Shadowfax To File Confidential Draft IPO Papers In A Month: Report

Nearly three months after converting into a public entity, logistics major ShadowFax is now reportedly planning to file its draft initial public offering (IPO) papers via SEBI’s confidential route within a month. 

The company is eyeing a public listing of INR 2,000-2,500 Cr out of which half would come from fresh issue of shares, an ET report said, citing sources. 

It was reported last year that Shadowfax is looking to raise up to INR 3,000 Cr through IPO at a valuation of INR 5,000-8,000 Cr.

Now, the sources told ET that the company could be valued between INR 5,500-6,000 Cr depending on the market conditions at the time of the listing. 

In March, Shadowfax raised INR 65.4 Cr in funding round from its cofounders Vaibhav Khandelwal and Abhishek Bansal at a post-money valuation of about INR 6518 Cr, sources told Inc42 then. 

Notably, the funding was part of a larger funding round of about $50 Mn that Shadowfax is raising.

For its public listing, Shadowfax has appointed ICICI Securities, JM Financial and Morgan Stanley as bankers. 

Inc42 has reached out to the company to confirm the development. The copy will be updated on receiving the response.

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax provides last mile delivery services to ecommerce platforms and D2C brands. Apart from that it also offers value added services to its clients which includes reverse logistics services, parcel exchange and quick delivery options to its clientele. It includes Mamaearth, Nykaa, Flipkart, Meesho and other as its clients.

Shadowfax’s Run For IPO

The logistics startup’s IPO talks started surfacing last year and both its promoters and equity investors started discussions with merchant bankers for the public listing in August. 

Before its public listing plans came to the fore, it raised $100 Mn as a part of its Series E funding round led by TPG NewQuest. 

Cutting short to this year, it raised INR 34.24 Cr in a Series F funding round from existing investors Mirae Asset and Nokia Growth Partners in February.

Following that, it roped in Bijou Kurien, Ruchira Shukla and Pirojshaw Sarkari as independent directors to its board ahead of its IPO.

A couple of months ago, Shadowfax secured a funding of INR 65.4 Cr (about $7.5 Mn) from its cofounders Vaibhav Khandelwal and Abhishek Bansal. Of the total INR 65.4 Cr funding, Bansal infused INR 37.3 Cr while Khandelwal invested INR 28.1 Cr. 

It counts Flipkart, Mirae Asset Venture Investments (India), and Qualcomm among its backers. It competes against the likes of Delhivery, Ecom Express, XpressBees, Shiprocket LoadShare, Ripple, and Pickrr in the logistics segment.