Flipkart-Backed Shadowfax’s INR 1,900 Cr IPO To Open On Jan 20

Logistics major ShadowFax Technologies’ IPO will open on January 20, according to the red herring prospectus (RHP) filed by the company today. 

The IPO will comprise a fresh issue of shares worth up to INR 1,000 Cr and an offer for sale (OFS) of shares worth up to INR 907.27 Cr.

As part of the OFS, Flipkart Internet will sell shares worth up to INR 400 Cr. Other selling shareholders include Eight Roads Investments, IFC, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset-backed funds..

The Bengaluru-based company plans to use the proceeds from the fresh issue for the following purposes: 

• INR 423.4 Cr: To fund capital expenditure for network infrastructure, including expansion of first-mile, last-mile and sorting facilities
• INR 138.6 Cr: For lease payments for new first-mile centres, last-mile centres and sort centres
• INR 88.6 Cr: Towards branding, marketing and communication costs, including delivery partner outreach and customer acquisition
• Balance Amount: For unidentified inorganic acquisitions and general corporate purposes

The anchor bidding for the IPO will take place on January 19, while the issue will close on January 22. The company is expected to release the price band for the IPO tomorrow. Yesterday, it was reported that it is eyeing a valuation of INR 7,400 Cr (about $890 Mn) for the public issue. 

Founded in 2015, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery, and quick commerce companies across India.

While ecommerce and logistics remain the key sectors for Shadowfax, quick commerce is the fastest growing segment for the company, contributing about 20-21% of the total operating revenue. 

In H1 FY26, the company’s operating revenue increased 68.3% to INR 1,805 Cr from INR 1,072 Cr in the same period a year ago. Net profit increased 114.3% to INR 21 Cr from INR 9.8 Cr in H1 FY25.