Shadowfax IPO opens January 20: Price band, issue size and key details
- 14th January 2026
- 11:00 AM
- 3 min read
Summary
Logistics services provider Shadowfax has set a price band of ₹118–₹124 per share for its ₹1,907 crore IPO, which opens for subscription next week. The issue includes a fresh share sale and an offer for sale by existing investors, coming at a time of strong growth in e-commerce and quick-commerce logistics.Mumbai | January 14
Shadowfax, a Bengaluru-based logistics services company, will open its initial public offering on January 20, seeking to raise ₹1,907 crore through a mix of fresh shares and an offer for sale. The issue will close on January 22, 2026, with listing expected to be on 28th January.
IPO details at a glance
The company has fixed a price band of ₹118 -124 per share, implying a valuation of around ₹7,170 crore at the upper end.
- Issue size: ₹1,907 crore
- Fresh issue: ₹1,000 crore
- Offer for sale (OFS): ₹907 crore
- Lot size: 120 shares
- Minimum investment: ₹14,880 at the upper price band
Key dates to track
- IPO opens: January 20, 2026
- IPO closes: January 22, 2026
- Anchor investor bidding: January 19, 2026
- Allotment finalisation: January 23, 2026
- Listing expected: January 28, 2026
To apply for the IPO, click here!
Issue reservation structure
- Qualified Institutional Buyers (QIBs): 75% of the total issue
- Non-Institutional Investors (NIIs): 15% of the issue
- Retail investors: Remaining 10%
Who is selling in the OFS
The offer for sale will see partial exits by several early and financial investors, including Flipkart Internet, Eight Roads Investments, NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation (IFC), Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Bansal.
Use of IPO proceeds
Proceeds from the fresh issue will be deployed towards:
- Expanding network infrastructure
- Lease payments for new first-mile, last-mile and sortation centres
- Branding, marketing and communication initiatives
- Inorganic growth opportunities and general corporate purposes
About the company
Founded in Bengaluru, Shadowfax operates as a logistics partner to e-commerce platforms, quick-commerce players, food marketplaces and on-demand mobility companies. Its service network covers 14,758 pincodes across India as of September 2025.
The company provides express forward deliveries, reverse logistics, hyperlocal services and time-critical logistics solutions.
According to Redseer Consulting, Shadowfax has steadily strengthened its position in the e-commerce express parcel segment, with market share rising to around 21% in Q1FY26, up from about 8% in FY22, supported by rapid network expansion and increasing volumes from large enterprise clients.
Financial performance
Shadowfax has reported strong growth in recent periods. For the first half of FY26, the company posted revenue of around ₹1,800 crore, marking a 68% year-on-year increase. Total revenue for FY25 stood at ₹2,485 crore, driven by rising volumes from e-commerce and quick-commerce clients.
The e-commerce express parcel segment remains its largest revenue contributor, accounting for nearly 70% of total revenue, while hyperlocal and quick-commerce logistics contribute around 20%.
Book-running lead managers
ICICI Securities, Morgan Stanley India Company and JM Financial are the book-running lead managers to the issue, while KFin Technologies is acting as the registrar.
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