Upcoming IPO: Shadowfax Technologies Files Updated Draft Papers with SEBI for ₹2,000 Crore IPO

Shadowfax Technologies Ltd, a leading logistics service provider, has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aggregating up to ₹2,000 crore.

The public issue consists of a fresh issue of equity shares worth up to ₹1,000 crore and an offer for sale (OFS) of equity shares aggregating up to ₹1,000 crore, each with a face value of ₹10 per share.

ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited are acting as the Book Running Lead Managers (BRLMs) for the proposed offering.

Utilisation of Proceeds

The company plans to deploy the net proceeds from the fresh issue toward:

• Capital expenditure for expanding network infrastructure
• Lease payments for new first-mile, last-mile, and sortation centres
• Branding, marketing, and communication initiatives
• Potential inorganic acquisitions
• General corporate purposes

About Shadowfax Technologies Limited

As of March 31, 2025, Shadowfax is recognised as India’s fastest-growing new-age third-party logistics (3PL) company of scale. Its nationwide network covers 14,758 pin codes as of September 30, 2025.

The company caters to a diverse client portfolio, including horizontal and non-horizontal e-commerce platforms, quick commerce, food marketplaces, and on-demand mobility players. In FY25, Shadowfax processed 436.36 million orders, achieving a compound annual growth rate (CAGR) of 29.77% from FY23.

For the six months ended September 30, 2025, the company processed 294.45 million orders, marking a CAGR of 50.11% over the same period in 2024.

Also Read: IPO Alert: Gaja Capital Gets SEBI Approval to Raise Funds

Shadowfax reported revenue from operations of ₹24,851.31 million in FY25, with an adjusted EBITDA margin of 1.96%. For the half-year ended September 30, 2025, revenue reached ₹18,056.44 million, while the adjusted EBITDA margin improved to 2.86%, reflecting operational efficiency and scale-driven growth.

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