Shadowfax Technologies Ltd IPO: Shadowfax Technologies Limited, India’s leading on-demand third-party logistics (3PL) platform, is set to launch its Initial Public Offering (IPO) on January 20, 2026. Backed by giants like Flipkart and Eight Roads, Shadowfax is testing the public markets after successfully turning profitable in FY25.
Shadowfax IPO Key Details
The ₹1,907.27 crore IPO is a mix of a fresh issue to fuel growth and an offer for sale (OFS) from early investors.
| Feature | Details |
| IPO Open Date | Tuesday, January 20, 2026 |
| IPO Close Date | Thursday, January 22, 2026 |
| Price Band | ₹118 to ₹124 per share |
| Lot Size | 120 Shares |
| Issue Size | ₹1,907.27 Crores |
| Fresh Issue | ₹1,000 Crores |
| Offer for Sale (OFS) | ₹907.27 Crores |
| Listing Exchanges | NSE, BSE |
Important Timeline (Dates)
Successful investors will see shares credited to their demat accounts by late January.
- Anchor Bidding: Jan 19, 2026
- Basis of Allotment: Friday, Jan 23, 2026
- Refund Initiation: Tuesday, Jan 27, 2026
- Demat Credit: Tuesday, Jan 27, 2026
- Listing Date: Wednesday, Jan 28, 2026
Shadowfax IPO GMP Today (Grey Market Premium)
As of January 18, 2026, the Shadowfax IPO is commanding a premium in the unofficial market.
- Current GMP: ~₹15
- Estimated Listing Price: ₹139 (Upper Band + GMP)
- Potential Listing Gain: ~12.1%
Note: GMP is a market sentiment indicator and can change rapidly. It should not be the sole basis for your investment decision.
Financial Performance: The Turnaround Story
Shadowfax has demonstrated a strong “scale with efficiency” model. After years of growth-focused losses, the company reported a net profit of ₹6.4 crore in FY25 and a significant jump to ₹21 crore in just the first half of FY26 (H1 FY26).
| Financial Year | Revenue (₹ Cr) | Net Profit/Loss (₹ Cr) |
| FY 2023 | 1,422.89 | (142.64) |
| FY 2024 | 1,896.48 | (11.88) |
| FY 2025 | 2,485.13 | 6.43 |
| H1 FY2026 | 1,805.64 | 21.04 |
Lot Size & Investment for Retail Investors
Retail investors can apply for a maximum of 13 lots.
- Minimum (1 Lot): 120 Shares | ₹14,880
- Maximum (13 Lots): 1,560 Shares | ₹1,93,440
Review: Should You Apply?
Pros:
- Market Leadership: Dominant in quick commerce and same-day delivery.
- Asset-Light Model: Uses a gig-based delivery partner network (over 1.25 lakh partners).
- Turnaround: Recent shift into profitability signals maturing unit economics.
- Strong Backing: Partnerships with Meesho, Flipkart, and Zepto ensure high order volumes.
Cons:
- Thin Margins: Net profit margins are still below 2%.
- Customer Concentration: A single large client (Flipkart) contributes nearly 49% of revenue.
- Competition: Fierce rivalry with Delhivery and Ecom Express.
Verdict: Suitable for high-risk, long-term investors looking to play the India e-commerce growth story. Listing gain seekers should monitor subscription levels on Day 3.
How to Check Allotment Status – Shadowfax Technologies Ltd IPO
Once the allotment is finalized on January 23, 2026, check your status via:
- Registrar Website: Visit KFin Technologies Allotment Portal.
- Stock Exchange: Visit the BSE India Allotment Page.
- Details Required: You will need your PAN Number or Application Number.
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