Shadowfax Sets IPO Price Band At INR 118-124

Why it matters

Eight Roads Investments and NewQuest Asia also hold a little over 14% stake in the IPO-bound company.The company plans to use the net proceeds to fund capital expenditure for network infrastructure, for lease payments, towards branding, marketing and communication costs, among other things.Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Gaurav Jaithliya, and Praharsh Chandra, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery, and quick commerce companies across India.While ecommerce and logistics remain the key sectors for Shadowfax, quick commerce is the fastest growing segment for the company, contributing about 20-21% of the total operating revenue.The logistics startup has raised over $212 Mn in funding to date.On the financial front, Shadowfax posted a 68.3% increase in its operating revenue to INR 1,805 Cr in H1 FY26 from INR 1,072 Cr in the same period a year ago.

Key takeaways

• Net profit increased 114.3% to INR 21 Cr from INR 9.8 Cr in H1 FY25.
• Logistics major Shadowfax has set the price band for its IPO, which is set to open on January 20, at INR 118 to INR 124 per shareAt the upper end of the price band, the IPO values the company at INR 7,168 Cr (about $795 Mn)Anchor bidding for the issue will take place on January 19, while the IPO will close on January 22Shadowfax’s IPO will comprise a fresh issue of shares worth up to INR 1,000 Cr and an offer for sale (OFS) of shares worth up to INR 907.27 Cr.As part of the OFS, Flipkart Internet will sell shares worth up to INR 400 Cr.
• Other selling shareholders include Eight Roads Investments, IFC, Qualcomm Asia Pacific, Nokia Growth Partners, NewQuest Asia Fund, and Mirae Asset-backed funds.Notably, Flipkart Internet is the biggest shareholder in the company with a 14.83% stake.