Shadowfax Technologies IPO opened for subscription onJanuary 20, 2026, and will remain open for bidding untilJanuary 22, 2026. The issue has attracted investor interest as it enters the market at a time when India’s logistics, e-commerce, and quick commerce sectors are witnessing rapid growth. Market participants are closely evaluating the valuation comfort and signals from the grey market premium (GMP).
The IPO is abook-built issue worth ₹1,907.27 crore, comprising afresh issue of 8.06 crore equity shares aggregating ₹1,000 croreand anoffer for sale (OFS) of 7.32 crore shares amounting to ₹907.27 crore.
The price band for the issue has been fixed at₹118–₹124 per share, with shares offered in alot size of 120 equity shares. At the upper end of the band, retail investors need a minimum investment of₹14,880. For small non-institutional investors (sNII), the minimum application is14 lots (1,680 shares)amounting to₹2,08,320, while big non-institutional investors (bNII) must apply for at least68 lots (8,160 shares)worth₹10,11,840.
ICICI Securities Ltdis acting as the book-running lead manager for the issue, whileKfin Technologies Ltdis the registrar.
As of7:53 AM on January 20, 2026, the Shadowfax IPO was commanding agrey market premium of ₹6 per share. Based on the upper price band of ₹124, the estimated listing price stands at around₹130 per share, indicating a potential listing gain of approximately4.8%. However, the GMP remains modest and is subject to change depending on overall market conditions.
Incorporated inJune 2016, Shadowfax Technologies Ltd is a technology-driven logistics solutions provider catering to e-commerce platforms, direct-to-consumer brands, and local businesses. The company offers express parcel delivery and value-added services across multiple segments, including e-commerce and D2C deliveries, hyperlocal and quick commerce deliveries, and same-day or within-hours services. Its Flash app also enables SMS-based and personal courier services.
Shadowfax positions itself as a digital-first third-party logistics (3PL) platform, leveraging technology to manage time-sensitive deliveries efficiently across diverse categories.
Brokerage firmMaster Capital Services Ltdmaintains a positive long-term outlook on the logistics sector, citing strong structural growth drivers. According to the brokerage, India’s logistics industry was valued at₹21–23 trillion in FY2025and continues to benefit from the rapid expansion of online retail and quick commerce.
Online retail is expected to grow at aCAGR of 20–25% between FY2025 and FY2030, while quick commerce is projected to expand at a much fasterCAGR of 50–62%during the same period. E-commerce (excluding quick commerce) accounted for about6% of India’s total retail market in FY2025and is expected to reach9–10% by FY2030. The number of online shoppers is also forecast to grow at an8–10% CAGR, supporting long-term demand for logistics services.
Within this landscape, Shadowfax is strategically positioned as a scalable, technology-led 3PL platform with strong exposure to high-growth segments. Master Capital believes that investors with a long-term horizon may consider the IPO, given the company’s digital-first model and sector tailwinds.
The IPO allotment is expected to be finalised onJanuary 23, 2026, with shares likely to be listed on theBSE and NSE on January 28, 2026.
While the IPO offers exposure to fast-growing segments such as e-commerce, quick commerce, and hyperlocal delivery, the current GMP suggestslimited short-term listing gains. Investors are advised to assess theirrisk appetite, investment horizon, and outlook on the logistics sectorbefore subscribing.
