IPO to Open on January 22, Anchor Bidding on January 19
Logistics services provider Shadowfax has fixed a price band of ₹118 to ₹124 per equity share for its upcoming initial public offering, valuing the company at over ₹7,100 crore at the upper end of the band.The company’s maiden public issue, aggregating to ₹1,907.27 crore, will open for public subscription on January 22 and close on January 24. Bidding for anchor investors is scheduled to take place on January 19.
Issue Structure and Shareholder Sell-Down
The IPO comprises a fresh issue of equity shares worth ₹1,000 crore along with an offer for sale of ₹907.27 crore by existing shareholders. Through the offer for sale component, shares will be offloaded by Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV, L.P., International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.Use of Proceeds
Proceeds from the fresh issue are proposed to be utilised for expanding network infrastructure capacity, meeting lease payment requirements for new first mile, last mile, and sort centres, strengthening branding, marketing, and communication initiatives, pursuing unidentified inorganic acquisitions, and supporting general corporate purposes.Business Profile and Network Reach
Shadowfax is backed by investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The company operates as a logistics services provider focused on e-commerce express parcel and value-added services. As of September 2025, its service network covered 14,758 pin codes across India.The company serves enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility platforms. Its service offerings include express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
Financial Performance and Revenue Mix
For the first half of FY26, Shadowfax reported revenue of about ₹1,800 crore, reflecting a 68 percent year-on-year increase. Total revenue for FY25 stood at ₹2,485 crore.The e-commerce express parcel segment remains the primary revenue contributor, accounting for nearly 70 percent of overall business, while hyperlocal and quick commerce logistics contribute around 20 percent.
Market Position and Listing Timeline
The company’s express parcel market share increased to about 21 percent in the first quarter of FY26, compared with around 8 percent in FY22, based on industry data. Shares of Shadowfax are expected to be listed on the stock exchanges on January 28.Under the issue allocation, 75 percent of the total offer has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.
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