Shadowfax Technologies IPO Opens January 20: High Valuations Raise Investment Questions

• Shadowfax Technologies' Rs 1,907.27 crore IPO opens January 20, with new shares worth Rs 1,000 crore and OFS of Rs 907.27 crore.
• Analysts highlight high valuations, with a P/E of 1,018 times FY25 earnings, significantly higher than rivals like Blue Dart Express and Delhivery.
• Shadowfax claims to be the fastest-growing 3PL company, increasing its e-commerce market share from 8% in FY22 to 23% in H1 FY26.
• Despite growth, Shadowfax has fewer express orders and lower operational revenue compared to Delhivery and Blue Dart.
• A significant portion of Shadowfax's revenue (74.6%) comes from its top five clients, with the largest client contributing 48%.

Why It Matters: Shadowfax IPO opens with high valuations and client concentration, despite strong growth in the 3PL market.