Shadowfax IPO to Open on January 20, Targets ₹1,907 Crore at ₹7,170 Crore Valuation

Flipkart-backed logistics firm Shadowfax has announced its initial public offering (IPO), which will open for subscription on January 20. The company plans to raise ₹1,907.27 crore through the issue, valuing it at around ₹7,170 crore. The IPO price band has been fixed at ₹118–₹124 per share, with a minimum retail application of 120 shares amounting to ₹14,880. The issue includes a fresh issue worth ₹1,000 crore and an offer for sale (OFS) of ₹907.27 crore by existing shareholders.

The share allocation has been structured with 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. ICICI Securities, Morgan Stanley India, and JM Financial are the book-running lead managers, while KFin Technologies is the registrar. The allotment is expected to be finalized on January 23, and the company’s shares are slated to list on January 28.

Proceeds from the IPO will be used to expand Shadowfax’s logistics infrastructure, including new first-mile, last-mile, and sorting centers, along with lease payments. Funds will also support branding, marketing initiatives, possible inorganic acquisitions, and general corporate needs. Backed by investors such as Flipkart, TPG, Eight Roads Ventures, and Mirae Asset, Shadowfax operates across nearly 14,758 pincodes in India and derives about 70% of its revenue from e-commerce express parcels. The company reported revenue of about ₹1,800 crore in the first half of FY26, marking a 68% year-on-year growth, while FY25 revenue stood at ₹2,485 crore.

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