Shadowfax Technologies Ltd is set to enter the capital markets with its much-anticipated Initial Public Offering (IPO), which will open for subscription on Tuesday, January 20, 2026, and close on Thursday, January 22, 2026.
The IPO will be a book-built issue aggregating to ₹1,907.27 crore, comprising a fresh issue of 8.06 crore equity shares worth ₹1,000 crore and an Offer for Sale (OFS) of 7.32 crore equity shares amounting to ₹907.27 crore. Through this issue, the company aims to strengthen its capital base while providing an exit opportunity to existing shareholders.
The price band for the IPO will be fixed at ₹118 to ₹124 per equity share, with a face value of ₹10 per share. The issue will be offered in a lot size of 120 shares, requiring a minimum investment of ₹14,880 by retail investors at the upper price band. For small non-institutional investors (sNII), the minimum application size will be 14 lots (1,680 shares) amounting to ₹2,08,320, while big non-institutional investors (bNII) will be required to apply for 68 lots (8,160 shares) worth ₹10,11,840.
IPO Timeline & Structure
> IPO Opening Date: Tuesday, January 20, 2026
>IPO Closing Date: Thursday, January 22, 2026
>Basis of Allotment: Friday, January 23, 2026
>Refund Initiation: Tuesday, January 27, 2026
>Credit of Shares to Demat: Tuesday, January 27, 2026
>Listing Date: Wednesday, January 28, 2026
Total Issue Size: 15,38,12,014 equity shares (₹1,907 crore)
Fresh Issue: 8,06,45,160 equity shares (₹1,000 crore)
Offer for Sale: 7,31,66,854 equity shares (₹907 crore)
ICICI Securities Ltd. will act as the Book Running Lead Manager to the issue, while KFin Technologies Ltd. will serve as the Registrar.
About Shadowfax Technologies Ltd
Incorporated in June 2016, Shadowfax Technologies Ltd operates as an integrated logistics solutions provider in India. The company will continue to focus on e-commerce express parcel delivery, D2C logistics, hyperlocal and quick commerce deliveries, and personal courier services offered through its Shadowfax Flash mobile application.
As of September 30, 2025, the company’s logistics network will comprise 4,299 operational touchpoints, covering 14,758 pin codes across the country. Its infrastructure will include over 3.5 million square feet of operational space, supported by 53 sort centres spanning 1.80 million square feet, enabling efficient shipment consolidation, sorting, and dispatch across first-mile and last-mile operations.
With this IPO, Shadowfax Technologies is expected to enhance its operational capabilities, scale its logistics infrastructure, and strengthen its position in India’s rapidly growing e-commerce and quick-commerce logistics ecosystem.
