Shadowfax Technologies Limited has submitted its Monitoring Agency Report for the quarter and half-year ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of proceeds from the company’s Initial Public Offer (IPO). Key figures indicate that out of the ₹942.58 crore net proceeds available for utilization, ₹101.67 crore was utilized during Q2FY27 towards the objects specified in the prospectus.
Shadowfax Technologies Reports IPO Proceeds Utilization
Shadowfax Technologies Limited has officially released its Monitoring Agency Report, detailing the progress of its Initial Public Offer (IPO) proceeds for the quarter and half-year ending September 30, 2026. The report, prepared by CARE Ratings Limited, provides an objective view of how the raised funds are being allocated against the company’s stated objectives.
Key Financial Highlights
The company’s IPO garnered gross proceeds of ₹1,000 crore, with net proceeds available for utilization amounting to ₹942.58 crore after deducting issue expenses of ₹57.42 crore. For the second quarter of fiscal year 2027 (Q2FY27), Shadowfax Technologies utilized ₹101.67 crore from these proceeds. This utilization aligns with the objects outlined in the company’s prospectus.
Detailed Utilization Breakdown
The report outlines the progress against various expenditure heads:
- Funding of capital expenditure requirements: ₹76.61 crore was utilized towards the procurement of equipment and infrastructure development for the company’s network.
- Funding of lease payments: ₹15.10 crore was allocated for lease rentals of first-mile centers, last-mile centers, and sorting centers.
- Funding of branding, marketing, and communication costs: ₹7.76 crore was spent on marketing initiatives, including advertising and promotional materials.
- Issue expenses: ₹2.20 crore was utilized towards issue expenses, encompassing direct payments and reimbursements.
The total unutilized amount as of September 30, 2026, stands at ₹710.58 crore, with the majority of these unutilized proceeds deployed in fixed deposits and monitoring accounts, earning a return on investment ranging from 6.50% to 7.25%.
Object Implementation Status
The report confirms that the utilization of funds is generally in line with the disclosures in the Offer Document. There are no major deviations observed over the earlier monitoring agency reports. The company’s progress in capital expenditure is notable, with ₹198.18 crore incurred as of September 30, 2026, against a cumulative planned capex of ₹274.79 crore up to March 31, 2027. There are no identified delays in the implementation of key objects and no material deviations from the planned utilization.
General Corporate Purposes
The company has not utilized any proceeds towards general corporate purposes during the quarter, as per the report.
The full report is available on the company’s investor relations website: https://www.shadowfax.in/investor-relations/.
Source: BSE
