Shadowfax Logistics Files for Rs 2,000-2,500 Crore IPO
Shadowfax, a logistics startup founded in 2015, has filed for an Initial Public Offering (IPO). The company aims to raise between Rs 2,000 crore and Rs 2,500 crore, targeting a post-issue valuation of Rs 5,500-6,000 crore.
Shadowfax, which transitioned into a public entity nearly three months ago, reported positive EBITDA of Rs 23 crore in FY24, narrowing its net loss to Rs 11.8 crore. The company's operating revenue grew by 33.2% to Rs 1,885 crore in the same period. Shadowfax plans to raise approximately half of the issue size via a primary share sale, with existing investors such as Flipkart, Eight Roads Ventures, and NGP Capital selling shares through an offer for sale (OFS). The specific investors participating in the OFS and the IPO details are yet to be officially announced.
Shadowfax's IPO filing is part of a broader trend of late-stage Indian startups preparing to list on stock exchanges. The company operates a fleet of over 1.25 lakh monthly active delivery partners.
Shadowfax's IPO, aiming to raise Rs 2,000-2,500 crore, is expected to provide a significant boost to the company's valuation. The successful completion of the IPO will enable Shadowfax to expand its operations and strengthen its position in the logistics sector.
