Logistics services provider Shadowfax on Wednesday fixed a price band of ₹118 to Rs 124 apiece for its upcoming initial public offering (IPO), valuing the company at over ₹7,100 crore at the higher end.
The company's ₹1,907-crore maiden public offering will open for subscription on January 22 and conclude on January 24. The bidding for anchor investors will take place on January 19, according to the logistics services firm's public announcement.
The IPO will comprise a fresh issue of shares worth Rs1,000 crore and an offer for sale (OFS) of ₹907.27 crore by existing shareholders. This takes the total issue size to ₹1,907.27 crore.
1 January 2026
Get the latest issue of Outlook Business
As part of the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV, L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd and Snapdeal founders -- Kunal Bahl and Rohit Kumar Bansal -- would offload shares.
Market experts said that Shadowfax has reduced its post-market valuation to over ₹7,100 crore, lower than previous estimates of ₹8,500 crore, in what is being positioned as a more conservative pricing approach aimed at attracting long-term institutional investors.
The company proposes to utilise proceeds from the fresh issue towards funding enhancing capacity in terms of network infrastructure, funding of lease payments for new first mile, last mile, and sort centres, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. It is India's leading logistics service provider for e-commerce express parcel and value-added services. It has a service network encompassing 14,758 Indian pin codes as of September 2025.
The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. It offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
Shares of Shadowfax are expected to list on January 28 on the bourses.
The company said that 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10 per cent for retail investors.
For the first half of FY26, Shadowfax reported a revenue of about ₹1,800 crore, marking a 68 per cent year-on-year increase. Its total revenue stood at ₹2,485 crore in FY25.
The e-commerce express parcel segment is the major revenue contributor, accounting for around 70% of the company's business, while around 20% of revenue comes from hyperlocal and quick commerce logistics.
Shadowfax's express parcel market share rose to about 21 per cent in Q1 FY26, up sharply from around 8 per cent in FY22, according to data from Redseer.
The firm filed draft papers in late June with the markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi's approval in October.
The company opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
