Shadowfax Technologies Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹124
Per ShareLot Size
120 Shares
Minimum Investment
₹14,880
Issue Size
₹1,907.27 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Shadowfax Technologies Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
19.13%
Promoter Holding (Post-Issue)
16.71%
Issue Type
Book Building
ISIN
INE12UN01015
About the Company
We are a new-age, technology-led third-party logistics ("3PL") company, and leverage technology to facilitate digital commerce, with our service network encompassing 14,758 Indian pin codes as of September 30, 2025. We serve a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. Our range of services includes, express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, and mobility services.
Industry Overview
As of the Financial Year 2025, the overall Indian logistics market is estimated to be at Rs.21-23 Tn ($247-270 Bn) which grew at a CAGR of 2.5-5% since the Financial Year 2020. In addition, logistics industry has benefitted from large pool of gig workers, that allows logistics players to have a flexible workforce that is scalable and agile. Their ability to work on demand allows logistics companies to adjust workforce capacity in real time, reducing idle costs and improve cost efficiency. As reported by NITI Aayog, gig workers are expected to make up 4% of the total Indian workforce by the Financial Year 2030.
Company History
Our Company was originally incorporated as `Shadowfax Technologies Private Limited' at Delhi, India as a private limited company under the Companies Act, 2013 pursuant to a certificate of incorporation dated April 21, 2015, issued by Registrar of Companies, Delhi. Further, pursuant to the resolution passed by Board of Directors of Company dated June 6, 2016 the registered office of the company was shifted from B-272 Street No-12 Bhajanpura Shahdara, Delhi-110053 to House No. 6A, Block NP, Pitampura, New Delhi - 110 034, India. Further, pursuant to a resolution passed by our Board on January 28, 2020 and a special resolution passed by our Shareholders on December 24, 2020 which was confirmed by an order of the Regional Director, Northern Region, Ministry of Corporate Affairs, New Delhi ("Regional Director") dated June 21, 2021, the registered office of our Company was shifted from NCT of Delhi to the state of Karnataka with effect from June 25, 2021 and a certificate of registration of the order passed by Regional Director for change of state of our registered office was issued by the Registrar of Companies, Karnataka at Bangalore ("RoC") on August 4, 2021. Further with effect from June 25, 2021 the registered office of our Company was changed from House No. 6A, Block NP, Pitampura, New Delhi - 110 034, India to 93/A, Appek Building, 1st Floor, 4th B Cross, Koramangala, 5th Block, Bengaluru, Karnataka, 560 095, India. Subsequently, our Company was converted from a private limited company into a public limited company pursuant to the Board resolution dated March 3, 2025 and the special resolution passed in the extraordinary general meeting of our Shareholders held on March 6, 2025 and consequently the name of our Company was changed to `Shadowfax Technologies Limited' and a fresh certificate of incorporation dated April 21, 2025 was issued by the Registrar of Companies, Central Processing Center, Manesar, Haryana. Thereafter, with effect from October 1, 2025, the registered office of our Company was changed from 93/A, Appek Building, 1st Floor, 4th B Cross, Koramangala, 5th Block, Bengaluru, Karnataka, 560 095, India to 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru - 560103, Karnataka, India.
Growth Strategy
- Consistent market share expansion driven by deepening customer relationships and operating leverage.
- Continue to expand our service portfolio.
- Continue to strengthen and expand our network.
- Continue to invest in technology.
- Enabling EV fleets.
