Shadowfax Files Confidential IPO Papers With SEBI

Logistics major Shadowfax has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) through the confidential pre-filing route.

In an advertisement published in Financial Express, the company said, “This public announcement is being made pursuant to Regulation 59C(5) of the SEBI ICDR Regulations to inform the public that the company has filed the Pre-filed Draft Red Herring Prospectus with SEBI and the Stock Exchanges, under Chapter IIA of the SEBI ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges.”

While the IPO size was not disclosed in the note, reports suggest that Shadowfax is targeting a listing worth INR 2,000–2,500 Cr, with around 50% expected to be raised via a fresh issue. This comes three months after it converted into a public entity.

With this move, Shadowfax joins the likes of Aequs, Groww, Shiprocket, boAt, and PhysicsWallah (PW) in leveraging the confidential filing route, which allows companies to keep IPO details under wraps until later in the process.

ICICI Securities, JM Financial, and Morgan Stanley have been appointed as the lead bankers for the IPO.

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax offers last-mile delivery services to ecommerce platforms and D2C brands. It also provides value-added services including reverse logistics, parcel exchange, and quick delivery options. Its clientele includes platforms like Mamaearth, Nykaa, Flipkart, and Meesho.

Earlier in March, Shadowfax’s cofounders infused INR 65.4 Cr into the company as part of a larger $50 Mn round, which valued the company at $750 Mn (about INR 6,518.51 Cr), as per Inc42 sources.

Besides the funding, Shadowfax, abiding by the regulatory mandate, also made changes to its board by appointing Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors in February.

It also pursued inorganic expansion through the acquisition of CriticaLog India to broaden its offerings by rolling out comprehensive and customisable delivery services across the country.

Amid all these developments, the company has also managed to curb its losses in the run-up to its IPO. In FY24, Shadowfax reduced its net loss by nearly 92% to INR 11.8 Cr from INR 142.6 Cr in the previous fiscal. Meanwhile, its top line rose 33% to INR 1,884.8 Cr from INR 1,415.1 Cr in the previous year.

IPO Momentum So Far In 2025

This IPO comes at a time when the market has witnessed a mix of correction and recovery so far this year. While the environment remained unfavourable for IPOs until April due to market correction, the broader market has shown an upward trend post April.

Although Ather and ArisInfra are the only new-age technology companies to have gone public this year so far, an EY report noted that the global IPO market grew 20% YoY by value, despite uncertainty amid significant geopolitical shifts (Israel-Iran war, India-Pakistan Conflict, US induced tariff issue, among others).

The report further stated that India’s IPO market continues to show resilience, capturing a 22% share of global IPO activity in Q1 2025, with 62 IPOs raising a total of $2.8 Bn during the quarter.

As a result, more than 20 new-age tech companies are now gearing up to go public this year. These include the likes of PhysicsWallah, Zappfresh, BlueStone, boAt, CarDekho, Groww, Meesho, Flipkart, among others, who are now firming up their plans to file IPO papers.

Not to forget, the IPO enthusiasm in 2025 is also fuelled by the momentum built in 2024, which saw an unprecedented 13 new-age tech startups debut on the bourses, most of them receiving bumper listings

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