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Logistics services provider Shadowfax has announced the price band for its ₹1,907-crore initial public offering (IPO) that opens next week, targeting a valuation of about ₹7,170 crore
The Bengaluru-based company has fixed the price band of its IPO to be between ₹118 to ₹124 per share. Investors can invest in a minimum bid lot of 120 shares, which will entail an investment of ₹14,880 per lot, and in multiples of 120 thereof.
Bidding for the issue will open on January 20, and close on January 22, 2026.
About 75% of the total number of shares on offer are reserved for Qualified Institutional Bidders (QIB), while 15% is for Non-Institutional Investors. The remaining 10% is earmarked for retail investors.
They said, the proposed IPO will comprise fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of ₹907 crore by existing shareholders.
Under the OFS, 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 -- would offload shares.
Proceeds from the fresh issue will be used towards funding enhancing capacity in terms of network infrastructure, funding of lease payments for new first mile, last mile, and sort centres, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.
The company is India's leading logistics service provider for e-commerce express parcel and value-added services. It has a service network encompassing 14,758 Indian pincodes as of September 2025.
Shadowfax serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies.
The company offers express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics solutions.
For the first half of FY26, Shadowfax reported a revenue of around ₹1,800 crore, marking a 68% year-on-year increase. Its total revenue stood at ₹2,485 crore in FY25.
The e-commerce express parcel segment is the major revenue contributor, accounting for around 70% of the company's business and around 20% of revenue comes from hyperlocal and quick commerce logistics.
ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as the book running lead managers for the Shadowfax IPO, while KFin Technologies is the registrar.
The IPO share allotment will be finalised by January 23, while Shadowfax shares will be available for trading on the bourses, effective January 28.
The Bengaluru-based company has fixed the price band of its IPO to be between ₹118 to ₹124 per share. Investors can invest in a minimum bid lot of 120 shares, which will entail an investment of ₹14,880 per lot, and in multiples of 120 thereof.
Bidding for the issue will open on January 20, and close on January 22, 2026.
About 75% of the total number of shares on offer are reserved for Qualified Institutional Bidders (QIB), while 15% is for Non-Institutional Investors. The remaining 10% is earmarked for retail investors.
They said, the proposed IPO will comprise fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of ₹907 crore by existing shareholders.
Under the OFS, 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 -- would offload shares.
Proceeds from the fresh issue will be used towards funding enhancing capacity in terms of network infrastructure, funding of lease payments for new first mile, last mile, and sort centres, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.
The company is India's leading logistics service provider for e-commerce express parcel and value-added services. It has a service network encompassing 14,758 Indian pincodes as of September 2025.
Shadowfax serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies.
The company offers express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics solutions.
For the first half of FY26, Shadowfax reported a revenue of around ₹1,800 crore, marking a 68% year-on-year increase. Its total revenue stood at ₹2,485 crore in FY25.
The e-commerce express parcel segment is the major revenue contributor, accounting for around 70% of the company's business and around 20% of revenue comes from hyperlocal and quick commerce logistics.
ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as the book running lead managers for the Shadowfax IPO, while KFin Technologies is the registrar.
The IPO share allotment will be finalised by January 23, while Shadowfax shares will be available for trading on the bourses, effective January 28.
