Shadowfax Technologies Files for ₹2,000 Crore IPO with SEBI

Plans to Raise ₹1,000 Crore via Fresh Issue and ₹1,000 Crore through Offer for Sale

Shadowfax Technologies Limited (“Shadowfax” or “the Company”), a technology-driven third-party logistics (3PL) company, has filed its Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI) to raise up to ₹2,000 crore through an initial public offering (IPO).

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

Shadowfax plans to utilise the net proceeds to fund capital expenditure for network infrastructure, lease payments for new first-mile, last-mile, and sort centres, as well as branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.

As of March 31, 2025, Shadowfax is recognised as India’s fastest-growing new-age, technology-led 3PL company of scale. The company’s service network covers 14,758 pin codes across India as of September 30, 2025.

Shadowfax serves a diverse portfolio of enterprise clients across sectors such as horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility. Its logistics solutions include express parcel deliveries, reverse pickups, hyperlocal fulfilment, and critical on-demand logistics.

The company processed 436.36 million orders in FY 2025, achieving a CAGR of 29.77% from FY 2023. For the six-month period ended September 30, 2025, Shadowfax handled 294.45 million orders, reflecting a CAGR of 50.11% compared to the corresponding period the previous year.

In FY 2025, Shadowfax recorded ₹24,851.31 million in revenue from operations with an adjusted EBITDA margin of 1.96%. During the six months ended September 30, 2025, revenue from operations stood at ₹18,056.44 million, with an adjusted EBITDA margin of 2.86%.

ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited are acting as the Book Running Lead Managers to the issue.