Shadowfax Technologies is set to enter the Indian stock market with its Initial Public Offering (IPO) in January 2026. The IPO has already gained attention due to the company’s strong growth in the logistics and e-commerce delivery space.
The IPO will open for public subscription on January 20, 2026, and will close on January 22, 2026. The company plans to raise a large amount through this issue to support expansion and business growth.
Shadowfax IPO Price Band and Issue Size
The price band for the Shadowfax IPO has been fixed at ₹118 to ₹124 per equity share. The IPO is a book-built issue, meaning the final price will be decided based on investor demand.
The total issue size is approximately ₹1,907 crore, which includes:
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A fresh issue of ₹1,000 crore
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An offer for sale (OFS) by existing shareholders
This shows that the company is raising funds for future growth while some early investors are partially exiting.
Important Dates Investors Should Know
Here are the key dates related to the Shadowfax IPO:
- IPO opens: January 20, 2026
- IPO closes: January 22, 2026
- Allotment date: January 23, 2026
- Refunds and demat credit: January 27, 2026
- Listing date: January 28, 2026
The shares are expected to list on both BSE and NSE.
IPO Reservation and Investor Quota
The Shadowfax IPO has the following reservation structure:
- Qualified Institutional Buyers (QIB): 75%
- Non-Institutional Investors (NII/HNI): 15%
- Retail Investors: 10%
Retail investors should note that only a limited portion of shares is reserved for them, which may lead to high competition in allotment.
Shadowfax IPO Lot Size and Investment Amount
The minimum lot size for the Shadowfax IPO is 120 shares. At the upper price band, this means:
- Minimum investment for retail: ₹14,880
- Maximum retail application: 13 lots (1,560 shares)
High-net-worth individuals (HNIs) can apply for higher lots as per SEBI rules.
Company Overview: What Does Shadowfax Do?
Shadowfax Technologies is a technology-driven logistics company that supports e-commerce and quick commerce deliveries across India. The company works with major brands like Flipkart, Meesho, Myntra, Swiggy, Blinkit, Zomato, and others.
Shadowfax has grown rapidly in recent years and has become one of the largest third-party logistics (3PL) companies in India. It is especially strong in reverse pickups and last-mile delivery services.
Financial Performance and Growth Trend
Shadowfax’s financial performance shows a clear growth in revenue over the last few years:
- Revenue increased from around ₹1,400 crore in FY2023 to over ₹2,500 crore in FY2025
- The company has moved from losses to a small profit in FY2025
Although profits are still low, the improvement from losses indicates better cost control and operational efficiency. Investors should note that logistics is a high-volume, low-margin business.
How Will the IPO Money Be Used?
The funds raised from the IPO will mainly be used for:
- Expanding logistics and network infrastructure
- Opening new delivery and sorting centers
- Paying lease costs for operational facilities
- Branding, marketing, and general corporate purposes
These investments are aimed at supporting long-term growth and increasing market share.
Promoters and Shareholding
The promoters of Shadowfax Technologies are Abhishek Bansal and Vaibhav Khandelwal. Before the IPO, promoters hold a minority stake, and their shareholding will further reduce after the issue.
This indicates that the company is more professionally managed, with wider institutional participation.
Shadowfax IPO Review: Apply or Avoid?
From a long-term point of view, Shadowfax operates in a growing sector supported by e-commerce and quick delivery demand. The company has shown strong revenue growth and has recently turned profitable.
However, investors should also consider:
- Low profit margins
- High competition in logistics
- Valuation compared to listed peers
Conservative investors may wait for listing performance, while long-term investors with higher risk appetite may consider applying with limited allocation.
Conclusion
The Shadowfax IPO is one of the major mainboard IPOs of January 2026. The company has strong business growth, big clients, and improving financials, but profitability is still at an early stage.
Investors should not apply blindly. It is advisable to track subscription numbers, grey market trends, and overall market sentiment before making a decision. As always, long-term investment should be based on business fundamentals, not hype.
FAQs
What is Shadowfax IPO?
Shadowfax IPO is a mainboard IPO through which the company plans to raise around ₹1,907 crore by issuing equity shares.
When will Shadowfax IPO open and close?
The IPO will open on January 20, 2026, and close on January 22, 2026.
What is the price band of Shadowfax IPO?
The price band is set between ₹118 and ₹124 per share.
What is the minimum investment for retail investors?
Retail investors need to apply for a minimum of 120 shares, which costs ₹14,880 at the upper price band.
When will Shadowfax IPO be listed?
The shares are expected to list on January 28, 2026, on BSE and NSE.
Is Shadowfax IPO good for long-term investment?
The company shows growth potential, but profits are still low. Long-term investors should invest carefully after considering risks.