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IPO · Mobility & Logistics

Shadowfax IPO opens Jan 20, raises INR 1,907 Cr

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Shadowfax logo
Date
Company
Shadowfax
What it does
Logistics and delivery platform
Kind
IPO
Amount
INR 1,907.27 Cr
Stage
public
Founded
2015
Sector
Mobility & Logistics

What they do

Shadowfax is a logistics platform for ecommerce, food delivery and quick commerce deliveries across India

What happened

Its IPO of INR 1,907 Cr opens Jan 20, with a price band of INR 118–124 per share and anchor investors including BofA Securities

Why it matters

The company reported H1 FY26 operating revenue of INR 1,805 Cr, up 68% YoY, and net profit of INR 21 Cr

The details

  • Shadowfax's IPO opens on Jan 20, closes on Jan 22, and lists on Jan 28 on BSE and NSE.
  • The IPO size is INR 1,907.27 Cr, comprising a fresh issue of INR 1,000 Cr and an offer for sale (OFS) of INR 907.27 Cr.
  • The price band is INR 118–124 per share, with a face value of INR 10.
  • Anchor investors raised INR 856 Cr from institutions including BofA Securities, Government Pension Fund Global, and Societe Generale.
  • The IPO was subscribed 2.72X overall, with QIB portion at 3.81X and retail at 2.31X.
  • On listing day, the stock opened at INR 112.60 on NSE, a ~9% discount to the upper price band.
  • The grey market premium before listing was minus ~INR 3.5 per share.
  • Fresh proceeds will be used: INR 423 Cr for capex, INR 138.6 Cr for lease payments, INR 88.5 Cr for marketing, and the rest for acquisitions and general corporate purposes.

The bigger picture

  • Shadowfax is the second new-age tech company to go public in 2026, after Amagi.
  • The company turned profitable in FY25 with a net profit of INR 6.4 Cr, compared to a loss of INR 11.8 Cr in FY24.
  • Its quick commerce segment is the fastest-growing, with hyperlocal revenue up 83% YoY in H1 FY26.
  • The P/E ratio at the upper price band is 952.79x, much higher than industry average of 122.88x and peers like Delhivery (195.07x).
  • OFS sellers include Flipkart Internet, Eight Roads Investments, and IFC, with Eight Roads achieving a ~10.4x return.

About the business

  • Shadowfax is a logistics platform providing last-mile and hyperlocal deliveries for ecommerce, food delivery, and quick commerce companies across India.
  • Its services include express parcel, reverse parcel, same-day/next-day delivery, hyperlocal, quick commerce, Prime (high-speed), Prime Large (above 15 kg), and critical logistics.
  • It operates a digital shipping platform called Shadowfax 360 and uses an electric vehicle fleet.
  • The network has 4,299 touchpoints, covers 16,372+ pin codes, and has 3.5M+ sq ft of operational space with 53 sort centres.
  • It has delivered 200 Cr+ parcels and works with 2.9L+ quarterly delivery partners.
  • Ecommerce express parcel delivery is the largest segment, contributing ~60-70% of revenue, with clients like Flipkart, Meesho, and Nykaa.
  • Quick commerce, launched in 2022, is the fastest-growing segment, contributing ~20-21% of operating revenue and handling ~50 lakh orders per day.

What happens next

  • Use fresh proceeds of INR 423 Cr for capital expenditure on first-mile, last-mile, and sorting facilities.
  • Allocate INR 138.6 Cr for lease payments.
  • Spend INR 88.5 Cr on marketing and branding.
  • Use remaining funds for acquisitions and general corporate purposes.

The deal

Type
IPO

Investors

  • Flipkart Internet (seller) — Ecommerce company and existing shareholder, sold shares worth ~INR 400 Cr in OFS.
  • Eight Roads Investments Mauritius (seller) — Venture capital firm, largest OFS seller, offloaded 1.58 Cr shares for ~INR 197 Cr, achieving ~10.4x return.
  • IFC (seller) — International finance institution, sold shares in OFS.
  • Qualcomm Asia Pacific (seller) — Technology company, sold shares in OFS.
  • Nokia Growth Partners (seller) — Venture capital arm of Nokia, sold shares in OFS.
  • NewQuest Asia Fund (seller) — Investment fund, held 14.08% pre-IPO, sold shares in OFS.
  • Mirae Asset (seller) — Asset management company, sold shares in OFS.
  • Kunal Bahl (seller) — Snapdeal co-founder, sold shares in OFS.
  • Rohit Kumar Bansal (seller) — Snapdeal co-founder, sold shares in OFS.
  • BofA Securities (anchor) — Investment bank, participated as anchor investor.
  • Government Pension Fund Global (anchor) — Norwegian sovereign wealth fund, participated as anchor investor.
  • Societe Generale (anchor) — French financial services company, participated as anchor investor.
  • HSBC Global Investment Funds (anchor) — Investment funds managed by HSBC, participated as anchor investor.
  • Jupiter India Fund (anchor) — Investment fund focused on India, participated as anchor investor.
  • Eastspring Investments (anchor) — Asset management company, participated as anchor investor.
  • Morgan Stanley Asia (anchor) — Investment bank, participated as anchor investor.

Founders

  • Abhishek Bansal, Founder
  • Praharsh Chandra, Founder
  • Vaibhav Khandelwal, Founder
  • Gaurav Jaithliya, Founder

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