Shadowfax Technologies Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 120 | 14880 | 127841 |
| sHNI | 14 | 1680 | 208320 | 4566 |
| bHNI | 68 | 8160 | 1011840 | 9131 |
Shadowfax Technologies Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 69033955 | 44.88% |
| QIB | 46022638 | 29.92% |
| HNI | 23011319 | 14.96% |
| Retail | 15340879 | 9.97% |
| Employee | 403226 | 0.26% |
| Total | 153812017 | 100% |
Shadowfax Technologies About
IPO Details
| Total Issue Size | 15,38,12,096 shares (aggregating up to ₹1,907.27 Cr) |
| Fresh Issue | 8,06,45,161 shares (aggregating up to ₹1,000.00 Cr) |
| Offer For Sale | 7,31,66,935 shares (aggregating up to ₹907.27Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE NSE |
| Share Holding Pre Issue | 497,488,085 Equity Shares |
| Share Holding Post Issue | 57,81,33,246 Eqquity Shares |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| RONW | 3.03% | 0.97% | -2.82% |
| EPS (BASIC) | 0.41 | 0.13 | -0.28 |
| P/E Pre IPO | 1017.96 | ||
| P/E Post IPO | 170.39 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.43 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| NET Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserves and Surplus | 281.26 | 248.16 | 172.47 | 171.2 |
| Total Borrowing | 147.44 | 132.23 | 40.33 | 66.69 |
Peer Comparison (Valuation)
| Company | P/E (x)* | Face value (₹) |
|---|---|---|
| Shadowfax Technologies Limited | 1017.96* | 10.00 |
| Blue Dart Express Limited | 50.70 | 10.00 |
| Delhivery Limited | 195.07 | 1.00 |
SOURCE: RHP,All the financial information for listed industry peers mentioned above is on a consolidated basis and is sourced from the annual report/ audited results of the respective companies for the year ended March 31, 2025 unless provided otherwise. P/ E ratio is calculated as closing share price on January 8, 2026, quoted on NSE/ Diluted EPS for the Financial Year ended March 31, 2025. we have shown the P/E ratio of the IPO issuer company based on the PRE-IPO valuation, and the CMP has been represented by the IPO issue price (upper price band).
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Shadowfax Technologies Limited | 13.83 | 0.97 | 0.13 |
| Blue Dart Express Limited | 657.05 | 17.25 | 106.38 |
| Delhivery Limited | 124.77 | 1.75 | 2.19 |
About Company
Incorporated in June 2016, Shadowfax Technologies Ltd is a technology-led logistics solutions provider in India, focused on e-commerce, D2C, hyperlocal, quick commerce, and personal courier services.
Service offerings include e-commerce express parcel delivery, same-day & quick commerce, hyperlocal delivery, and SMS & personal courier services via the Shadowfax Flash app.
Operates a nationwide logistics network with 4,299 touchpoints across first-mile, last-mile, and sort centres, covering 14,758 pin codes as of September 30, 2025.
Supported by 3.50+ million sq. ft. operational space, including 53 sort centres (1.80 million sq. ft.), enabling large-scale shipment consolidation and dispatch.
Follows an asset-light model by leasing facilities and linehaul while owning automation and machinery; operates 3,000+ trucks daily through its linehaul network.
Platform supported by 205,864 average quarterly unique delivery partners and a workforce of 4,472 permanent employees and 17,182 contractual workers (as of Sept 30, 2025).
Serves leading clients including Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, Licious, and others, making it a large-scale end-to-end last-mile and quick commerce logistics provider.
IPO proceeds will be used for network infrastructure capex (₹423.43 cr), lease payments for new centres (₹138.64 cr), branding & marketing (₹88.57 cr), and inorganic acquisitions & general corporate purposes.
Service offerings include e-commerce express parcel delivery, same-day & quick commerce, hyperlocal delivery, and SMS & personal courier services via the Shadowfax Flash app.
Operates a nationwide logistics network with 4,299 touchpoints across first-mile, last-mile, and sort centres, covering 14,758 pin codes as of September 30, 2025.
Supported by 3.50+ million sq. ft. operational space, including 53 sort centres (1.80 million sq. ft.), enabling large-scale shipment consolidation and dispatch.
Follows an asset-light model by leasing facilities and linehaul while owning automation and machinery; operates 3,000+ trucks daily through its linehaul network.
Platform supported by 205,864 average quarterly unique delivery partners and a workforce of 4,472 permanent employees and 17,182 contractual workers (as of Sept 30, 2025).
Serves leading clients including Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, Licious, and others, making it a large-scale end-to-end last-mile and quick commerce logistics provider.
IPO proceeds will be used for network infrastructure capex (₹423.43 cr), lease payments for new centres (₹138.64 cr), branding & marketing (₹88.57 cr), and inorganic acquisitions & general corporate purposes.
Strength
Agile and customisable logistics platform – Enables faster go-to-market and scalable delivery solutions for clients.
Largest gig-based last-mile delivery infrastructure – Deep penetration supports e-commerce, quick commerce, and hyperlocal demand.
Robust nationwide network backbone – Extensive touchpoints and automation drive efficiency and scalability.
Weakness
Losses and negative cash flows – History of operating losses and negative cash flows may continue due to high growth investments.
Network concentration risk – Heavy reliance on a large, integrated logistics network means disruptions can materially impact operations.
High client concentration – Largest client contributes ~49–59% of revenue; loss of a key relationship could significantly affect performance.
Shadowfax Technologies Lead Manager(s)
Shadowfax Technologies Address
Shadowfax Technologies Ltd.
Address
3rd Floor, Shilpitha Tech Park
Sy No. 55/3 & 55/4, Outer Ring Road,
Devarabisanahalli Village,Bellandur, Varthur Hobli
Bengaluru, Karnataka, 560103
E-mail: hello@shadowfax.in
Website: https://www.shadowfax.in/
Address
3rd Floor, Shilpitha Tech Park
Sy No. 55/3 & 55/4, Outer Ring Road,
Devarabisanahalli Village,Bellandur, Varthur Hobli
Bengaluru, Karnataka, 560103
E-mail: hello@shadowfax.in
Website: https://www.shadowfax.in/
Shadowfax Technologies Registrar
Kfin Technologies Limited
Phone:
+914067162222
Email:
reachus@kfintech.com
Website: https://ipostatus.kfintech.com/
Address: Kfin Technologies Limited KFintech, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Gachibowli, Hyderabad, Telangana India - 500 032.
Shadowfax Technologies Reviewers
| Reviewer | Recommendation | File |
|---|---|---|
| Capital Market | Neutral | |
| SBICAP Securities Limited | Neutral | |
| Swastika Investmart Ltd | Neutral | |
| SMIFS Limited | Apply |