Flipkart-backed logistics unicorn eyes ₹1,907 crore public issue
Flipkart-backed last-mile logistics company Shadowfax Technologies has fixed the price band for its upcoming initial public offering at ₹118–₹124 per share, as it prepares to tap public markets later this month.
The ₹1,907 crore IPO will open for subscription on January 20, 2026, and close on January 22, with anchor investor allocation scheduled a day earlier. The issue comprises a fresh issue of around ₹1,000 crore and an offer for sale (OFS) of approximately ₹907 crore.
Who is selling in the OFS
The OFS will see partial exits from several marquee investors, including Flipkart, Eight Roads Investments, International Finance Corporation (IFC), Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset.
At the upper end of the price band, Shadowfax is targeting a post-money valuation of about ₹7,400 crore, slightly lower than earlier internal expectations, reflecting a more conservative market stance.
Retail details and use of funds
The IPO lot size has been set at 120 shares, translating to a minimum investment of ₹14,880 for retail investors at the upper price band. Proceeds from the fresh issue will be used to strengthen working capital, expand delivery infrastructure, and support long-term growth initiatives.
Business and financial performance
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates a tech-led last-mile delivery network across ecommerce and hyperlocal segments. The company services over 14,000 pin codes with a fleet of 1.25 lakh delivery partners.
According to TheKredible, Shadowfax has raised $246 million to date. In FY25, the company reported 32% year-on-year revenue growth to ₹2,485 crore, along with a net profit of ₹6.4 crore. For H1 FY26, revenue stood at ₹1,806 crore, while profit rose sharply to ₹21 crore, signalling improving unit economics ahead of its market debut.
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