India’s fast-growing logistics and quick-commerce ecosystem is about to witness a major public listing as Shadowfax Technologies Limited opens its Initial Public Offering (IPO) on 20 January 2026. Backed by big names like Flipkart, Eight Roads, IFC and Qualcomm, Shadowfax is one of the most talked-about tech-driven 3PL (third-party logistics) companies in the country. Here is a complete, original and easy-to-understand guide covering the GMP, price band, key dates, allotment, subscription details, business overview, strengths, risks, and investor view.
Shadowfax IPO at a Glance
| Particulars | Details |
| IPO Type | Mainboard (Book Built Issue) |
| Issue Size | ₹1,907.27 Crore |
| Fresh Issue | ₹1,000 Crore |
| Offer For Sale (OFS) | ₹907.27 Crore |
| Price Band | ₹118 – ₹124 per share |
| Face Value | ₹10 |
| Lot Size | 120 Shares |
| Listing | BSE & NSE |
| Registrar | KFin Technologies Ltd |
| Lead Managers | ICICI Securities, JM Financial, Morgan Stanley India |
Shadowfax IPO Important Dates
| Event | Date |
| IPO Opening | 20 January 2026 |
| IPO Closing | 22 January 2026 |
| Allotment Finalization | 23 January 2026 |
| Refunds Initiation | 27 January 2026 |
| Shares Credited to Demat | 27 January 2026 |
| Listing Date | 28 January 2026 |
Shadowfax IPO GMP Today
As of 20 January 2026, the Grey Market Premium (GMP) of Shadowfax IPO is around ₹9.
- Upper Price Band: ₹124
- GMP: ₹9
- Estimated Listing Price: ₹133
- Expected Listing Gain: approximately 7–8%
(Note: GMP is unofficial and changes daily. It should be used only as an indicator, not a guarantee.)
Investment Amount
| Category | Shares | Amount (₹) |
| Retail (1 Lot) | 120 | 14,880 |
| sHNI (14 Lots) | 1,680 | 2,08,320 |
| bHNI (68 Lots) | 8,160 | 10,11,840 |
About Shadowfax Technologies Limited
Founded in 2016 and headquartered in Bengaluru, Shadowfax is a technology-first logistics company that focuses on:
- E-commerce parcel delivery
- Hyperlocal & quick commerce (10–120 minute deliveries)
- D2C logistics
- Reverse logistics
- Personal courier services
The company operates an asset-light, gig-based model with one of the largest crowdsourced last-mile delivery fleets in India.
Network & Scale
- Coverage: 14,758+ PIN codes
- Touchpoints: 4,299+ across India
- Key Clients: E-commerce, grocery, food delivery, D2C brands, ONDC partners
Why is Shadowfax IPO Important?
- Quick Commerce Boom
India’s 10-minute and same-day delivery market is growing rapidly. Shadowfax is a core logistics backbone for this segment. - Strong Investor Backing
Presence of institutional investors like Flipkart, IFC and Eight Roads adds credibility. - Technology Advantage
Proprietary routing, real-time tracking, delivery partner allocation, and AI-based optimisation. - Asset-Light Model
Lower fixed costs compared to traditional courier companies.
IPO Objectives
The company plans to use fresh issue funds for:
- Expanding logistics infrastructure
- Opening new delivery centers
- Lease payments
- Brand building & marketing
- Technology upgrades
- General corporate purposes
The OFS part allows early investors to partially exit, while the company itself benefits from fresh capital.
Strengths of Shadowfax
- Pan-India reach with deep penetration
- Leadership in hyperlocal and quick commerce
- Scalable crowdsourced delivery model
- Strong technology platform
Reputed institutional investors
Risks & Challenges
- Intense competition from Delhivery, Ecom Express, XpressBees
- Thin operating margins in logistics sector
- Dependence on large e-commerce clients
- Rising fuel, labour and compliance costs
Subscription & Allotment Status (To Be Updated)
On subscription days, investors should track:
- QIB subscription
- Retail subscription
- HNI/NII subscription
- Overall oversubscription ratio
This data will indicate demand strength and listing potential.
Should You Apply for Shadowfax IPO?
For short-term investors (listing gain seekers)
GMP indicates a moderate premium. If market sentiment remains positive, there may be a decent listing pop.
For long-term investors
Shadowfax operates in a sunrise sector (quick commerce + hyperlocal delivery). If the company continues improving profitability and scale, it can become a strong long-term logistics play.
However, always evaluate:
- Valuation
- Financial growth
- Competition
- Risk appetite
Summary
The Shadowfax Technologies IPO brings an opportunity to participate in India’s rapidly evolving digital logistics ecosystem. With strong technology, wide reach, and solid institutional backing, the company has long-term potential. At the same time, investors must be aware of sector competition and margin pressure.
As always, invest wisely, diversify your portfolio, and apply only after understanding your financial goals and risk profile.
By
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