Shadowfax Technologies IPO Shadowfax Technologies is scheduled to launch its ₹1,907 crore initial public offering (IPO) on January 20, 2026. The issue includes a fresh equity component of ₹1,000 crore and an offer-for-sale (OFS) of ₹907 crore from existing investors, including Flipkart and Eight Roads. The price band is set at ₹118–₹124 per share. The grey market premium (GMP) currently reflects a 13% upside, signaling positive investor sentiment. The company is targeting a post-money valuation of approximately ₹7,400 crore. Proceeds from the fresh issue are earmarked for expanding network infrastructure, automated sortation centers, and branding initiatives. Financially, the company turned profitable in FY25 with a net profit of ₹6.4 crore, following losses in previous years. For the first half of FY26, revenue surged 68% year-on-year to ₹1,800 crore, with profits improving to ₹21 crore. Its market share in the e-commerce express parcel segment rose to 21% in Q1 FY26. Key investment considerations include a nationwide reach across 14,758 pin codes and an asset-light, gig-based delivery model. However, risks remain regarding high revenue concentration, with the largest client contributing nearly 49% of operations, and the non-exclusive nature of its 200,000-strong delivery partner network. The subscription window closes on January 22, 2026. Allotment is expected by January 23, followed by a tentative listing on the BSE and NSE on January 28, 2026.