Shadowfax Receives SEBI Nod, LG India IPO Boosts Parent Company Stocks Bengaluru-based logistics startup Shadowfax Technologies has secured approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The Indian arm of South Korea's LG made a blockbuster debut on stock exchanges, lifting its parent company's stock and prompting analysts to raise target prices.

Bengaluru-based logistics startup Shadowfax Technologies has secured approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), expected to raise between INR 2,000-2,500 crore. The offering will comprise both a fresh issue of shares and an offer for sale (OFS) by existing investors, including Flipkart, Eight Roads Ventures, and NGP Capital, according to reports.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates a nationwide last-mile delivery network catering to e-commerce, grocery, food, and medicine segments, working with over 1.25 lakh monthly active delivery partners.

The company confidentially filed its draft red herring prospectus, earlier in July under SEBI's pre-filing route and is expected to target a post-issue valuation of around INR 8,500 crore.

This represents a significant premium over its February 2025 valuation of INR 6,000 crore, when it raised USD 16.8 million from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round.

For FY24, Shadowfax reported revenue of INR 1,885 crore, up 33.2 per cent year-on-year, while net losses narrowed sharply to INR 11.8 crore from INR 142 crore in the previous fiscal.

Approximately three-fourths of its revenue comes from e-commerce deliveries, with the remainder generated from quick-commerce and hyperlocal logistics.

The company plans to use proceeds from the fresh issue to expand capacity and strengthen its logistics network, further consolidating its position in India's growing last-mile delivery market.

LG India Lifts Parent Stock

LG Electronics India Ltd, the Indian arm of South Korea's LG, made a blockbuster debut on stock exchanges on Tuesday, October 14, lifting its parent company's stock and prompting analysts to raise target prices.

The IPO, which was entirely an offer for sale (OFS) of 10.18 crore shares (around 15 per cent stake) by the South Korean parent, received overwhelming demand, though LG Electronics India did not receive any proceeds. The issue, priced at INR 1,140 per share within a band of INR 1,080–1,140, valued the company at around INR 77,400 crore at the upper end.

On listing, the stock opened at INR 1,710.10 on the National Stock Exchange (NSE), a 50.01 per cent premium over the IPO price. On the BSE, it began trading at INR 1,715, up 50.44 per cent from the issue price.

The IPO drew massive participation, with total bids reaching 3,85,33,26,672 shares against 7,13,34,320 shares on offer, according to NSE data, equivalent to 54.02 times subscription on the final day of bidding, Thursday, October 9. Qualified Institutional Buyers (QIBs) drove the demand, subscribing 166.51 times, while non-institutional investors applied 22.44 times the quota. Retail individual investors (RIIs) contributed a 3.54 times subscription.

LG Electronics India is only the second South Korean company to tap the Indian stock market, following Hyundai Motors India Ltd's listing in October last year.

Market Around Diwali

Stock exchanges in India observed Muhurat Trading, a traditional one-hour trading session held on Diwali, marking the beginning of the Hindu New Year, Samvat 2082. In 2025, this session took place on October 21, with the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) closing on October 22.

During the Muhurat Trading session, Indian stock benchmarks reached one-year highs, buoyed by optimism over corporate earnings and easing U.S.-China trade tensions. The Nifty 50 rose by 0.1 per cent to 25,868.6, and the BSE Sensex gained 0.07 per cent to close at 84,426.34, both marking their highest levels since September 2024, according to reports.

According to a recent report by Kotak Institutional Equities, however, investors have become more selective due to weaker IPO performance upon listing and subdued long-term returns. The IPO pipeline is now dominated by smaller issuances, suggesting a cautious market sentiment.

Just before Diwali, sectors like FMCG, healthcare, pharma, and auto indices were the major contributors to the rally, showcasing defensive strength and rotation into quality counters, according to Bajaj Broking. It also said that on the flip side, profit booking was witnessed in IT, Media, and Metal stocks, which capped the overall upside.