Company Overview
Shadowfax Technologies Ltd runs a tech-based delivery service across India, mainly helping online shopping sites like Flipkart, Amazon, and others send packages to customers’ doors. They handle everything from picking up parcels from sellers (first-mile), sorting them in centers, and delivering to homes (last-mile), using their own delivery partners, trucks, and software to track everything in real-time. Started in 2015 and based in Bangalore, they work with over 50 big e-commerce companies and deliver to 18,000+ towns, focusing on quick and cheap shipping even in far-off areas.
READ FULL DRHP HERE: SHADOWFAX DRHP
IPO Details
This is a mainboard IPO on both BSE and NSE (bigger exchanges, more buyers). It opened January 20, 2026, and closes January 22, 2026. Here’s a simple table with key facts:
| Detail | Information |
|---|---|
| Issue Open Date | January 20, 2026 |
| Issue Close Date | January 22, 2026 |
| Listing Date | January 28, 2026 on BSE & NSE |
| Price Band | ₹118 to ₹124 per share |
| Face Value | ₹10 per share |
| Lot Size | 120 shares (min. investment ₹14,880 at upper price) |
| Total Size | 15.38 crore shares (₹1,907 crore) |
| Fresh Issue | ₹1,000 crore |
| Offer For Sale | ₹907 crore |
| Retail Share | 10% |
| Registrar | KFin Technologies Limited |
REGISTRAR: KFin Technologies Limited | KFintech
Use of IPO Money
The company will use the fresh issue money (₹1,000 crore) for growth and daily needs:
- ₹423 crore to buy trucks, warehouses, and tech for better delivery network.
- ₹139 crore to pay rent for new sorting and pickup centers.
- Some for paying old debts and general business costs like office expenses.
- Rest covers IPO fees to lawyers, stock exchanges, and SEBI. This helps them grow faster without heavy bank loans.
Key Financials and Growth
These show money details over recent years (in ₹ crore). Revenue is total sales from deliveries. EBITDA is profit before taxes/interest (shows core business health). PAT is final profit. Debt to equity compares loans to owners’ money (under 1 is safer).
| Period | Revenue | EBITDA | EBITDA Margin | PAT | Debt to Equity |
|---|---|---|---|---|---|
| FY23 | 2,272 | -108 | Negative | -360 | High (~1.5) |
| FY24 | 2,899 | 12 | ~0.4% | -187 | High |
| FY25 | 3,614 | 187 | ~5.2% | -75 | Improving (~1.2 est.) |
Growth: Sales up 59% from FY23 to FY25. Losses shrinking fast (from ₹360 cr loss to near break-even). Margins turning positive as costs come down with scale.
Strengths
- Huge growth in sales as online shopping booms in India; partners with top e-com like Flipkart.
- Tech edge with AI for route planning, real-time tracking—makes deliveries faster/cheaper.
- Reaches small towns where others don’t, big future potential with India’s e-com push.
- Losses reducing quickly, now almost profitable; cash burn slowing.
- Experienced team from tech/logistics world.
Key Concerns and Risks
- Past big losses (still not fully profitable), needs more sales to cover costs.
- High debt means big interest payments; depends on IPO to pay some off.
- Very competitive—fights Amazon, Delhivery, Blue Dart; price wars can hurt margins.
- Relies on few big clients—if one leaves, revenue drops sharply.
- Delivery partners (drivers) issues like strikes or quits can delay orders. SME-like risks no, but mainboard still volatile post-listing; check full DRHP for details.
IPO FAQS
What is an IPO?
- An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time to raise money.
- Example: If a well-known pizza company wants to grow, it can list its shares on the stock exchange so anyone can buy a piece of the company.
How can you apply for an IPO (using Zerodha or Upstox)?
- Make sure you have a Demat account and your bank account is linked.
- Steps:
- Log in to your broker’s app (e.g., Zerodha Kite, Upstox).
- Go to the IPO section.
- Select the company’s IPO you want to apply for.
- Enter how many shares (or ‘lots’) you want and the price you wish to bid.
- Enter your UPI ID, submit your application, and approve the UPI payment request.
How are IPO shares allotted?
- If more people want shares than are available, the company uses a lottery system to decide who gets them.
- If you don’t get shares, your money is simply returned.
What is GMP (Grey Market Premium)?
- GMP shows the extra price people are willing to pay for IPO shares before they officially start trading.
- Example: If IPO price is ₹100 and GMP is ₹20, people are unofficially ready to pay ₹120. It hints at the IPO’s popularity but isn’t a guarantee.
Where to check upcoming IPOs (IPO calendar)?
- Visit popular finance sites like Chittorgarh, IPOWatch, or official exchange websites (NSE, BSE) and look for the “Upcoming IPO” section.
What are IPO listing gains?
- If the share’s price rises on the first trading day, you can make instant profit.
- Example: You buy at ₹150, and it opens at ₹200, you gain ₹50 per share.
How can you make profit from an IPO?
- Quick gains on listing day (if the stock price goes up).
- Long-term: If the company grows, the share price could increase further.
Which IPO is best to buy?
- There is no single best IPO. Check the company’s background, current demand, and GMP, but always research before investing.
- High GMP or popularity doesn’t guarantee profits.
Are IPOs safe?
- IPOs can be profitable but also risky; prices can go up or down sharply.
- Only invest if you are ready for potential losses.
How to check IPO allotment status?
- After the IPO process, check on exchanges (BSE/NSE websites) or the IPO registrar’s site (like K-Fintech, Bigshare,or mufg-intime) by entering your PAN or application number to see if you got shares.
Important Tips for Retail Investors Applying for an IPO
- Use Only Your Own PAN Card:
Avoid using the same PAN card for multiple IPO applications. For example, if you have already applied using your PAN for one IPO, don’t try to apply again with the same PAN under different accounts or through others. - Apply in the Right Category:
Ensure you select the correct investor category (such as Retail Individual Investor) when filling out your application. Applying under a wrong category can lead to rejection or disqualification. - Maintain Sufficient Bank Balance:
Before applying, ensure your bank account linked to the application has enough funds to cover the full bid amount. For instance, if the IPO application requires a payment of ₹15000, make sure your account holds at least that amount. - Use Your Own Bank Account:
Always apply through your own bank account. Using someone else’s account can cause your application to be rejected during the verification process. - Avoid Last-Minute Applications:
Don’t wait until the deadline day or moments before to apply. Last-minute submissions may face technical glitches or processing delays, reducing the chances of success