Shadowfax IPO
Market Sentiment
Market Lot Size
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | September 2025 |
|---|---|---|---|---|
| Revenue | 1,422.89 | 1,896.48 | 2,514.66 | 1,819.80 |
| Expense | 1,565.53 | 1,908.36 | 2,508.60 | 1,798.77 |
| Profit (PAT) | 142.64 | 11.88 | 6.06 | 21.04 |
| Total Assets | 442.73 | 786.14 | 1,259.26 | 1,453.16 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Delhivery | 120.00 | 1.80 | 28,000 |
| Blue Dart Express | 55.00 | 42.00 | 19,000 |
Promoters: Abhishek Bansal and Vaibhav Khandelwal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 49,74,88,085 | 19.13% |
| Promoter Holding Post Issue | 57,81,33,246 | 42.00% |
Company Information
Shadowfax is one of the top companies in the case of Shadowfax is a modern, tech-driven logistics company that uses digital tools to support e-commerce. Furthermore, their platform manages many types of deliveries, urgent and flexible for clients like Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, and others. They are the fastest-growing large 3PL company in India as of March 31, 2025. Their share of the e-commerce shipment market increased from about 8% in FY 2022 to around 21% in the three months ended June 30, 2025. In express services, they are the market leader in reverse pickup shipments by order volume for FY 2025 and for the three months ended June 30, 2025.
| Purpose | Amount (Cr) |
|---|---|
| Funding of capital expenditure requirements of our Company in relation to our network infrastructure; | 423.43 |
| Funding of lease payments for new first mile centers, last mile centers and sort centers; | 138.64 |
| Funding of branding, marketing and communication costs; and | 88.57 |
| Unidentified inorganic acquisitions and general corporate purposes | - |
Resources & Documents
Shadowfax Technologies Ltd., 1st Floor, Appek Building, 93/A, 4th B Cross Rd, 5th Block,, Koramangala,, Bengaluru, Karnataka, 560095
Shadowfax has set a price band of Rs 118–Rs 124 per share for an issue size of Rs 1,907 crore in the logistics sector. The stock listed with a 8.87% discount versus its issue price on January 28, 2026.
Shadowfax is one of the top companies in the case of Shadowfax is a modern, tech-driven logistics company that uses digital tools to support e-commerce. Furthermore, their platform manages many types of deliveries, urgent and flexible for clients like Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, and others. The company operates in the logistics space.
The issue is promoted by Abhishek Bansal and Vaibhav Khandelwal with ICICI Securities Limited, Morgan Stanley India Company Private Limited, JM Financial Limited acting as lead manager. Net proceeds will primarily be used towards Funding of capital expenditure requirements of our Company in relation to our network infrastructure; (Rs 423 crore) and Funding of lease payments for new first mile centers, last mile centers and sort centers; (Rs 139 crore).
Grey market is quoting a discount of Rs -8 (-6.5% over issue price), down Rs 16 from the previous session.
At the upper end of the price band, the issue is priced at a post-issue P/E of 68.89x — a premium to the industry average of 45.00x. On fundamentals, the company is posting revenue growth of 28.5%, a profit margin of 3.2%, return on equity of 8.5% in its most recent reported period. Listed peers in this segment include Delhivery (P/E 120.00x, market cap Rs 28,000 crore) and Blue Dart Express (P/E 55.00x, market cap Rs 19,000 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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