Liquidity Events
Logistics tech co Shadowfax’s Rs.1,907-Cr IPO oversubscribed 2.7x
Bengaluru-based logistics tech company Shadowfax 's IPO was subscribed 2.7 times. Qualified institutional bidders (QIBs) subscribed over 338 times and retail investors subscribed 1.64 times. Non-Institutional Investors (NIIs) subscribed only 33% of the 2.41 crore shares reserved for them. The price band is set at INR 118-124 per share.The issue is a combination of fresh issue of 8.06 crore shares aggregating to INR 1,000 crores and offer for sale of 7.32 crore shares aggregating to INR 907.27 crores. ICICI Securities is the book running lead manager to the issue.Of the proceeds from the fresh issue INR 423.43 crore will be used for capital expenditures to enhance its logistics network, INR 138.64 crore for lease payments for new centers, and INR 88.57 crore for branding, marketing, and communication efforts. The remaining funds are intended for potential acquisitions and general corporate purposes.Founded in 2015, Shadowfax is a logistics and delivery service provider offering rapid parcel delivery, same-day and next-day delivery, doorstep exchange services, and quick-commerce solutions across over 18,000 pin codes in more than 2,500 cities. For FY25, Shadowfax reported a total income increase of 32% to INR 2,515 crore, with EBITDA of INR 56 crore, and a net profit of INR 6 crore in the same fiscal year.
Between Sep 2015 and Jun 2025, Shadowfax had attracted about USD 268 M from TR Capital, Edelweiss Private Equity, InCred Alternatives, Mirae Asset Global Investments, Nokia Growth Partners, Qualcomm Ventures, TPG Newquest, Flipkart, IFC,Trifecta Capital, InnoVen Capital.
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