Shadowfax IPO
Market Sentiment
IPO Details
Market Lot Size
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 | EPS | P/E | Market Cap (Cr) |
|---|---|---|---|
| Delhivery | 1.80 | 120.00 | 28,000 |
| Blue Dart Express | 42.00 | 55.00 | 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% |
Strengths & Risks
- Revenue grew 29% in the latest reported year.
- Low leverage — debt/equity of 0.35.
- Richly valued versus peers — P/E 68.9x vs industry 45.0x.
- Promoter stake drops to 42% after the issue.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
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.
Shadowfax Technologies Ltd., 1st Floor, Appek Building, 93/A, 4th B Cross Rd, 5th Block,, Koramangala,, Bengaluru, Karnataka, 560095
| 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 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).
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.
On our data-signal score, the combined signals for this issue currently read weak — several key indicators are reading below average. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Shadowfax IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full Shadowfax GMP history and trend, or learn how grey market premium works and how reliable it is.
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