Bengaluru-based logistics firm Shadowfax Technologies, backed by Flipkart, TPG, and Qualcomm, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) on October 31, aiming to raise up to ₹2,000 crore through an initial public offering (IPO).
According to the filing, the IPO will comprise a fresh issue of shares worth ₹1,000 crore and an offer-for-sale (OFS) of shares amounting to ₹1,000 crore by existing investors.
The selling shareholders in the OFS include Flipkart Internet (Walmart-owned), Eight Roads Investments Mauritius, TPG’s NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.
Shadowfax stated in its public announcement on November 1 that the UDRHP-I will remain open for public comments for at least 21 days from the date of filing with SEBI and the stock exchanges. The company may subsequently file a UDRHP-II, incorporating any changes based on public comments or SEBI’s observations.
SEBI had earlier cleared Shadowfax’s Draft Red Herring Prospectus (DRHP), filed via the confidential route, on October 7, 2025. If there are no significant comments or changes required, the company can proceed to file its Red Herring Prospectus (RHP) with the Registrar of Companies (RoC).
Currently, the promoters hold 20.26% of the company, while public shareholders—including NewQuest Asia Fund, Eight Roads Investments, and Flipkart Internet—own 79.74%, each holding over 14% stake.
Shadowfax plans to allocate ₹423.4 crore from the fresh issue proceeds toward expanding its network infrastructure, ₹138.6 crore for lease payments of new first-mile, last-mile, and sortation centers, and ₹88.6 crore for branding, marketing, and communication. The remaining funds will go toward potential acquisitions and general corporate purposes.
Operationally, Shadowfax—founded by Abhishek Bansal and Vaibhav Khandelwal—competes with listed logistics peers such as Blue Dart Express and Delhivery. The company posted a consolidated net profit of ₹21 crore for the six months ended September 2025, a 114% increase from ₹9.8 crore in the same period last year.
Revenue for the same period surged 68% to ₹1,805.6 crore, compared to ₹1,072 crore a year earlier. The company has already achieved 72% of its FY2025 revenue (₹2,485 crore) in the first half of FY2026, processing 29.4 crore orders, representing a 50% CAGR year-on-year.
The IPO will be jointly managed by ICICI Securities, Morgan Stanley India Company, and JM Financial.
