Flipkart-backed Shadowfax picks JM Financial, Morgan Stanley, ICICI Securities for 2025 IPO

Shadowfax co-founders: (L-R): Praharsh Chandra, Abhishek Bansal, Gaurav Jaithliya and Vaibhav Khandelwal

Logistics startup Shadowfax has tapped JM Financial, Morgan Stanley, and ICICI Securities as the lead bankers for its upcoming initial public offering (IPO), which is expected to launch in the second half of 2025, sources familiar with the matter told Moneycontrol.

“The IPO size is likely to be around Rs 2,500 crore (around $295 million) – or roughly in the Rs 2,000 crore (about $235 million) to Rs 3,000 crore (roughly $350 million) range depending on how strong the response is,” one the persons cited above said.

Shadowfax’s IPO preparations come on the heels of a Rs 400 crore ($47 million) funding round, backed by Edelweiss Discovery Fund and several high-net-worth individuals (HNIs) and family offices, a second source added. “Shadowfax commanded a valuation of Rs 6,000 crore ($705 million) during its latest round and is hoping for a slight premium over that for its public market debut,” the person said.

Shadowfax, JM Financial, Morgan Stanley and ICICI Securities did not reply to Moneycontrol’s queries.

Earlier this year, Shadowfax also secured Rs 850 crore ($100 million) in a round led by TPG NewQuest, with participation from existing investors including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation (IFC), Nokia Growth Partners, Qualcomm, and Trifecta Capital.

The round was a mix of primary capital infusion and also involved secondary transactions, where existing backers sold shares to make way for incoming investors, as is typical with IPO-bound companies.

Bengaluru-based Shadowfax is an e-commerce service provider and hyperlocal delivery company which currently boasts of a distribution network that stretches across 2,500+ cities and covers over 19,000 pin codes. It delivers over 2 million packages daily, including some quick commerce packages that are currently on the rise in India’s red-hot rapid delivery market.

Shadowfax also provides delivery agents who fulfill quick commerce companies’ orders during peak times.

Founded in 2015, Shadowfax joins a growing list of new-age companies that are now preparing to go public. Fintech major Pine Labs has also picked Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies as bankers for its mega $1 billion IPO, Moneycontrol had exclusively reported earlier.

Once completed, Shadowfax will join a growing list of Bengaluru-based companies that are now looking to list on the Indian stock exchanges. Recently, Swiggy successfully made its public market debut after which logistics startup Blackbuck followed and listed on the bourses, too.