Shadowfax IPO
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Shadowfax IPO details
Schedule of Shadowfax
| Issue open date | 20 Jan 2026 |
| Issue close date | 22 Jan 2026 |
| UPI mandate deadline | 22 Jan 2026 (5 PM) |
| Allotment finalization | 23 Jan 2026 |
| Refund initiation | 27 Jan 2026 |
| Share credit | 27 Jan 2026 |
| Listing date | 28 Jan 2026 |
| Mandate end date | 07 Feb 2026 |
| Lock-in end date for anchor investors (50%) | 22 Feb 2026 |
| Lock-in end date for anchor investors (remaining) | 23 Apr 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Shadowfax
Shadowfax Technologies is a tech-driven logistics company founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, based in Bengaluru. It provides end-to-end delivery solutions across India, covering over 14,700 pin codes through an asset-light network. The company serves e-commerce, quick commerce, food delivery, and mobility clients, offering express delivery, reverse logistics, and hyperlocal services. Shadowfax uses its own technology platform and a flexible gig workforce to manage operations. Its key strengths are nationwide coverage, strong client integration, and efficient high-frequency delivery.
Financials of Shadowfax
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 1907.27 |
| Fresh Issue – Proceeds go to the company | 1000 |
| Offer for sale – Proceeds go to the existing investors | 907.27 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Funding of capital expenditure for network infrastructure | 423.43 (42.34%) |
| Funding of lease payments for the first mile, last mile and sort centres | 138.64 (13.86%) |
| Funding of branding, marketing and communication costs | 88.57 (8.86%) |
| Unidentified inorganic acquisitions and general corporate purposes | 349.36 (34.94%) |
Strengths
- Asset-light, technology-driven logistics platform with nationwide reach.
- Strong presence across high-growth segments like e-commerce and quick commerce.
- Scalable delivery network covering 14,700+ pin codes across India.
- Proprietary technology for routing, partner management, and security controls.
- Long-standing relationships with large enterprise clients.
Risks
- High dependence on a limited number of large clients for revenue.
- Exposure to seasonal demand fluctuations affects revenue predictability.
- Operations rely heavily on third-party delivery partners.
- Intense competition in the logistics and last-mile delivery sector.
- Any failure of technology systems could disrupt operations.
Allotment Status for Shadowfax
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Shadowfax
As per media reports (Link), the Grey Market Premium (GMP) of Shadowfax is reported at ₹4 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on January 22, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 460.23 | 1840.34 | 4x |
| NII | 230.11 | 203.14 | 0.88x |
| Retail | 153.41 | 372.98 | 2.43x |
| Employees | 4.03 | 8.76 | 2.17x |
| Total | 847.78 | 2425.22 | 2.86x |