Shadowfax Raises Rs 856 Crore From Anchor Investors Ahead of Rs 1,907-Crore IPO Opening on January 20

Mumbai, January 20, 2026 – Logistics services provider Shadowfax Technologies Limited has raised Rs 856 crore from anchor investors, a day ahead of the opening of its initial public offering for public subscription. The anchor allocation was finalised on Monday, January 19, 2026, at the upper end of the IPO price band.

Anchor Allocation Details​

Shadowfax allotted 6,90,33,955 equity shares to anchor investors at Rs 124 per share, including a share premium of Rs 114 per share. The anchor round saw participation from a diversified mix of domestic and global institutional investors spanning mutual funds, insurance companies, pension funds, and foreign institutions.

Key Anchor Investors​

The anchor book included leading names such as Nippon India Mutual Fund, ICICI Prudential Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments, and Jupiter India Fund.
Of the total anchor allocation, 3.68 crore shares or 53.24 percent were allotted to nine domestic mutual funds through 20 schemes, underscoring strong institutional interest ahead of the public issue.

Anchor Allocation Snapshot​

Full List of Anchor Investors for Shadowfax Technologies Limited IPO​

Below is the complete list of anchor investors along with equity shares allotted, allocation percentage, issue price, and total investment amount, as disclosed in the anchor investor intimation filed with the stock exchanges.

IPO Structure and Timeline​

Shadowfax’s Rs 1,907.27-crore maiden public issue will open for subscription from January 20 to January 22, 2026, with shares expected to list on the stock exchanges on January 28, 2026.
The IPO comprises:

• Fresh issue of equity shares aggregating to Rs 1,000 crore
• Offer for sale (OFS) of Rs 907.27 crore by existing shareholders

As part of the OFS, shareholders including Flipkart Internet, Eight Roads Investments Mauritius II, NewQuest Asia Fund IV (Singapore), Nokia Growth Partners IV, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal co-founders Kunal Bahl and Rohit Kumar Bansal will be offloading shares.
The price band for the issue has been fixed at Rs 118–124 per share, valuing the company at over Rs 7,100 crore at the upper end.

Issue Reservation and Use of Proceeds​

The company has earmarked:

• 75 percent of the issue for Qualified Institutional Buyers
• 15 percent for Non-Institutional Investors
• 10 percent for Retail Individual Investors

Proceeds from the fresh issue will be utilised towards strengthening network infrastructure, funding lease payments for new first-mile and last-mile facilities and sort centres, branding and marketing initiatives, unidentified inorganic acquisitions, and general corporate purposes.

Financial and Business Overview​

For the first half of FY26, Shadowfax reported revenue of about Rs 1,800 crore, marking a 68 percent year-on-year growth. The company’s total revenue stood at Rs 2,485 crore in FY25.
The e-commerce express parcel segment remains the largest contributor, accounting for around 70 percent of total revenue, while hyperlocal and quick commerce logistics contribute about 20 percent.
Shadowfax’s express parcel market share increased to around 21 percent in Q1 FY26, up from about 8 percent in FY22, reflecting scale-up across its logistics network.

About the Company​

Shadowfax Technologies Limited is an India-focused logistics services provider backed by marquee investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The company operates a service network covering 14,758 pin codes across India as of September 2025 and serves enterprise clients across e-commerce, quick commerce, food marketplaces, and on-demand mobility segments.

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