- Price band
- ₹118 – ₹124
- Issue size
- ₹1,907 Cr
- Lot size
- 120 sh
- Bidding
- 20 – 22 Jan
- Grey market
- —
Face value ₹10.00
52% fresh capital
Lists 28 Jan 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Growing fast on thin margins
58% of the scoring model was backed by disclosed data for Shadowfax, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2015 · Bengaluru, Karnataka · 4,472 employees
Shadowfax Technologies is a Bengaluru-based third-party logistics company that carries parcels for online platforms rather than selling goods itself. Its services include express forward parcel delivery, reverse pickups and hand-to-hand exchange deliveries, same-day and prime delivery, quick-commerce and hyperlocal runs, and on-demand mobility. Its customers are the platforms themselves: Meesho, Flipkart, Zepto and Kartrocket were among the largest in the six months to 30 September 2025. At that date the network covered 14,758 pin codes through 4,299 first-mile, last-mile and sort-centre touchpoints, including 53 sort centres and more than 3.5 million square feet of operational space. The platform processed 436.36 million orders in FY25 and 294.45 million in the six months to 30 September 2025. Incorporated in Delhi in April 2015, it had 4,472 permanent employees at 30 September 2025.
Shadowfax charges platform clients a per-shipment fee; revenue from operations was ₹2,485.13 Cr in FY25 and ₹1,805.64 Cr in the six months to 30 September 2025. The cost base is deliberately variable: last-mile work goes to gig delivery partners — 205,864 average quarterly unique transacting partners in H1 FY26 — while facilities and linehaul are leased. Other expenses, mostly delivery and network cost, absorbed 87.05% of revenue in FY25 and 86.92% in H1 FY26, leaving little behind: EBITDA excluding other income was ₹56.19 Cr in FY25, a 1.96% adjusted EBITDA margin. The structural constraint is concentration — the largest client was 48.91% of H1 FY26 revenue, the top five 74.11%.
The company on paper
- Legal name
- Shadowfax Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 21 Apr 2015
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U72300KA2015PLC150324
- Sector
- Industrials · Third-party logistics and last-mile delivery for e-commerce and quick commerce
- Employees
- 4,472
- Registered office
- Bengaluru, Karnataka
- Promoters
- Abhishek Bansal, Vaibhav Khandelwal
- Promoter holding, pre-issue
- 19.1%
- Promoter holding, post-issue
- 16.5%
- Website
- shadowfax.in
The numbers
Financial performance
Revenue has compounded at 32.5% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
52% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹1,000 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹907 Cr
- Total issue size
- ₹1,907 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 2.6% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹124.00
- Listed at
- ₹112.60
- Listing gain
- down 9.2%
- Since listing
- up 141.4%
- Against the issue price
- up 119.2%
Trading at ₹271.85 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 120
- At cut-off price
- ₹124.00
- Amount blocked
- ₹14,880
One lot is 120 shares at ₹14,880. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~43%
chance of one lot, per application
- Retail subscription
- 2.31×
- Applicants per share available
- 2.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹112.60
listed at, −9.2% against the issue price
- Issue price
- ₹124.00
- Premium said
- —
- If allotted 120 shares
- −₹1,368
Listing-day figures are as reported by the exchanges.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- ICICI Securities Limited, Morgan Stanley India Company Private Limited, JM Financial Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Shadowfax's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- NSE – Shadowfax Technologies IPO detail (issue terms, final consolidated subscription, timestamped 22-Jan-2026 19:00 IST) · read 16 Oct 2026
- NSE – SHADOWFAX security-wise historical price data, 28–30 Jan 2026 (listing-day open/high/low/close) · read 16 Oct 2026
- Shadowfax Technologies Limited – Prospectus dated 22 January 2026 (final; offer price, promoter pre/post holding, restated financials, EBITDA reconciliation) · read 16 Oct 2026
- Shadowfax Technologies Limited – Updated Draft Red Herring Prospectus-I dated 31 October 2025 (business overview, client concentration, employee counts, incorporation history) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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