31 Mar 2023
Assets442.73
Total Income1,422.89
EBITDA-113.47
Profit After Tax-142.64
NET Worth176.32
Reserves and Surplus171.20
Total Borrowing66.69
At a glance
Updated 2026-09-09Shadowfax Technologies is a Mainboard IPO with an issue size of ₹1,907.27 crore, proposed for listing on BSE, NSE. The offer opens on 20th Jan 2026 and closes on 22nd Jan 2026. The issue structure includes a fresh issue of ₹1,000.00 crore and an offer-for-sale component of ₹907.27 crore. The current listing schedule points to 28th Jan 2026.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹1,907.27 Cr
Fresh issue₹1,000.00 Cr
Offer for sale₹907.27 Cr
Face value₹10
Price band₹118.00–₹124.00
Allotment23rd Jan 2026
Listing28th Jan 2026
Grey market
GMP page ↗Latest GMPNO GMP
GMP / upper priceNO DATA
Est. listing₹120.50
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens20th Jan 2026
Closes22nd Jan 2026
Allotment23rd Jan 2026
Refund27th Jan 2026
Demat27th Jan 2026
Listing28th Jan 2026
Subscription demand
Full bidding ↗QIB4.00×
sHNI1.33×
bHNI0.66×
NII / HNI0.66×
Retail2.43×
Total2.86×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 120 | ₹14,880 |
Reservation
Issue mix
QIB75.00%115,056,593 shares
Anchor Investor45.00%69,033,955 shares
QIB (Ex. Anchor)30.00%46,022,638 shares
NII (HNI)15.00%23,011,319 shares
bNII > ₹10L10.00%15,340,879 shares
sNII < ₹10L5.00%7,670,440 shares
Retail10.00%15,340,879 shares
Total100.00%153,408,791 shares
Company
Use of proceeds
| Object | Amount |
|---|---|
| Funding of capital expenditure requirements of the Company in relation to the network infrastructure | ₹423.43 Cr |
| Funding of lease payments for new first mile centers, last mile centers and sort centers | ₹138.64 Cr |
| Funding of branding, marketing and communication costs | ₹88.57 Cr |
| Unidentified inorganic acquisitions and general corporate purposes | ₹291.94 Cr |
| Issue Expenses | ₹109.51 Cr |
| Total | ₹1,052.09 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue1,819.80₹ Cr · -27.6% vs prior year
EBITDA64.34₹ Cr · +14.5% vs prior year
PAT21.04₹ Cr · +247.2% vs prior year
Assets1,453.16₹ Cr · +15.4% vs prior year
Net Worth693.53₹ Cr · +5.0% vs prior year
Borrowing147.44₹ Cr · +11.5% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets786.14
Total Income1,896.48
EBITDA11.37
Profit After Tax-11.88
NET Worth421.78
Reserves and Surplus172.47
Total Borrowing40.33
31 Mar 2025
Assets1,259.26
Total Income2,514.66
EBITDA56.19
Profit After Tax6.06
NET Worth660.43
Reserves and Surplus248.16
Total Borrowing132.23
30 Sep 2025
Assets1,453.16
Total Income1,819.80
EBITDA64.34
Profit After Tax21.04
NET Worth693.53
Reserves and Surplus281.26
Total Borrowing147.44
KPIs
| KPI | Mar 31, 2025 | Sep 30, 2025 |
|---|---|---|
| Debt / Equity | 0.20% | 0.21% |
| RoNW | 0.97% | 3.03% |
| EBITDA Margin | 1.96% | 2.86% |
| Price to Book Value | 8.97 |
Valuation & shareholding
Pre-IPO EPS0.12
Post-IPO EPS0.73
Pre-IPO P/E1017.96
Post-IPO P/E170.39
Promoter holding pre19.13%
Promoter holding post16.49%
Market cap₹7168.85 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Shadowfax Technologies IPO | — | 170.39 x | — | — |
| Skyways Air IPO | — | 31.57 x | — | — |
| Horizon Industrial IPO | — | - | — | — |
| Shiprocket Limited IPO | — | - | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Funding of capital expenditure requirements of the Company in relation to the network infrastructure | ₹423.43 Cr |
| Funding of lease payments for new first mile centers, last mile centers and sort centers | ₹138.64 Cr |
| Funding of branding, marketing and communication costs | ₹88.57 Cr |
| Unidentified inorganic acquisitions and general corporate purposes | ₹291.94 Cr |
| Issue Expenses | ₹109.51 Cr |
| Total | ₹1,052.09 Cr |
Registrar & lead managers
Registrar
Kfin Technologies Ltd.Lead managers
- ICICI Securities Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-09.
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