Shadowfax IPO: Files for Rs 2,000 Cr Fresh Issue

New Delhi, Nov 1 (PTI) Logistics service provider Shadowfax Technologies filed an updated papers with markets regulator Sebi to raise Rs 2,000 crore through an initial public offering (IPO).

The IPO comprises fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 1,000 crore by existing shareholders, according to the updated draft red herring prospectus (UDRHP) on Friday.

As a part of the OFS, Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV, L.P, International Finance Corporation, Mirae Asset ,Qualcomm Asia Pacific Pte. Ltd and Snapdeal founders -- Kunal Bahl and Rohit Kumar Bansal -- would offload shares.

The company proposes to utilise proceeds from the fresh issue towards funding enhancing capacity in terms of network infrastructure, funding of lease payments for new first mile, last mile, and sort centers, as well as towards branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.

Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.

The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the company's business, and the remaining comes from quick commerce and hyperlocal deliveries.

In its last fundraise in February, the company raised a primary and secondary capital at an approximate valuation of Rs 6,000 crore.

Shadowfax is India's leading logistics service provider for e-commerce express parcel and value-added services. It has a service network encompassing 14,758 Indian pin codes as of September 2025.

It serves a wide range of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. The company offers express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics solutions.

Shadowfax processed 43.63 crore orders in FY25, achieving a CAGR of 30 per cent from FY23. In the financial year 2025, the company generated a revenue from operations of Rs 2,485 crore.

The firm filed draft papers in late June with markets regulator Sebi for an IPO through a confidential pre-filing route and had received Sebi's approval in October. Following this, companies are required to file an updated DRHP before filing an RHP.

The company opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

To assist the public offering, ICICI Securities, Morgan Stanley India Company, JM Financial have been appointed as the book-running lead managers to the issue.