Flipkart-backed logistics and last-mile delivery startup Shadowfax Technologies has fixed the price band for its upcoming initial public offering (IPO) at ₹118–124 per equity share. The company looks to raise ₹1,907 crore via the IPO route, which comprises a fresh issue of 8.06 crore equity shares worth ₹1,000 crore and an offer for sale (OFS) of 7.32 crore shares valued at around ₹907 crore by existing shareholders.

The public issue will open for subscription on January 20, 2026, and close on January 22, 2026. The allotment is expected to be finalised on January 23, while Shadowfax shares are scheduled to list on the BSE and the NSE on January 28, 2026.

The lot size of the IPO is 120 shares and the minimum investment for retail investors is ₹14,880 at the upper end of the price band. As per the allocation structure, 75% of the issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and remaining 10% for retail investors.

The company plans to utilise the net proceeds from the fresh issue primarily to strengthen its network infrastructure. Around ₹423 crore will be deployed towards capital expenditure for logistics infrastructure, while ₹139 crore will be used to fund lease payments for new first-mile, last-mile and sort centres. An additional ₹89 crore has been earmarked for branding, marketing and communication initiatives, with the remaining proceeds to be used for inorganic acquisitions and general corporate purposes.

Founded in June 2016, Shadowfax Technologies is a logistics solutions provider offering e-commerce express parcel delivery and a range of value-added services. Its portfolio includes e-commerce and direct-to-consumer (D2C) delivery, hyperlocal and quick-commerce deliveries, and SMS and personal courier services through its Flash app.

As of September 30, 2025, the company operated a nationwide logistics network comprising 4,299 touchpoints, including first-mile, last-mile and sort centres, serving 14,758 pin codes across India. Shadowfax’s infrastructure spans over 3.5 million square feet of operational space, including 53 sort centres covering 1.8 million square feet, supporting shipment consolidation, sorting and dispatch.

On the financial front, Shadowfax posted a profit after tax of ₹21 crore for the six months ended September 30, 2025. The profit stood at ₹6 crore for FY25, compared to losses of ₹11.9 crore in FY24 and ₹142.6 crore in FY23. EBITDA stood at ₹64.3 crore for the September 2025 period, up from ₹56.2 crore in FY25.

Total income stood at ₹1,819.8 crore for the six months ended September 2025, while total assets increased to ₹1,453 crore. The company’s net worth rose to ₹693.5 crore, supported by growing reserves and surplus of ₹281.3 crore. Total borrowings stood at ₹147.4 crore as of September 2025.

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