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Shadowfax Technologies Ltd
LogisticsIPO
₹124 - 124
We are a new-age, technology-led third-party logistics ("3PL") company, and leverage technology to facilitate digital commerce, with our service network encompassing 14,758 Indian pin codes as of September 30, 2025. We serve a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. Our range of services includes, express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, and mobility services.
Lot120Min Invest₹14,880Face Value₹10Issue Size₹1,907 CrFresh Issue₹1,000 CrOffer for Sale₹907 CrListing Price₹113CMP₹274
Timeline
20 Jan
Bidding opens
22 Jan
Bidding closes
23 Jan
Allotment
23-27 Jan
Refund & demat credit
28 Jan
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,907 Cr15.38 Cr shares
Fresh Issue₹1,000 Cr
Offer for Sale₹907 Cr
Face Value₹10
Lot Size120 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerICICI Securities Limited
Co-ManagerMorgan Stanley India Company Private Limited, JM Financial Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrFlipkart Internet Private LimitedOTH3,22,58,065400.00International Finance CorporationOTH52,86,21065.55Qualcomm Asia Pacific Pte. Ltd.OTH52,75,80765.42Nokia Growth Partners IV, L.P.OTH47,82,25959.30NewQuest Asia Fund IV (Singapore) Pte. Ltd.OTH36,29,03345.00Mirae Asset - Naver New Growth Fund IOTH30,24,19437.50Mirae Asset - GS Retail New Growth Fund IOTH30,24,19437.50Total5,72,79,762710.27
Shareholding
CategoryPre IPOPost IPOPromoter Group19.13%16.71%Public80.87%83.29%
Objects of the Issue
- Funding of capital expenditure requirements of the Company in relation to its network infrastructure
- Funding of lease payments for new first mile centers, last mile centers and sort centers
- Funding of branding, marketing and communication costs
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 1,415 | 1,885 | 2,485 | 4,202 | 4,737 |
| Operating ProfitCr | -113 | 11 | 56 | 212 | 278 |
| OPM% | -8.0 | 0.6 | 2.3 | 5.0 | 5.9 |
| PBTCr | -143 | -12 | 6 | 111 | 168 |
| PATCr | -143 | -12 | 6 | 112 | 169 |
| EPS | -3 | 0 | 0 | 2 | 3 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 152 | 582 | - |
| ReservesCr | 171 | 172 | 248 | 1,163 | - |
| BorrowingsCr | 67 | 40 | 132 | 247 | - |
| Fixed AssetsCr | - | - | 329 | 588 | - |
| Total AssetsCr | 443 | 786 | 1,259 | 2,834 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -73 | 132 | 50 | 350 | - |
| Investing Cash FlowCr | -40 | -311 | -119 | -1,091 | - |
| Financing Cash FlowCr | 90 | 200 | 130 | 863 | - |
| Net Cash FlowCr | -23 | 20 | 61 | 122 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Agile and customisable logistics services that enable faster go-to-market for clients.
- Largest last-mile gig-based delivery partner infrastructure.
- Our extensive nationwide network.
- Proprietary and agile technology capabilities.
- Proven business model, with focus on profitability, while delivering healthy growth.
- Experienced management team supported by entrepreneurial founders.
Strategies · as stated in the DRHP
- Consistent market share expansion driven by deepening customer relationships and operating leverage.
- Continue to expand our service portfolio.
- Continue to strengthen and expand our network.
- Continue to invest in technology.
- Enabling EV fleets.
- Inorganic growth through acquisition for expansion of our capabilities.
Risks · as stated in the DRHP
- The company incurred losses aggregating to Rs.(118.82) million and Rs.(1,426.38) million in the Financial Years 2024 and 2023, respectively and negative cash flows from operating, investing and financing activities in certain periods. The company may continue to experience losses and negative cash flows in the future as the comapany anticipate increased expenses in the future.
- The company significantly relies on a scaled and unified network infrastructure for its business operations, largely comprising 4,299 touch points, distributed across first and last mile centers and sort centers, and supported by more than 3.50 million square feet of operational space, and reaching 14,758 pin codes as of September 30, 2025. Any disruptions to the company's network may adversely affect the company's business operations, financial condition and cash flows.
- The company relies on key commercial relationships with its clients. The company's largest client contributed 48.91%, 51.23%, 48.00%, 59.23%, and 59.52% of its revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, and the Financial Years 2025, 2024, and 2023, respectively. The loss of any such key commercial relationships could adversely affect the company's business.
- While its total revenue from operations grew from Rs.14,151.24 million in the Financial Year 2023 to Rs.24,851.31 million in the Financial Year 2025, the company's historical growth rates may not reliably forecast future performance and failures to manage growth or execute strategies effectively could impede the company's expansion and materially affect its business and future prospects.
- Any inability to expand and grow the company's network infrastructure in a balanced manner could adversely affect its future growth, business operations, financial condition and cash flows.
- The company rely on its crowdsourced network of delivery partners, comprising of 205,864 Average Quarterly Unique Transacting Delivery Partners as of September 30, 2025, with whom the company does not have any exclusive arrangements, for certain aspects of the company's business, and any change to the supply of delivery partners may disrupt its business operations, lead to additional losses and expose the company to additional risks.