Shadowfax IPO Launches at Rs 118-124
Analysis based on 48 articles · First reported Jan 12, 2026 · Last updated Jan 20, 2026
The IPO of Shadowfax, a new-age logistics company, is expected to bring significant attention to the logistics and e-commerce sectors in India. The listing will provide liquidity to early investors like Walmart — Flipkart and Eight Roads Ventures, who are set to realize substantial gains. The performance of Shadowfax's shares on listing will be closely watched as a barometer for investor confidence in the Indian logistics tech space, especially given its comparison to Delhivery.
Shadowfax, a logistics solutions provider, launched its Initial Public Offering (IPO) on January 20, 2026, with the subscription period closing on January 22, 2026. The company set its IPO price band at Rs 118-124 per equity share, aiming to raise Rs 1,907 crore. This includes a fresh issue of Rs 1,000 crore and an offer for sale (OFS) of Rs 907 crore by existing shareholders such as Walmart — Flipkart, Eight Roads Ventures, TPG Inc. (through NewQuest Asia Fund), Nokia (through Nokia Growth Partners), Qualcomm — Qualcomm Ventures (through Qualcomm Asia Pacific), International Finance Corporation, and Mirae Asset Financial Group. The company's post-money valuation is projected to be around Rs 7,169 crore, which is lower than its initial target. Prior to the public subscription, Shadowfax secured Rs 856.02 crore from 39 anchor investors, with Franklin Resources — Western Asset Management Company being the largest. Founders Abhishek Banerjee and Vaibhav Khandelwal will see their stakes valued at Rs 674 crore and Rs 524 crore, respectively. The IPO proceeds will be used for network expansion, branding, and potential acquisitions. Shadowfax is the second new-age logistics company to go public in India, following Delhivery.
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