- Inorganic growth through acquisition for expansion of our capabilities.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 15,3812,014 equity shares of face value of Rs.10/- each ("Equity Shares") of Shadowfax Technologies Limited ( "Company") for cash at a price of Rs.124 per equity share (Including a Share Premium of Rs.114 Per Equity Share) ("Offer Price") aggregating up to Rs.1907.27 crores comprising a fresh issue of up to 80,645,160 equity shares of face value of Rs.10/- each aggregating up to Rs.1000.00 crores by the company ("Fresh Issue") and an offer for sale of up to 73,166,854 equity shares of face value of Rs.10/- each aggregating up to Rs.907.27 crores by the selling shareholders ( The "Offer for Sale", Together With the Fresh Issue, the "Offer"), consisting of up to 32,258,064 equity shares of face value of Rs.10/- each aggregating up to Rs.400.00 crores by Flip Kart Internet Private Limited; up to 15,887,096 equity shares of face value of Rs.10/- each aggregating up to Rs.197.00 crores by Eight Roads Investments Mauritius II Limited ( Formerly Known as FIL Capital Investments (Mauritius) II Limited); up to 52,862,12 equity shares of face value of Rs.10/- each aggregating up to Rs.65.55 crores by International Finance Corporation; up to 52,758,06 equity shares of face value of Rs. 10 each aggregating up to Rs. 65.42 Crores by Qualcomm Asia Pacific Pte Ltd; up to 47,82,258 equity shares of face value of Rs. 10 each aggregating up to Rs. 59.30 Crores by Nokia Growth Partners IV, I.P. up to 36,290,32 equity shares of face value of Rs.10/- each aggregating up to Rs.45.00 Crores by Newquest Asia Fund IV ( Singapore ) Pte Ltd; 3,024,193 equity shares of face value of Rs.10/- each aggregating up to Rs.37.5 crores by Mirae Asset - Naver New Growth Fund I; And up to 30,241,93 equity shares of face value of Rs.10/- each aggregating up to Rs.37.50 crores by Mirae Asset - GS Retail New Growth Fund I ( Collectively The " Investor Selling Shareholders " or " Selling Shareholders " ). The offer includes a reservation of up to 4,03,225 equity shares of face value of Rs. 10 each, aggregating up to Rs. 5.00 Crores ( Constituting up to 0.07% of the post-offer paid-up equity share capital ) , for subscription by eligible employee ( " Employee Reservation Portion " ). The offer Less the employee reservation portion is hereinafter referred to as the " Net Offer ". The offer and the net offer shall constitute 26.60% and 26.54% of the post-offer paid-up equity share capital of the company, respectively. Price Band: Rs. 124 per equity share of face value Rs.10/- each. The floor price is 12.4 times of the face value of the equity shares. Bids can be made for a minimum of 120 equity shares and in multiples of 120 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Agile and customisable logistics services that enable faster go-to-market for clients.
- Largest last-mile gig-based delivery partner infrastructure.
- Our extensive nationwide network.
- Proprietary and agile technology capabilities.
- Proven business model, with focus on profitability, while delivering healthy growth.
- The company incurred losses aggregating to Rs.(118.82) million and Rs.(1,426.38) million in the Financial Years 2024 and 2023, respectively and negative cash flows from operating, investing and financing activities in certain periods. The company may continue to experience losses and negative cash flows in the future as the comapany anticipate increased expenses in the future.
- The company significantly relies on a scaled and unified network infrastructure for its business operations, largely comprising 4,299 touch points, distributed across first and last mile centers and sort centers, and supported by more than 3.50 million square feet of operational space, and reaching 14,758 pin codes as of September 30, 2025. Any disruptions to the company's network may adversely affect the company's business operations, financial condition and cash flows.
- The company relies on key commercial relationships with its clients. The company's largest client contributed 48.91%, 51.23%, 48.00%, 59.23%, and 59.52% of its revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, and the Financial Years 2025, 2024, and 2023, respectively. The loss of any such key commercial relationships could adversely affect the company's business.
- While its total revenue from operations grew from Rs.14,151.24 million in the Financial Year 2023 to Rs.24,851.31 million in the Financial Year 2025, the company's historical growth rates may not reliably forecast future performance and failures to manage growth or execute strategies effectively could impede the company's expansion and materially affect its business and future prospects.
- Any inability to expand and grow the company's network infrastructure in a balanced manner could adversely affect its future growth, business operations, financial condition and cash flows.