Flipkart, Fidelity, TPG-backed logistics platform Shadowfax to launch Rs 1,907-crore IPO on January 20; listing scheduled on January 28

Flipkart Internet, Eight Roads Investments Mauritius, and NewQuest Asia Fund are the largest shareholders in Shadowfax, owning 14.83 percent, 14.15 percent and 14.08 percent stakes, respectively

• Shadowfax Technologies IPO to hit capital markets on January 20, close on January 22
• Fresh issue size at Rs 1,000 crore, Offer-for-sale size Rs 907.3 crore
• IPO share allotment likely on January 23, listing scheduled on January 28

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Bengaluru-based logistics services provider Shadowfax Technologies, which is backed by Flipkart, Fidelity, and TPG, has filed Red Herring Prospectus with the Registrar of Companies on January 13 for launching its Rs 1,907-crore Initial Public Offering (IPO) on January 20.

The one-day IPO anchor book will be opened on January 19, while the offer for the public will close on January 22. The IPO share allotment will be finalised by January 23, while Shadowfax shares will be available for trading on the bourses effective January 28.

The company is raising Rs 1,907.3 crore via IPO which is a combination of fresh issuance of shares worth Rs 1,000 crore, and an offer-for-sale of Rs 907.3 crore worth shares by investors.

Flipkart Internet, Eight Roads Investments Mauritius, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset are the selling shareholders in the offer-for-sale.

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The offer-for-sale size has been reduced from Rs 1,000 crore earlier proposed in the Updated Draft Red Herring Prospectus filed in October 2025.

Flipkart Internet, Eight Roads Investments Mauritius, and NewQuest Asia Fund are the largest shareholders in Shadowfax, owning 14.83 percent, 14.15 percent and 14.08 percent stakes, respectively.

Founders and promoters Abhishek Bansal, and Vaibhav Khandelwal hold 10.76 percent and 8.37 percent shares, respectively, in the logistics platform.

The company has reserved Rs 5 crore worth shares in the IPO for its employees, while up to 75 percent of the net offer (excluding employees portion) has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 10 percent for retail investors.

The new-age technology-led third-party logistics platform that serves e-commerce, quick commerce, food marketplace, and on-demand mobility companies will spend Rs 423.4 crore of fresh issue proceeds for network infrastructure, and Rs 138.6 crore for funding of lease payments for new first mile centers, last mile centers and sort centers.

Further, Rs 88.5 crore will be utilised for branding, marketing and communication costs, and the remainder funds for inorganic acquisitions and general corporate purposes.

Shadowfax has recorded healthy financial performance in the recent past years with profit in six months period ended September 2025 growing nearly 114 percent to Rs 21 crore, against Rs 9.8 crore in same period last fiscal. Revenue during the same period soared to Rs 1,805.6 crore, growing 68.4 percent from Rs 1,072 crore.

It has turned the corner in fiscal 2025 by reporting profit of Rs 6.4 crore against loss of Rs 11.8 crore in previous year. Revenue in the same fiscal years increased 31.8 percent to Rs 2,485.1 crore against Rs 1,884.8 crore.

ICICI Securities, Morgan Stanley India Company, and JM Financial are acting as the book running lead managers for the Shadowfax IPO.