Athira Sethu
Kochi, 14 Jan 2026
Shadowfax Technologies, a key player in India’s logistics space, on Tuesday said its IPO will open for subscription on January 20, according to the red herring prospectus filed by the company. The IPO will remain open till January 22, while anchor investors can place their bids a day earlier on January 19. The price band for the issue is set in the range of Rs 118 – Rs 124 per share. Media reports indicate that Shadowfax will target a valuation of around ₹7,400 crore through this public issue.
The IPO will comprise two components. The first is a fresh share issuance of up to ₹1,000 crore, which will raise new capital for the firm. The second is an offer for sale (OFS) worth up to ₹907.27 crore whereby existing investors will offload a part of their respective stakes. In the OFS offering, Flipkart Internet plans to sell shares of up to ₹400 crore. Eight Roads Investments, IFC, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and funds backed by Mirae Asset are some of the other shareholders that will be selling stocks.
Shadowfax intends to deploy the proceeds from the fresh issue primarily to expand and strengthen operations. The network infrastructure, comprising first-mile and last-mile, and its upgradation and sorting centres would require approximately ₹423.4 crores. Payment of lease deposits for additional delivery and sorting centres is estimated to be covered with ₹138.6 crores. Further, it has also earmarked ₹88.6 crores for branding, marketing, and communication activities. This will include attracting delivery partners and new customers. It will utilize the remaining amount for future acquisitions and general corporate purpose.
The Bengaluru-based company, which was founded in 2015, operates a logistics platform focused on last-mile and hyperlocal deliveries. It works with ecommerce companies, food delivery platforms, and quick commerce players across the country. E-commerce and logistics remain the two main business areas for Shadowfax, but quick commerce has emerged as the fastest-growing segment. It contributes approximately 20–21% to the company’s total operating revenue.
Finances wise, the company has been registering solid progress. During the first half of FY26, Shadowfax’s operating revenue increased by 68.3%, rising to ₹1,805 crore, as opposed to the same period in the previous year, when the company reported ₹1,072 crore. Looking at the bottom line, the net profit of the company also doubled, growing by 114.3% to touch ₹21 crore, as opposed to the first half of FY25, when the net profit stood at ₹9.8 crore.
