(L-R) Praharsh Chandra, Abhishek Bansal, Gaurav Jaithliya, Vaibhav Khandelwal, founders, Shadowfax.New-age logistics company Shadowfax will test its mettle in the public markets in a few days, with its initial public offering (IPO) set to open on January 20.
Here’s the lowdown on all the numbers you need to know:
IPO pricing and valuation
- Price band: ₹118–124
- Face value: ₹10 per share.
- Minimum bid: Investors must bid for a minimum of 120 shares.
- Valuation multiple: The price band values the company at approximately 11.8-12.4 times its face value.
- Lead managers of the issue: ICICI Securities, Morgan Stanley, and JM Financial.
- Notable investors: Flipkart, Eight Roads Ventures, Qualcomm Asia Pacific, Nokia Growth Partners, Mirae Asset, and TPG.
Issue details
- Fresh issue: The company seeks to raise ₹1,000 crore through new shares.
- Offer for sale (OFS): Existing shareholders will offload shares worth up to ₹907 crore.
Key sellers:
- Flipkart: Up to ₹400 crore.
- Eight Roads Ventures: Up to ₹197 crore.
- Mirae Asset: ₹75 crore.
- Qualcomm Ventures: ₹65.24 crore.
- Others include TPG and Nokia Growth Funds.
Important dates
- Anchor investor bidding: January 19.
- Public subscription period: Opens January 20, closes January 22.
- Basis of allotment: Expected on or around January 23.
- Credit of shares: Scheduled for successful applicants on or about January 27.
- Listing date: Scheduled to begin trading on the BSE and NSE on or around January 28.
Use of IPO proceedsShadowfax plans to use the ₹1,000 crore raised from the fresh issue to:
- Expand the existing logistics network.
- Fund lease payments for first-mile and last-mile sorting centres.
- Support branding and communication initiatives.
- Finance unidentified inorganic acquisitions
- Meet expenses on general corporate purposes.
About the company
- Shadowfax served 14,758 pin codes across India, as of September 30, 2025.
- Its main offering is providing express parcel delivery, reverse logistics, and hyperlocal services.
- The company’s clients include ecommerce platforms (horizontal and non-horizontal), food marketplaces, quick commerce, and mobility services.
FinancialsThe company reported ₹1,800 crore in revenue for H1 FY26, a 68 per cent year-on-year increase. Its annual revenue for FY25 was ₹2,485 crore.
The express parcel segment makes up about 70 per cent of Shadowfax’s total revenue, while hyperlocal and quick commerce services contribute 20 per cent.
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