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 notice, 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.

(The story will be updated soon.)

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