There were 03 main board IPOs in January 2026 including Bharat Coking Coal Limited, Amagi Media Labs Limited, and Shadowfax Technologies Limited, against 10 main board IPOs in December 2025. There were 10 SME IPOs in January 2026 as compared to 15 SME IPOs in December 2025.
Shadowfax Technologies Limited:
About the Company | Incorporated in 2016, Shadowfax Technologies Ltd is an India-based logistics solutions provider offering e-commerce parcel delivery and value-added services including D2C, hyperlocal, quick commerce and on-demand courier services. The company operates an asset-light nationwide network of over 4,200 touchpoints covering 14,758 pin codes, supported by sort centres, leased logistics facilities and a fleet of 3,000+ trucks. Its platform is powered by over 205,000 delivery partners and serves major clients such as Flipkart, Meesho, Swiggy and Zomato. In FY25, Shadowfax reported operating revenue of approximately Rs. 2,485 crore and EBITDA Rs. 48.67 Crores. |
Funds Utilization | The IPO proceeds from the fresh issue will be utilized towards network infrastructure expansion, lease payments for logistics centers, branding and marketing initiatives, and inorganic acquisitions along with general corporate purposes. |
Anchor Investors & Selling Shareholders | The company raised Rs. 856 crore from anchor investors prior to the IPO, while the Offer for Sale includes shareholders such as Flipkart Internet Private Limited, International Finance Corporation, Qualcomm Asia Pacific Pte. Ltd., Eight Roads Investments, Nokia Growth Partners, NewQuest Asia Fund IV, and Mirae Asset funds. |
IPO Performance | The Rs. 1,907 crore IPO comprised a fresh issue of Rs. 1,000 crore and an offer for sale of Rs. 907 crore. The issue was priced at Rs. 124 per share The issue was subscribed 2.86 times, led by strong demand from QIBs at 4 times strong. However, shares of Shadowfax Technologies Limited got listed on the exchanges, at approximately Rs. 113 on NSE and Rs. 112 on BSE, reflecting a 9% discount to the issue price. |
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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