Shadowfax IPO GMP, Price, Date, Allotment & Subscription Status

Shadowfax Technologies Limited, a leading tech-led 3PL provider, launches its mainboard Initial Public Offering (IPO) on 20 January 2026. The IPO comprises a fresh issue and an Offer for Sale (OFS). Check here the IPO GMP, price band, key dates, financials, and subscription status.

What is Shadowfax Technologies IPO?

The Shadowfax IPO is a book-built issue comprising a fresh issue and an Offer for Sale (OFS).

• Issue Size: ₹1,907.27 crore
• Listing Exchanges: BSE and NSE
• Lead Managers: ICICI Securities Limited, JM Financial Ltd., Morgan Stanley India Co. Pvt. Ltd.
• Registrar: KFin Technologies Limited

Shadowfax IPO Key Timeline

Shadowfax Technologies Ltd Key IPO Details

• IPO Open Date: January 20, 2026.
• IPO Close Date: January 22, 2026.
• Issue Size: ₹1,907.27 Crores.
• Fresh Issue: ₹1,000 Crores.
• Offer for Sale: ₹907.27 Crores.
• Face Value: ₹10 per equity share.
• Price Band: ₹118 to ₹124 per share.
• Lot Size: 120 shares.
• Minimum Investment (Retail): ₹14,880 (at upper band).
• Minimum Investment (sHNI): ₹2,08,320 (14 lots).
• Minimum Investment (bHNI): ₹10,11,840 (approx. 68 lots or more).
• IPO Reservation:
• Qualified Institutional Buyers (QIB’s): Not more than 75%.
• Non-Institutional Investors (NII/HNI): Not less than 15%.
• Retail Investors: Not less than 10%.
• UPI Mandate Confirmation Cut-off: Thursday, January 22, 2026. 5:00 PM. 

Shadowfax Technologies Limited IPO GMP Today

As of today, January 19, 2026, Shadowfax IPO GMP stands at approximately ₹10, implying a listing price of ₹134 per share, which is about 8.06% premium over the upper band of ₹124.

Shadowfax IPO Subscription Status

Check the latest Shadowfax IPO subscription status today, including retail, QIB, and NII subscription details, in the table below. 

(Note: As the IPO opens on January 20, 2026, subscription figures will be updated live during the issue period.)

Shadowfax IPO Objectives

Expansion and Growth: The fresh issue proceeds will be used for funding capital expenditure for network infrastructure, lease payments for new centres, branding & marketing, and general corporate purposes.

No Full Divestment: While the OFS allows existing shareholders (including Flipkart, Eight Roads, IFC, etc.) to partially offload stakes, the company receives funds from the fresh issue to support its expansion in the fast-growing logistics sector.

About Shadowfax Technologies Limited

Shadowfax Technologies Limited was incorporated in 2016 and is primarily engaged in providing technology-led third-party logistics services, focusing on e-commerce express parcel delivery, hyperlocal, quick commerce, D2C, and personal courier services. It operates a scalable, asset-light model with a vast network of gig-based delivery partners.

• Headquarters: Bengaluru, Karnataka, India
• Ownership: Backed by the investors such as Flipkart, Eight Roads, IFC, Qualcomm.
• Scale: As of September 2025, Shadowfax covers 14,758 pin codes with over 4,299 touchpoints nationwide. It serves major clients in e-commerce, quick commerce, food, and grocery sectors.

Shadowfax Technologies Ltd Business Overview

Shadowfax is a key player in India's hyperlocal and quick commerce logistics, offering end-to-end delivery solutions powered by proprietary routing, allocation, and real-time tracking technology.

Core Operations: E-commerce & D2C deliveries, hyperlocal/quick commerce (including 10-min to 2-hour services), reverse logistics, and value-added offerings.

Production/Scale: Operates the largest crowdsourced last-mile fleet among all other 3PL players in India, with strong growth in the hyperlocal segment.

Market Position: Shadowfax Technologies supports India's booming digital commerce, quick commerce, and ONDC ecosystem, competing with players like Delhivery and Ecom Express.

Shadowfax Technologies Key Highlights

Network and Dominance: Shadowfax Technologies has an extensive coverage across 14,758+ pin codes with tech-driven efficiency.

Growth: Revenue has shown a strong CAGR, turning profitable in recent periods after years of investment.

Strategic Importance: Key enabler for quick commerce and e-commerce growth in India.

Tech Backing: Proprietary platform for optimisation, backed by strong investors.

Strengths and Challenges of Shadowfax Technologies Ltd.

Strengths:

• Technology Leadership: Proprietary platform for real-time operations and scalability.
• Network Scale: Largest crowdsourced fleet, strong in hyperlocal/quick commerce.

Challenges:

• Sectoral Competition: Shadowfax Technologies has an intense rivalry in logistics from Delhivery, Ecom Express, etc.
• Sector Risks: Dependency on key clients (e.g., high volume from a few e-commerce players), thin margins, and shift toward sustainability/ESG.
• Execution Risks: High capex for expansion and cash flow challenges in the growth phase.

Shadowfax Technologies Ltd Financial Performance

How to Apply for Shadowfax IPO?

Investors can apply via ASBA (online/offline) or UPI.

Online ASBA/UPI:

• Log in to your broker's platform.
• Navigate to the IPO section.
• Select "Shadowfax Technologies Ltd IPO".
• Enter the details of the bid, such as lots, price, and UPI ID if applicable.
• Submit and confirm the mandate by the closing date deadline.

Offline:

• Obtain form from broker/exchange.
• Fill details and submit to the broker.

Shadowfax IPO Allotment Status

The Shadowfax Technologies Limited IPO allotment status will be available on KFin Technologies Limited on Jan 23, 2026. Follow the steps to check your allotment status online.

• Visit the KFin Technologies Limited website.
• Select “Shadowfax Technologies Limited” from the “Dropdown”.
• Click on any of the options: PAN, application number, or DP/Client ID.
• Enter your details to confirm your identity for bid verification.
• Click “Search” to view your allotment status.
  Note: Allotment status can be checked through the NSE and BSE websites as well as with the stockbroker, once the allotment results are out.

Shadowfax Technologies Ltd IPO Contact Details

Registrar:

• Name: KFin Technologies Limited
• Address: Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad 500 032, Telangana, India.
• Telephone: +91 40 6716 2222
• E-mail: shadowfax.ipo@kfintech.com 

Lead Managers:

• Name: ICICI Securities Limited
• Address: ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025, Maharashtra, India
• Contact: +91 22 6807 7100
• E-mail: shadowfax.ipo@icicisecurities.com

Company:

• Name: SHADOWFAX TECHNOLOGIES LIMITED
• Address: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru, Karnataka, 560103.
• Contact: 080 6452 5653
• Email: investors@shadowfax.in

Conclusion

The Shadowfax Technologies IPO presents a compelling opportunity for investors to invest in India's fastest-growing technology-led logistics provider with its asset-light model, profitability turnaround, and role in enabling digital commerce, it could appeal to long-term investors seeking exposure to the logistics and e-commerce space.

Disclaimer: The information provided in the article is only for educational purposes and should not be taken as investment advice. Investors are advised to conduct their own research and consult Your / SEBI-registered financial advisors before making any investment decisions. Grey market premiums are unofficial and volatile, and past performance is not indicative of future results.

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