Shadowfax to Raise Up to ₹2,000 Cr Through IPO, Files Updated Papers with SEBI The company has stated that it will utilize the IPO's net proceeds towards capital expenditure requirements related to its network infrastructure, funding of lease payments for new first-mile, last-mile, and sorting centers, as well as towards branding, marketing, and communication initiatives, potential inorganic acquisitions, and general corporate purposes.
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Shadowfax Technologies Limited, a technology-led third-party logistics company, has recently filed its UDRHP-I with SEBI.
According to the updated papers, the total size of the offer aggregates up to INR 2,000 crores and will consist of a fresh issue of equity shares of up to INR 1,000 crores and an offer for sale (OFS) component, aggregating up to INR 1,000 crores, with a face value of INR 10 per equity share.
The company has stated that it will utilize the IPO's net proceeds towards capital expenditure requirements related to its network infrastructure, funding of lease payments for new first-mile, last-mile, and sorting centers, as well as towards branding, marketing, and communication initiatives, potential inorganic acquisitions, and general corporate purposes.
Shadowfax also claims to be the fastest-growing new-age, technology-led third-party logistics (3PL) service provider at scale in India, as of 31 March 2025. The company's service network covers 14,758 pin codes in the country as of the end of September.
The company's enterprise clientele includes horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. It also offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
According to Shadowfax, it processed 436.36 million orders in FY, with a CAGR of 29.77 per cent from FY 2023. Also, during the six-month period ending September 30, the company processed 294.45 million orders, translating to a CAGR of 50.11 per cent from the same period the previous year.
For FY25, company revenue from operations stood at INR 2,485.13 crore, with an adjusted EBIDTA margin of 1.6 per cent. For the six-month period ending September 30, the company announced INR 1,805.64 crore in revenue from operations with an adjusted EBIDTA margin of 2.86 per cent.
ICICI Securities Limited, Morgan Stanley India Company Private Limited, JM Financial Limited are the Book Running Lead Managers (BRLMs) to the issue.
