Shadowfax Technologies Ipo
Shadowfax Technologies IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
ICICI Securities Limited
Morgan Stanley India Company Private Limited
JM Financial Limited
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | January 20, 2026 |
| IPO Close Date | January 22, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹118 to ₹124 Per Share |
| Issue Size | Approx ₹1907.27 Crores |
| Fresh Issue | Approx ₹1,000 Crores |
| Offer for Sale: | Approx 7,31,66,935 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum | 68 | 8,160 | ₹10,11,840 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 6,90,33,955 Shares | 44.88% |
| QIB (Ex. Anchor) | 4,60,22,638 Shares | 29.92% |
| NII Shares Offered | 2,30,11,319 Shares | 14.96% |
| Retail Shares Offered | 1,53,40,879 Shares | 9.97% |
| Employee Shares Offered | 4,03,226 Shares | 0.26% |
| Anchor Bidding Date | January 19, 2026 |
| Anchor Investors List | |
| Shares Offered | 6,90,33,955 Shares |
| Anchor Size | 856.02 Cr. |
| lock-in period end date 50% shares (30 Days) | February 22, 2026 |
| lock-in period end date 50% shares (90 Days) | April 23, 2026 |
| IPO Open Date: | January 20, 2026 |
| IPO Close Date: | January 22, 2026 |
| Basis of Allotment: | January 23, 2026 |
| Refunds: | January 27, 2026 |
| Credit to Demat Account: | January 27, 2026 |
| IPO Listing Date: | January 28, 2026 |
| IPO Bidding Cut-off Time: | January 22, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 49,74,88,085 | 19.13% |
| Promoter Holding Post Issue | 57,81,33,246 | -% |
| Purpose | Crores |
| Funding of capital expenditure requirements of our Company in relation to our network infrastructure; | ₹423.43 |
| Funding of lease payments for new first mile centers, last mile centers and sort centers; | ₹138.64 |
| Funding of branding, marketing and communication costs; and | ₹88.57 |
| Unidentified inorganic acquisitions and general corporate purposes | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹1,422.89 | ₹1,565.53 | ₹142.64 | ₹442.73 |
| 2024 | ₹1,896.48 | ₹1,908.36 | ₹11.88 | ₹786.14 |
| 2025 | ₹2,514.66 | ₹2,508.60 | ₹6.06 | ₹1,259.26 |
| September 2025 | ₹1,819.80 | ₹1,798.77 | ₹21.04 | ₹1,453.16 |
| KPI | Values |
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹0.13 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 0.97% |
| Net Asset Value (NAV): | ₹13.83 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Blue Dart Express Limited | 106.38 | 50.70 | 17.25 | 657.05 | 5,762.16 Cr. |
| Delhivery Limited | 2.19 | 195.07 | 1.75 | 124.77 | 9,372.01 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |