Shadowfax Technologies IPO: Is it worth subscribing to?

Summary: Shadowfax Technologies, a third-party logistics provider, will go public on January 20, 2026 and close on January 22, 2026. We assess the company’s strengths, weaknesses and past financials to help you better decide whether its IPO is worth your money. Shadowfax Technologies, a third-party logistics company, is all set to open its Rs 1,907 crore IPO (initial public offering) on January 20, 2026 and will close on January 22, 2026. The IPO comprises a fresh issue of Rs 1,000 crore, while the remaining Rs 907 crore will be raised through an offer for sale (OFS). We break down the company’s strengths, weaknesses, valuations and past track record to help you make an informed investment decision. What the company does Shadowfax Technologies is a technology-led third-party logistics player enabling digital commerce across India, with operations spanning nearly 14,800 pin codes. It serves a wide range of clients, from e-commerce and quick commerce platforms to food delivery and on-demand mobility firms, offering services such as express deliveries, reverse logistics, same-day and hyperlocal fulfilment. The company positions itself around faster delivery, flexible solutions and cost efficiency, aiming to shorten click-to-doorstep timelines while keeping logistics costs low for clients. Shadowfax has emerged as one of India’s fastest-growing 3PL players, sharply increasing its e-commerce shipment share and gaining leadership in reverse pickups, quick commerce and same-day deliveries. In FY25, it processed over 436 million orders and reported revenue of about Rs 2,485 crore, with modest but improving profitability. Track record and valuation Past performance shows a mixed bag for Shadowfax’s financials. With the exception of revenue, which grew at 33 per cent during FY23-25, the company’s EBIT (earnings before interest and tax) stayed in the red, while net income (profit after tax) turned positive only in FY25. At the upper end of the price band (Rs 124), Shadowfax Technologies’ stock is expected to be valued at 407 times its TTM (trailing twelve months) earnings and 4.2 times its book value. In comparison, its peers trade at P/E and P/B multiples of 133 and 5.5, respectively. Shadowfax Technologies IPO details Total IPO size (Rs cr) 1,907 Offer for sale (Rs cr) 907 Fresh issue (Rs cr) 1,000 Price band (Rs) 118-124 Subscription dates January 20-22, 2026 Purpose of issue To fund capex requirements, lease payments and branding and marketing costs Post-IPO M-cap (Rs cr) 7,169 Net wor