| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹118 to ₹124 | 120 | 20th Jan, 2026 –22nd Jan, 2026 | ₹1,907 Cr |
Shadowfax Technologies Limited
Shadowfax Technologies Limited (STL) is a new-age, technology-led third-party logistics (3PL) company focused on enabling digital commerce in India through a comprehensive suite of express and hyperlocal delivery solutions. The company is the fastest-growing 3PL of scale in the country, having expanded its e-commerce shipment market share from approximately 8% in FY22 to around 23% in 6MFY26, driven by strong execution and rapid client onboarding. Within the express segment, STL holds market leadership in reverse pickup shipments, while it also commands leadership in quick commerce and same-day delivery based on order volumes in FY25 and 6MFY26. The company serves a diversified base of enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility, including Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, and others. STL offers a wide range of services, including express forward parcel deliveries, reverse pickups, and exchange deliveries, prime and same-day deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other critical logistics enabling services. The company operates a pan-India delivery network covering 14,758 pin codes as of 6MFY26 and derives a majority of its revenue from service lines involving direct delivery to end customers, with revenue contribution in FY25 split across express services at 69.0%, hyperlocal deliveries at 20.7%, and other logistics services at 10.3%, positioning STL as the only company of scale with meaningful presence across express, hyperlocal, and on-demand logistics segments.
Objective of the Shadowfax Technologies Limited IPO
Out of the total issue size of Rs. 1,907 crores, Rs. 907 crores comprise OFS.
The company proposes to utilise net proceeds (Rs. 1,000 crores) from the issue towards the following objects:
- Funding of capital expenditure requirements in relation to its network infrastructure;
- Funding of lease payments for new first mile centers, last mile centers and sort centres;
- Funding of branding, marketing, and communication costs; and
- Unidentified inorganic acquisitions and general corporate purposes.
Rationale To Shadowfax Technologies Limited IPO
Customisable service architecture to support scalable, high-quality growth
Shadowfax’s differentiated positioning as the only 3PL of scale in India offering both end-to-end e-commerce deliveries and last-mile logistics for quick commerce, food delivery, and other hyperlocal use cases enables it to address the diverse and evolving requirements of digital commerce participants. Its comprehensive portfolio of express and value-added logistics services, spanning forward parcel delivery, reverse pickups, hand-in-hand exchange logistics, prime and same-day delivery, quick commerce, and on-demand hyperlocal solutions, allows the company to engage with clients across multiple use cases and business models. This breadth of offerings is particularly relevant for D2C brands and SMEs, which increasingly prioritise speed, customisation, and service flexibility, and typically exhibit superior yield profiles compared to large horizontal marketplaces. The ability to support such clients at scale is underpinned by Shadowfax’s flexible, technology-driven operating model and extensive pan-India network, which enables efficient handling of complex and time-sensitive deliveries while maintaining cost discipline. As client volumes scale across existing service lines, the company benefits from operating leverage and network-level efficiencies, supporting improved margin profiles without compromising service quality. This integrated model, combining customisable solutions, scalable infrastructure, and a variable-cost structure, positions Shadowfax to deepen its presence across the e-commerce value chain, expand wallet share within high-yield client segments, and sustain a structurally competitive cost base in an industry increasingly focused on consolidation, efficiency, and sustainable growth.
Scaled, tech-orchestrated gig infrastructure driving superior execution and cost efficiency
Shadowfax’s ability to execute high-volume, time-sensitive logistics at scale is underpinned by the combination of India’s largest gig-based last-mile delivery partner infrastructure and a proprietary, technology-first operating platform. With access to over 2,05,864 average quarterly unique transacting delivery partners across more than 2,300 cities (as of 6MFY26), the company benefits from a dense, geographically distributed supply pool that enables rapid fulfillment, predictable service availability, and efficient handling of peak demand cycles. The interoperability of this fleet across multiple service categories ensures consistent supply utilization throughout the day, reduces idle time, and supports lower unit economics across express, quick commerce, and hyperlocal use cases. This scaled physical network is orchestrated through an agile, in-house technology stack designed to optimize demand-supply matching, workforce productivity, and delivery accuracy in real time. AI/ML-driven systems such as the proprietary supply-demand allocation engine, Frodo delivery partner lifecycle management platform, SF Shield fraud prevention engine, and SF Maps address intelligence solution enable skill-based partner assignment, dynamic payout optimization, fraud mitigation, and precise last-mile routing. These capabilities improve operational predictability, reduce failure rates and leakages, and enhance throughput per delivery partner, translating into lower cost per order and higher service reliability for clients. Together, the integration of a large, flexible gig workforce with advanced technology capabilities positions Shadowfax to scale efficiently, absorb demand volatility, and maintain operational excellence across complex and value-added logistics services.
