Shadowfax Technologies IPO is a book build issue of ₹1,907.27 crores. The issue is a combination of fresh issue of 8.06 crore shares aggregating to ₹1,000.00 crores and offer for sale of 7.32 crore shares aggregating to ₹907.27 crores. 

Shadowfax Technologies IPO opens for subscription today, January 20, 2026, and closes on January 22, 2026. The allotment for the IPO is expected to be finalised on January 23, 2026, with the shares to list on BSE and NSE, with a tentative listing date fixed as January 28, 2026. 

The IPO price band is set at ₹118 to ₹124 per share. The lot size for an application is 120. The minimum amount of investment required by a retail investor is ₹14,880 (120 shares) (based on the upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840. 

ICICI Securities Ltd. is the book-running lead manager, and Kfin Technologies Ltd. is the registrar of the issue. 

Shadowfax Technologies IPO Utilisation of Proceeds 

The company proposes to utilise the net proceeds from the issue towards funding of capital expenditure requirements of the Company in relation to the network infrastructure (₹423.43 crore), funding of lease payments for new first mile centres, last mile centres and sort centres (₹138.64 crore), funding of branding, marketing and communication costs (₹88.57 crore), and unidentified inorganic acquisitions and general corporate purposes  

Shadowfax Technologies IPO Financials Show Marked Improvement in Profit after Tax  

Shadowfax Technologies Limited’s restated consolidated financial statements show a significant scale-up and improvement in profitability over recent periods. Total Assets as on 30 September 2025 were ₹1,453.16 crore, which increased significantly from ₹786.14 crore in March 2024. Profit after tax rose to ₹21.04 crore, reversing a loss of ₹11.88 crore in the previous year.  

Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose 64.34 crore. Net worth increased to ₹693.53 crore, aided by higher reserves and surplus of ₹281.26 crore, alongwith total borrowings of ₹147.44 crore, suggesting balance sheet growth and financial health. 

Shadowfax Technologies IPO Day 1 Subscription 0.07 Times So Far  

Shadowfax Technologies IPO was subscribed 0.07 times by10:29:55 AM (Day 1). The public issue subscribed 0.30 times in the retail category, 0.00 times in QIB (Ex Anchor), and 0.04 times in the NII category.  

The IPO saw 8,47,78,062 shares offered across different categories, ͏with actual bidding significantly lower͏ at 55,11,3͏60 shares.͏ Anchor investors fully͏ subscribed to their allocation of 6,90,33,955 shares,͏ amounting to ₹856͏.02 crore, ͏while Qualified Institutional Buyers (excluding anchors) did not place any bids for ͏their 4,60,22,638 shares.  

Non-Institutional Investors (NII) were alloted 2,30,11,319 shares, but bid for only 8,49,4͏80 shares, and retail i͏nvestors were offered͏ 1,53,͏40,879 shares, with bids received ͏for 45,7͏7,0͏4͏0 shares, reflecting selective participation across segments.

References 

• https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=4414&type=IPO&idtype=1&status=L&IPONo=7556&startdt=20/Jan/2026 
• https://www.nseindia.com/market-data/issue-information?symbol=SHADOWFAX&series=EQ&type=Active 

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