Shadowfax IPO to Open Next Week, Targets ₹7,400 Crore Valuation

Indian logistics company Shadowfax is set to launch its ₹1,900 crore initial public offering (IPO) next week. Backed by major global investors and driven by strong growth in e-commerce and quick-commerce deliveries, the company is aiming for a post-listing valuation of about ₹7,400 crore.

Shadowfax to Launch ₹1,900 Crore IPO

Logistics service provider Shadowfax will launch its ₹1,900 crore initial public offering (IPO) next week, targeting a valuation of around ₹7,400 crore. The company is expected to announce the price band for the issue later this week.

The targeted post-market valuation of ₹7,400 crore is lower than its earlier estimate of ₹8,500 crore. This has been positioned as a more conservative pricing strategy to attract long-term institutional investors.

IPO Structure: Fresh Issue and OFS

The proposed IPO will include a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of ₹900 crore by existing shareholders.

Under the OFS, major investors such as Flipkart Internet, Eight Roads Investments Mauritius II, NewQuest Asia Fund IV (Singapore) Pte, Nokia Growth Partners IV LP, International Finance Corporation (IFC), Mirae Asset, Qualcomm Asia Pacific Pte, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal will sell part of their holdings.

Use of IPO Proceeds

Shadowfax plans to use the funds raised from the fresh issue to expand its network infrastructure, finance lease payments for new first-mile, last-mile, and sortation centers, and invest in branding, marketing, and communication initiatives.

The company will also use part of the proceeds for unidentified inorganic acquisitions and general corporate purposes.

Regulatory Approval and Filing Route

The IPO move follows approval of the company’s updated Draft Red Herring Prospectus (UDRHP). Shadowfax had earlier filed its draft IPO papers with the Securities and Exchange Board of India (SEBI) through the confidential pre-filing route at the end of June, and it received regulatory approval in October.

Under this route, companies are allowed to keep IPO details confidential until later stages, giving them greater flexibility in executing their public listing plans.

Strong Investor Backing and Market Presence

Shadowfax is backed by leading investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. It is one of India’s leading logistics service providers for e-commerce express parcels and value-added services.

As of September 2025, the company’s service network covered 14,758 PIN codes across India.

Wide Range of Enterprise Clients

The company serves a diverse range of enterprise clients, including horizontal and non-horizontal e-commerce platforms, quick-commerce players, food marketplaces, and on-demand mobility companies.
Its services include express forward parcel delivery, reverse pickups, on-demand hyperlocal deliveries, and critical logistics solutions.

Strong Revenue Growth and Market Share Gains

In the first half of FY26, Shadowfax recorded revenue of around ₹1,800 crore, reflecting a 68 percent year-on-year growth. In FY25, the company’s total revenue stood at ₹2,485 crore. The e-commerce express parcel segment contributes about 70 percent of its total revenue, while around 20 percent comes from hyperlocal and quick-commerce logistics.

Shadowfax’s express parcel market share increased to about 21 percent in Q1 FY26, up sharply from around 8 percent in FY22.