Upcoming IPO: Flipkart, TPG-backed Shadowfax files updated DRHP with SEBI for Rs 2,000-crore IPO

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Bengaluru-based technology-driven logistics services provider Shadowfax Technologies, which is backed by Flipkart, TPG, and Qualcomm, has filed Updated Draft Red Herring Prospectus (UDRHP) with the SEBI on October 31 for raising funds up to Rs 2,000-crore via initial public offering.

As per the IPO plan, the company proposed to issue fresh shares worth Rs 1,000 crore, while investors and others will be selling their shares worth Rs 1,000 crore via offer-for-sale.

Walmart's Flipkart Internet, Eight Roads Investments Mauritius, TPG's NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm, and Snapdeal's founders Kunal Bahl, and Rohit Kumar Bansal will be selling shareholders in the offer-for-sale.

"This Updated Draft Red Herring Prospectus – I will be available for comments, if any, for a period of at least 21 days from the date of its filing with SEBI and the Stock Exchanges," said Abhishek Bansal and Vaibhav Khandelwal-founded Shadowfax in its public announcement published on November 01.

The company further said it would also file the Updated Draft Red Herring Prospectus – II with SEBI, if required, post incorporation of changes pursuant to comments from public, if any, on this Updated Draft Red Herring Prospectus – I, along with any changes and observations issued by SEBI.

On October 7, 2025, the SEBI has already cleared the company's DRHP filed via confidential route.

If there are no public comments and SEBI observations on the UDRHP-I, the company can go for filing the Red Herring Prospectus with the Registrar of Companies for its IPO.

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Promoters hold 20.26 percent stake in the company, while the remaining 79.74 percent shares are owned by the public shareholders including NewQuest Asia Fund, Eight Roads Investments Mauritius, and Flipkart Internet which are the largest shareholders with each having over 14 percent stake in the company.

Shadowfax proposed to spend Rs 423.4 crore of fresh issue proceeds for its network infrastructure, Rs 138.6 crore for lease payments for new first mile centers, last mile centers and sort centers.

Further, Rs 88.6 crore will be used for branding, marketing and communication costs, and the remainder funds will be set aside for unidentified inorganic acquisitions and general corporate purposes.

Shadowfax that competes with listed peers like Blue Dart Express, and Delhivery has recorded consolidated profit at Rs 21 crore for the six months period ended September 2025, growing 113.9 percent over Rs 9.8 crore net in same period previous fiscal.

Revenue during the same period surged 68.4 percent to Rs 1,805.6 crore, up from Rs 1,072 crore. The company in April-September period of 2025 already earned 72 percent of its revenue seen in entire previous fiscal (i.e. at Rs 2,485 crore)

During these six months, it processed 29.4 crore orders, which represents a CAGR of 50.11 percent over the corresponding period last fiscal.

The merchant bankers managing the Shadowfax IPO are ICICI Securities, Morgan Stanley India Company, and JM Financial.