Flipkart-backed Shadowfax IPO opens on Jan 20; check all details of this Rs 1,907 cr issue

Shadowfax, a leading Bengaluru-based logistics service provider, has announced the launch of its initial public offering (IPO) aiming to raise Rs 1,907.27 crore. The IPO, opening on Tuesday, January 20, values the company at approximately Rs 7,170 crore.

The price band is fixed between Rs 118 and Rs 124 per share. The minimum bid lot for retail investors is 120 shares, requiring a minimum application amount of Rs 14,880. The public issue comprises a fresh issue of shares totalling Rs 1,000 crore and an offer for sale (OFS) of Rs 907.27 crore by current shareholders.

Qualified Institutional Bidders (QIB) have been allocated 75% of the shares on offer, Non-Institutional Investors (NII) are allotted 15%, and retail investors are reserved 10%. Book running lead managers for the issue are ICICI Securities, Morgan Stanley India Company, and JM Financial, while KFin Technologies serves as the registrar. The allotment of shares will be finalised on 23 January, and trading of Shadowfax shares is scheduled to commence on 28 January.

The primary objective of the IPO is to raise funds to enhance the company’s network infrastructure, including capacity building and lease payments for new first mile, last mile, and sort centres. Proceeds will also be used for branding, marketing, communication initiatives, potential inorganic acquisitions, and general corporate purposes.

Shadowfax is backed by notable investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. Among the shareholders selling in the OFS are Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal. The company’s service network reaches 14,758 Indian pincodes as of September 2025.

Serving a broad array of enterprise clients, Shadowfax provides logistics solutions for e-commerce express parcel, quick commerce, food marketplaces, and on-demand mobility companies, offering express forward parcel deliveries, reverse pickups, and hyperlocal logistics services. The e-commerce express parcel segment remains the primary revenue driver, contributing approximately 70% of the business, with hyperlocal and quick commerce logistics accounting for around 20%.

Financially, Shadowfax reported a revenue of roughly Rs 1,800 crore for the first half of FY26, reflecting a 68% year-on-year growth. The total revenue for FY25 stood at Rs 2,485 crore.