Highlights

• Shadowfax Technologies’ IPO will be open from 20–22 January 2026 with a price band of ₹118–₹124 per share.
• The company plans to list its equity shares on both BSE and NSE following the issue.
• As per market observers, the IPO is commanding a grey market premium (GMP) of ₹6.

Shadowfax Technologies Limited is set to enter the Indian primary market with its initial public offering (IPO), scheduled to open for subscription on 20 January 2026 and close on 22 January 2026. The equity issue will be listed on both the BSE and NSE, offering investors an opportunity to participate in one of India’s large-scale logistics and e-commerce delivery platforms.

IPO Structure and Key Details

The Shadowfax Technologies IPO is an equity issue comprising 8,90,88,807 shares, with a face value of ₹10 per share. The price band has been fixed at ₹118 to ₹124, and the market lot size stands at 120 equity shares. Retail investors can apply for a minimum of one lot, while the maximum subscription amount for retail investors is capped at ₹2,00,000. Eligible employees can apply up to ₹5,00,000.

The IPO will be available for bidding during market hours from 10:00 am to 5:00 pm, with the cut-off time for UPI mandate confirmation set at 5:00 pm on 22 January 2026. Axis Bank Limited and ICICI Bank Limited are acting as sponsor banks, while the book-running lead managers include ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited.

Investor Categories and Allocation

Qualified Institutional Buyers (QIBs) can bid for up to 8,86,65,000 equity shares, while Non-Institutional Investors (NIIs) are eligible for a maximum bid of 4,03,02,240 equity shares, both calculated at the lower end of the price band and in multiples of 120 shares.

Grey Market Activity

According to market observers cited by Mint, Shadowfax Technologies’ shares are trading at a premium of ₹6 in the grey market ahead of the IPO opening. The grey market premium is an unofficial indicator and operates outside the formal regulatory framework.

Business Overview and Network Scale

Shadowfax Technologies operates as a logistics service provider catering to e-commerce, express parcel, and value-added services. The company’s distribution network spans over 2,300 cities and 14,700+ PIN codes across India.

As of 30 September 2025, the company had 4,299 operational touchpoints, including first-mile, last-mile, and sort centres.

Financial Performance Snapshot

Shadowfax Technologies reported notable financial changes between FY23 and FY25. Revenue grew at a compound annual growth rate (CAGR) of 32.50%, reaching ₹2,485.10 crore in FY25. During the same period, the company reported a net profit of ₹6.40 crore in FY25, compared with a net loss of ₹142.60 crore in FY23.

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