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Mumbai: Bengaluru-based technology-driven logistics company Shadowfax Technologies has filed an Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) on October 31, 2025, for its upcoming Rs 2,000-crore initial public offering (IPO). The IPO structure includes a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale (OFS) of Rs 1,000 crore by existing shareholders.
The logistics firm, co-founded by Abhishek Bansal and Vaibhav Khandelwal, is backed by Flipkart, TPG, Qualcomm, Eight Roads Investments Mauritius, International Finance Corporation, Mirae Asset, and Nokia Growth Partners. Founders of Snapdeal, Kunal Bahl and Rohit Kumar Bansal, are also among the selling shareholders in the offer-for-sale portion of the IPO.
According to the company’s public announcement on November 1, the UDRHP-I will remain available for public comments for at least 21 days from the filing date with SEBI and stock exchanges. Depending on feedback received, Shadowfax may later submit a UDRHP-II, incorporating any modifications or responses based on SEBI’s observations and public comments.
Earlier, on October 7, 2025, SEBI had granted clearance to the company’s DRHP filed via the confidential route, paving the way for the IPO process. If SEBI does not raise further observations and no public comments are received, the company plans to proceed with filing the final Red Herring Prospectus (RHP) with the Registrar of Companies (RoC) to launch the offering.
As of now, the promoters collectively hold a 20.26 percent stake in Shadowfax, with the remaining 79.74 percent owned by public shareholders. The largest shareholders include Flipkart Internet, Eight Roads Investments Mauritius, and TPG’s NewQuest Asia Fund, each holding over 14 percent of the company’s equity.
According to the company’s fundraising plan, Rs 423.4 crore from the fresh issue will be allocated toward network infrastructure expansion, Rs 138.6 crore will go toward lease payments for new first-mile, last-mile, and sort centers, and Rs 88.6 crore will be used for branding, marketing, and communication initiatives. The balance proceeds will be used for potential inorganic growth opportunities and general corporate purposes.
Shadowfax operates across multiple verticals, including e-commerce logistics, hyperlocal delivery, and supply chain services. The company faces competition from listed peers like Blue Dart Express and Delhivery in India’s expanding logistics and last-mile delivery sector.
Financially, Shadowfax has shown robust growth. For the six months ended September 2025, the company reported a consolidated profit of Rs 21 crore, representing a 113.9 percent increase from Rs 9.8 crore during the same period last year. Revenue surged 68.4 percent year-on-year to Rs 1,805.6 crore, compared with Rs 1,072 crore in the previous fiscal period. During April–September 2025, Shadowfax achieved 72 percent of its total revenue from the entire previous fiscal year (Rs 2,485 crore).
In the same period, the company processed approximately 29.4 crore orders, marking a strong compound annual growth rate (CAGR) of over 50 percent compared to the corresponding period last year.
ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as the lead managers for the Shadowfax IPO.
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