Shadowfax IPO: Launch Date, Price, Details, Everything You Need to Know

Shadowfax Logistics, backed by Flipkart and TPG, is gearing up for a landmark IPO as India’s e-commerce delivery ecosystem expands at breakneck speed. Founded in 2015, Shadowfax is among the largest and most advanced last-mile logistics networks in India, catering to over 2,200 clients including Flipkart, Amazon, and big FMCG players. The IPO is a milestone event for the e-commerce logistics sector, reflecting investor confidence in India’s fast-growing online commerce and logistics space.

The company plans to raise about ₹2,000 crore through the IPO, combining fresh issue and offer-for-sale (OFS) portions. The fresh proceeds will fuel network expansion, technology investments, integration of advanced data analytics, and enhancement of delivery capabilities across over 400 cities. The IPO also provides an exit window for early investors including Flipkart and TPG.

This blog offers a detailed, insight-driven exploration of the Shadowfax IPO, its structure, business prospects, financial performance, market context, and key considerations for investors evaluating this milestone opportunity in India’s booming logistics sector.

Shadowfax IPO Dates & Launch Details

• IPO opening date: To be announced (Expected soon in November 2025)
• IPO closing date: To be announced (Typically three days after opening)
• Basis of allotment: To be announced (Within 3 working days post closure)
• Refund initiation: To be announced (Shortly after basis of allotment)
• Expected listing date: To be announced (Usually within a week following allotment finalisation)

Lead Book Running Managers: ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited .

Registrar: Likely to be KFin Technologies Limited.

Shadowfax Price Band & Investment Details

• Price band: To be announced (Face value: ₹10 per share)
• Minimum lot size: To be announced
• Minimum investment: To be announced
• Maximum retail investment: To be announced

Shadowfax IPO Structure

About Shadowfax

Shadowfax operates a hyperlocal logistics platform enabling on-demand, same-day and next-day deliveries. Its key features include:

• Network: 2,200+ clients including Flipkart, Amazon, BigBasket; 26,000+ delivery partners covering 400+ cities
• Services: E-commerce, grocery, pharma deliveries, cold chain logistics, and express freight contracts
• Technology: AI-driven routing, real-time tracking, vendor onboarding automation using proprietary technology
• Unique Strengths: Focus on efficiency with dynamic cost optimisation and flexible partner economies; integrated API-based customer platforms
• Revenue Model: Transaction-based fee plus value-added services

Shadowfax is credited with building one of the most scalable tech-logistic platforms tailored to India’s diverse delivery landscapes.

Shadowfax Financials

Key Highlights:

• Shadowfax’s H1 FY26 net profit surged 114% year-on-year to ₹21 crore, showcasing rapid path toward profitability amid scale expansion.
• Revenue growth is robust, driven by triple-digit ecommerce delivery volume growth nationally, and expansion into non-ecommerce sectors like FMCG and pharmaceuticals.
• The company benefits from exclusive partnerships, operational efficiency via data-driven delivery models, and a vast driver network.
• IPO funds will accelerate penetration into tier 3+ cities and new business verticals like cold chain logistics critical for perishables.
• Operating margins are gradually improving with scale economies and technology integration to reduce cost per delivery.

Sector & Market Context

India’s last-mile delivery market is projected to grow at a CAGR of over 20% through 2030, fueled by rising online shopping penetration, digital payments, and improved physical infrastructure. Shadowfax capitalises on this growth alongside competitors like Delhivery, Ecom Express, and Blue Dart, leveraging a tech-first approach tailored for India’s diverse geography and buyer expectations.

Key Considerations for Investors

Strengths

• Large and diversified client base including market leaders
• Proprietary technology platform enhancing delivery efficiency and scalability
• Rapidly growing revenue and improving profitability
• Strong backing from Flipkart and top-tier investors

Risks

• Highly competitive logistics sector with price pressures
• Dependency on ecommerce and related industry growth
• Margin pressures due to fuel price fluctuations and partner payouts

Opportunities

• Expansion into tier 3+ cities and newer delivery segments
• Technology advancement to enhance last-mile efficiency
• Growing cold chain and express logistics demand supporting diversified revenue streams

Shadowfax IPO Structure

• The IPO includes a fresh issue of equity to accelerate service network and technology eco-system expansion
• An OFS component facilitates partial exit for strategic and private equity investors including Flipkart and TPG Capital
• This marks one of the largest pure-play logistics IPO for India’s digital commerce
• Good mix of fresh equity for growth and OFS for liquidity
• Potential for high retail and institutional subscription given sector outlook

About the Company

Founded in 2015, Shadowfax is India’s leading on-demand logistics platform delivering over 1 million packages daily across multiple categories. It combines local delivery partners and AI-driven route optimisation to meet urgent delivery demands in urban and tier 2/3 cities. The company is critical to India’s e-commerce supply chain.

Shadowfax IPO Analysis: Final Word

Shadowfax’s IPO presents a unique opportunity to invest in the high-growth Indian logistics sector, underpinned by tech-driven innovation and strong backing by Flipkart. While competition and margin risks exist, the company’s trajectory toward profitability and network expansion positions it well for investors seeking exposure to India’s ecommerce logistics boom.

Always consider personal investment objectives and consult trusted sources before making any decisions.