Valuation of Shadowfax Technologies Limited IPO
Shadowfax Technologies Limited is a technology-led third-party logistics provider with a differentiated full-stack presence across express e-commerce deliveries and last-mile logistics for quick commerce, food delivery, and other hyperlocal use cases, supported by one of the largest gig-based delivery partner networks in India and a proprietary, modular technology platform. The company’s comprehensive service portfolio enables it to address complex and time-sensitive logistics requirements across diverse digital commerce models, while its scaled, interoperable gig infrastructure and AI-driven systems deliver high execution reliability and structurally competitive unit economics. At the same time, Shadowfax’s flexible, customizable service architecture enables it to deepen engagement with high-yield client segments, such as D2C brands and SMEs, supporting superior revenue quality and operating leverage as volumes scale. On the economic front, STL is structurally positioned to benefit from India’s underpenetrated yet fast-growing e-commerce, quick commerce, and on-demand hyperlocal markets, supported by favourable digital adoption trends, rising convenience-led consumption, and increasing demand for faster, value-added logistics services. On the financial front, the company has delivered a revenue CAGR of 33% between FY23–25. Profitability has seen a substantial turnaround over the same period, with EBITDA improving from a loss of Rs. 113 crores in FY23 to a profit of Rs. 64 crores, while PAT moved from a loss of Rs. 143 crores to a profit of Rs. 21 crores. Going forward, we expect further improvement in margins and return ratios, driven by a favourable shift in service mix toward higher-yield segments such as value-added express services, same-day delivery, quick commerce, and D2C/SME-led volumes, alongside operating leverage and continued technology-led cost efficiencies. At the upper end of the price band of Rs. 124 per share, the company is trading at a P/E of 155.0x based on its FY26 annualised earnings. Supported by strong industry tailwinds and clear profitability drivers, STL appears well-positioned to benefit from the evolving digital commerce landscape. We thus recommend a “SUBSCRIBE” rating to the issue from a medium-to long-term perspective.
What is the Shadowfax Technologies Limited Ltd IPO?
The initial public offer (IPO) of Shadowfax Technologies Limited offers an early investment opportunity in Shadowfax Technologies Limited. A stock market investor can buy Shadowfax Technologies Limited IPO shares by applying in IPO before All Shadowfax Technologies Limited shares get listed at the stock exchanges. An investor could invest in Shadowfax Technologies Limited IPO for short term listing gain or a long term.
How to apply for the Shadowfax Technologies Limited IPO through StoxBox?
To apply for the Shadowfax Technologies Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Shadowfax Technologies Limited IPO open?
Shadowfax Technologies Limited IPO is opening on 20th Jan 2026. Apply Now
What is the lot size of the Shadowfax Technologies Limited IPO?
The Lot Size of Shadowfax Technologies Limited IPO is 140 equity shares. Login to your account now.
When is the Shadowfax Technologies Limited allotment date?
The allotment Date for Shadowfax Technologies Limited IPO is 23rd Jan 2026. Login to your account now.
When is the Shadowfax Technologies Limited IPO listing date?
The listing Date for Shadowfax Technologies Limited IPO is 28th Jan 2026. Login to your account now
What is the minimum investment required for the Shadowfax Technologies Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,880. Login to your account now
What is the maximum investment allowed for the Shadowfax Technologies Limited Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,440. Login to your account now
What are the risks associated with investing in the Shadowfax Technologies Limited Ltd IPO?
- The company is dependent on key commercial relationships with its clients, with its largest client contributing 48.9%, 48.0%, 59.2%, and 59.5% of revenue from operations for the 6MFY26, FY25, FY24, and FY23, respectively. Any loss or deterioration of such key client relationships could adversely impact the company’s business, financial condition, and results of operations.
- The company is highly dependent on its technology infrastructure and third-party technology applications to operate and scale its business. Any failure to maintain, enhance, or effectively utilize its proprietary technology systems, could disrupt operations, impair service quality, and adversely affect the company’s business.
- The company relies on a large, crowdsourced network of delivery partners, with approximately 2,05,864 average quarterly unique transacting delivery partners as of 6MFY26, with whom it does not have exclusive arrangements. Any disruption in the availability, engagement, or retention of delivery partners could adversely affect service levels and negatively impact the company’s business.
When will the Shadowfax Technologies Limited IPO shares be credited to my Demat account?
The Shadowfax Technologies Limited IPO be credited to the account on allotment date which is 27th Jan 2026. Login to your account now
Where can I find the Shadowfax Technologies Limited IPO prospectus?
The prospectus of Shadowfax Technologies Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
