Shadowfax Technologies IPO to launch tomorrow; check GMP and other key details

Bengaluru-based logistics and last-mile delivery firm Shadowfax Technologies is set to open its Rs 1,907 crore initial public offering (IPO) on Tuesday, January 20, 2026. In the grey market, which reflects unofficial trading before the IPO listing, the shares are currently showing an 8% premium—a slight drop from an earlier 12%—suggesting moderate investor interest. If this trend holds, the stock is expected to list around Rs 134 per share, compared with the IPO’s upper price band of Rs 124.The IPO will remain open for subscription for three days, from January 20 to 22, 2026, with the price band set between Rs 118 and Rs 124 per share.The IPO comprises two main components. First, there is a fresh issue of equity shares worth Rs 1,000 crore, which the company plans to use to fund its growth and expansion initiatives. Second, existing shareholders are selling shares through an Offer for Sale (OFS) of Rs 907.27 crore, enabling them to partially exit their investments.Shadowfax Technologies GMP today:As of January 19, 2026, the Grey Market Premium (GMP) for the Shadowfax Technologies IPO is Rs 10 per share. With the IPO’s upper price band set at Rs 124, this suggests a potential listing price of around Rs 134 per share. If the current grey market trend continues, investors could see an estimated gain of about 8% on listing. However, the GMP has slightly declined from an earlier 12% premium, indicating a mild easing of investor enthusiasm.Note: The Grey Market Premium is an unofficial and unregulated indicator reflecting market sentiment through informal trading ahead of the listing. It can change quickly and should not be taken as a guaranteed prediction of listing prices or as investment advice. Actual listing gains may differ based on prevailing market conditions.Shadowfax Technologies IPO Details:Shadowfax Technologies is set to launch its Initial Public Offering (IPO) with a total issue size of Rs 1,907.27 crore. The IPO includes a fresh issue of 8.06 crore equity shares, worth Rs 1,000 crore, which will be utilized to fund the company’s growth plans. Alongside this, there is an Offer for Sale (OFS) of 7.32 crore shares, valued at Rs 907.27 crore, allowing existing shareholders to partially divest their holdings.The IPO will be open for subscription from January 20 to January 22, 2026, with share allotment expected to be finalized on January 23, 2026. The shares are likely to be listed on both the BSE and NSE around January 28, 2026.The price band for the issue has been set at Rs 118 to Rs 124 per share, giving investors the flexibility to bid within this range during the subscription period. Retail investors can apply for a minimum of 120 shares, which is the lot size, and must bid in multiples of 120 shares. At the upper price band of Rs 124, the minimum investment required for retail investors comes to Rs 14,880.Objectives of the Shadowfax Technologies IPO:The proceeds from the Shadowfax Technologies IPO will be primarily directed toward supporting the company’s expansion and operational growth. A major portion, Rs 423.43 crore, is earmarked for capital expenditures, specifically to strengthen and expand its logistics network infrastructure.In addition, approximately Rs 138.64 crore will be used for lease payments related to the setup of new first-mile centers, last-mile centers, and sortation centers, which are key to improving delivery efficiency. The company also plans to allocate Rs 88.57 crore for branding, marketing, and communication efforts to enhance brand visibility and customer reach. The remaining funds will be reserved for unidentified inorganic acquisitions and general corporate purposes, offering flexibility to pursue future strategic opportunities.About Shadowfax TechnologiesFounded in 2015, Shadowfax Technologies is a Bengaluru-based logistics and delivery service provider and has emerged as a prominent player in India’s fast-growing logistics ecosystem. The company offers a wide range of services, including rapid parcel delivery, same-day and next-day delivery, doorstep exchange services, and quick-commerce solutions with delivery timelines as short as 10 minutes.Shadowfax has built a strong nationwide presence, servicing more than 18,000 pin codes across over 2,500 cities. With the capability to deliver over two million packages per day, the company is known for its speed and efficiency, often completing deliveries within 30 to 60 minutes of order placement—a trend that is increasingly gaining traction across India.On the financial front, Shadowfax demonstrated robust growth in FY25, with total income rising 32% to Rs 2,515 crore, compared to Rs 1,897 crore in the previous year. The company’s EBITDA surged by 410% to Rs 56 crore from Rs 11 crore, and it also turned profitable, reporting a net profit of Rs 6 crore in FY25, highlighting improving operational efficiency and scalability.The issue is being managed by ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited as book-running lead managers, while KFin Technologies Ltd has been appointed as the registrar to the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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