
Shadowfax Technologies, a prominent logistics service provider, has filed for an initial public offering (IPO) through a confidential pre-filing route, aiming to raise between Rs 2,000 and Rs 2,500 crore. The move was confirmed by industry sources familiar with the development. The IPO includes a mix of fresh issues and an offer-for-sale by existing shareholders, potentially valuing the company at approximately Rs 8,500 crore.
The company has "pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges," according to a public announcement by Shadowfax Technologies. This confidential pre-filing allows the company greater flexibility in planning its IPO, a strategy that is becoming increasingly popular among Indian firms.
Proceeds from the fresh issue are intended to be used to enhance capacity, drive growth, and further invest in the company's network business. This strategic direction aligns with Shadowfax's core operational focus and growth strategy, as articulated by industry sources.
Shadowfax Technologies is backed by notable investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The e-commerce segment makes up around 75 per cent of the company's revenue, with the remainder coming from quick commerce and hyperlocal deliveries.
In its last fundraising round in February, Shadowfax garnered primary and secondary capital at a valuation of approximately Rs 6,000 crore. The company's distribution network spans over 2,200 cities and more than 14,300 PIN codes, making it a leading player in India's logistics sector.
The confidential pre-filing route is gaining popularity among Indian firms for its flexibility, extending the IPO launch window to 18 months post-receipt of SEBI's final comments. This route also offers the ability to adjust the primary issue size by up to 50 per cent until the updated DRHP stage, providing companies with significant leeway in their planning.
The company aims to leverage the IPO proceeds to support its expansion efforts and bolster its position in the competitive logistics market. As the logistics sector continues to grow, Shadowfax is poised to capitalise on the burgeoning e-commerce and delivery landscape, further solidifying its market presence.