Shadowfax Technologies IPO opens today: Check analysts reviews, latest GMP, details & more

The initial public offering (IPO) of Shadowfax Technologies kick-off for bidding on Tuesday, January 20. The company shall be offering its shares in the range of Rs 118-124 apiece, for which investors can bid for a minimum of 120 equity shares and its multiples thereafter. The issue will close for bidding on Thursday, January 22.

Shadowfax Technologies is looking to raise a total of Rs 1,907 crore via IPO, including a fresh share sale of Rs 1,000 crore and an offer-for-sale (OFS) of up to 7.31 crore shares worth Rs 907 crore. Net proceeds from the fresh issue shall be utilized towards funding of capex requirements, funding of lease payments, funding of branding costs, inorganic acquisitions, general corporate purposes.

Incorporated in 2016, Bengaluru-based Shadowfax Technologies is a logistics solution provider company in India. It offers e-commerce express parcel delivery and a suite of value-added offerings. Its service offerings include e-commerce and D2C delivery, hyperlocal & quick commerce within hours or same day, and SMS & personal courier services through its flash app.

Shadowfax Technologies raised Rs 856.02 crore from 39 anchor investors as it allocated 6.90 crore equity shares at Rs 124 apeice. Its anchor book included names like  Morgan Stanley, Societe Generale, Government Pension Global Fund, HSBC Global Investment Funds, Eastspring Investments,  ICICI Prudential AMC, Nippon Life India, Motilal Oswal AMC, Bandhan MF and others.

Shadowfax Technologies reported a net profit at Rs 21.04 crore with a revenue of Rs 1,819.80 crore for the six months ended on September 30, 2025. The company clocked a net profit of Rs 6.06 crore with a revenue of Rs 2,514.66 crore for the financial year 2024-25. At the current valuations, Shadowfax shall command a market capitalization close to Rs 7,170 crore.

Shadowfax Technologies has reserved 75 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have only 10 per cent of shares allocated towards them. Last heard, Shadowfax was commanding a grey market premium of Rs 6-8 apiece, suggesting a 5-6 per cent gains for investors.

ICICI Securities, Morgan Stanley India Company and JM Financial are the book running lead managers for Shadowfax Technologies IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, January 28. Here's what a host of brokerage firms say about the IPO of Shadowfax Technologies:  

Chola Securities Rating: Subscribe for listing gains Shadowfax Technologies is a new-age, technology-driven third-party logistics. It is expected to sustain growth in line with the 35 per cent CAGR delivered between FY23–FY25. It reported strong performance, with overall revenue growth of 68 per cent, led by 55 per cent YoY growth in e-commerce logistics and 80 per cent YoY growth in the hyperlocal segment in H1FY26, said Chola Securities.

"The direct-to-customer (D2C) business has emerged as the fastest-growing segment. Going forward, the company is focusing on providing more value-added services to its customers, with reverse pickups and hand-in-hand exchanges being complex operations that require strict control and quality checks. We have a 'subscribe' rating for the IPO for listing gains," it added.  

SBI Securities Rating: Neutral The IPO is valued at EV/sales and EV/ebitda multiple of 2.4 times and 106.5 times, respectively. It has exhibited strong revenue growth of 32.5 per cent CAGR during the FY23-25 period and has been ebitda positive since FY24. It operates an efficient and scalable asset-light business model, having an asset turnover of over 4 times, said SBI Securities.

"It does not own any delivery vehicles and touchpoints and last-mile facilities are managed through a leasing model. Considering the low per capita shipment compared to 60-70 in the USA and 75-85 in China, the growth prospects appear promising. When comparing the issue with its closest peers, the IPO seems to be valued slightly at a premium," it said with a 'neutral' rating.  

Swastika Investmart Rating: Neutral Shadowfax benefits from strong growth in India’s last-mile logistics and e-commerce delivery space. Revenue momentum is improving, but profitability remains low and margin visibility is still evolving. At a P/S (Price-to-Sales) ratio of roughly 2.8 times, the IPO is priced at a premium compared to Delhivery, said Swastika Investmart.

"A massive chunk of their revenue comes from just two sources- Flipkart and Meesho. The issue is suitable only for high-risk, long-term investors, while the conservative investors should wait post-listing for better price discovery," it said with a 'neutral' rating for the issue.  

Arihant Capital Markets Rating: Neutral Shadowfax is positioned to benefit from the continued growth in India’s e-commerce, D2C and quick commerce segments, supported by rising demand for faster and more reliable deliveries. Its integrated service offerings, asset-light nationwide network, and technology-driven operating model are expected to support sustained volume growth and operating leverage, said Arihant Capital.

"Overall, its scalable platform and strong execution capabilities provide a favorable outlook for steady growth with improving profitability. The issue is valued at a P/E ratio of 170.4 times, based on annualized PAT of FY26 EPS of Rs 0.73 and EV/Ebitda of 55.4 times based on annualized EBITDA of FY26. We are recommending a 'neutral' rating for this issue," it adds.  

Master Capital Services Rating: Subscribe for long-term The number of online shoppers in India is expected to grow at an 8–10 per cent CAGR by FY2030, providing a strong volume base for logistics services.  Shadowfax Technologies is strategically positioned as a technology-led 3PL platform, enabling scalable, reliable, and time-sensitive logistics solutions across e-commerce, quick commerce, and hyperlocal delivery, said Master Capital Services.

"With strong exposure to high-growth segments and a digital-first operating model, the company stands to benefit significantly from the structural growth of India’s logistics ecosystem. Investors may consider the IPO as a potential long-term investment opportunity," it said.  

BP Equities Rating: Subscribe for long-term BP Equities expect further improvement in margins and return ratios, driven by a favourable shift in service mix toward higher yield segments such as value-added express services, same-day delivery, quick commerce, and D2C/SME-led volumes, alongside operating leverage and continued technology-led cost efficiencies, said BP Equities.

"The company is trading at a P/E of 155 times based on its FY26 annualised earnings. Supported by strong industry tailwinds and clear profitability drivers, STL appears well-positioned to benefit from the evolving digital commerce landscape. We thus recommend a 'subscribe' rating to the issue from a medium-to long-term perspective," it said.  

SMIFS Rating: Subscribe Sustained execution on network expansion, margin accretion through operational leverage, and capacity monetization in high-margin verticals like BFSI and cross-border logistics could translate into multifold value creation over the medium to long term, said SMIFS.

"We recommend growth-focused investors to subscribe to the issue with a multi-year investment horizon, as Shadowfax's market leadership, technology moat, and favourable industry tailwinds position the company to capture significant share of India's Rs 21-23 trillion addressable logistics market opportunity," it added.  

Ventura Securities Rating: Subscribe Shadowfax follows a platform-led business model that leverages data analytics, route optimization, and real-time tracking to improve delivery efficiency while maintaining an asset-light structure. Its operations are supported by a large network of delivery partners and technology infrastructure that enhances reliability and scalability, said Ventura Securities.

Despite these risks, Shadowfax has demonstrated strong growth potential, technology differentiation, and an established presence in India’s fast-evolving logistics market. The IPO is aimed at funding expansion initiatives, strengthening technology capabilities, enhancing working capital, and providing liquidity to existing shareholders while increasing its visibility, it said with a 'subscribe' rating.  

Sushil Finance Rating: Subscribe for long-term The business is in a high-leverage, growth-oriented phase where financial health has improved, but profitability remains sensitive to operational performance. The issue seems aggressively priced, said Sushil Finance. "Looking at all the factors, risks, opportunities and valuation, investors with a high risk appetite can invest with a long term horizon," it said.