Shadowfax Technologies files updated DRHP with SEBI for Rs 2,000 crore IPO; check details

Shadowfax Technologies Limited, a new-age, technology-driven third-party logistics (3PL) firm, has filed its draft red herring prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) worth up to Rs 2,000 crore.

The proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 1,000 crore and an offer for sale (OFS) by existing shareholders of up to Rs 1,000 crore. The equity shares carry a face value of Rs 10 each.

The Bengaluru-based logistics player plans to utilise the net proceeds from the fresh issue towards capital expenditure on expanding its network infrastructure and financing lease payments for new first-mile, last-mile, and sorting centres. A portion of the funds will also go towards branding and marketing, potential inorganic acquisitions, and general corporate purposes.

Positioning itself as one of India’s fastest-growing, tech-led logistics companies, Shadowfax had a presence across 14,758 pin codes as of September 30, 2025. It serves a wide mix of enterprise clients spanning e-commerce, quick commerce, food delivery, and on-demand mobility. Its offerings include express parcel deliveries, reverse logistics, hyperlocal services, and critical logistics solutions.

The company’s growth trajectory has been robust. Shadowfax processed 436.36 million orders in FY25, reflecting a CAGR of 29.77% from FY23. The growth momentum accelerated in the first half of FY26, with 294.45 million orders processed — translating to a 50.11% CAGR over the corresponding period a year ago.

On the financial front, Shadowfax reported revenue from operations of Rs 24,851.31 million in FY25, with an adjusted EBITDA margin of 1.96%. For the six months ended September 30, 2025, revenue stood at Rs 18,056.44 million, while the adjusted EBITDA margin improved to 2.86%.

ICICI Securities, Morgan Stanley India Company, and JM Financial are the book running lead managers to the issue.