Eight Roads Investments emerged as the biggest gainer by offloading 1.58 Cr shares worth INR 197 Cr
International Finance Corporation offloaded 52.86 Lakh shares worth INR 65 Cr for a 3.7X return on its initial investment
Logistics and delivery major ShadowFax is all set to list on the bourses tomorrow after its IPO was oversubscribed 2.7X. The company’s early investors have booked notable gains on their investments by offloading part of their holdings in the IPO.
Eights Roads Investments, which is backed by Fidelity, emerged as the biggest gainer from the public listing. At INR 124 per share, the upper end of the price band, the firm raked in INR 197 Cr by selling 1.58 Cr shares. This translated to a 10.4X return on its initial investment. Post the sale, the VC firm owns 5.5 Cr shares of Shadowfax worth INR 689.1 Cr at INR 124 apiece.
Shadowfax’s IPO comprised a fresh issue of INR 1,000 Cr and an offer-for-sale (OFS) component of up to 7.32 Cr shares aggregating to over INR 900 Cr. The company had set a price band of INR 118-124 per share for the public issue, valuing it at nearly INR 7,169 Cr (about $781.6 Mn) at the upper end of the price band.
Ecommerce major Flipkart, one of Shadowfax’s early strategic investors, cashed in INR 400 Cr by offloading 3.22 Cr shares via the OFS. Flipkart now holds 4.2 Cr shares of Shadowfax, worth INR 528.7 Cr.
International Finance Corporation, a part of the World Bank Group, offloaded 52.86 Lakh shares worth INR 65 Cr for a 3.7X return on its initial investment. The institutional investor holds 2.1 Cr shares of the company, amounting to INR 262.2 Cr.
Singapore-based Qualcomm Asia Pacific made a 5X return on its investment by offloading 52.75 Lakh shares worth INR 65.4 Cr.
Mirae Asset Global divested 60.48 Lakh shares worth a combined INR 75 Cr held equally in two different funds: Naver New Growth Fund I and GS Retail New Growth Fund I. The global asset manager booked a 4.9X return on sale via both the funds. Mirae Asset holds 1.3 Cr Shadowfax shares worth INR 166.6 Cr spread almost equally across both funds.
B2B-focussed VC firm Nokia Growth Partners posted a 3.5X gain on its investment by selling 47.82 Lakh shares, while Singapore-based venture investment firm, NewQuest Asia, sold 36.29 Lakh shares worth INR 45 Cr, held via its Fund IV, for a 2.1X return.
Founded in 2015, Shadowfax operates a logistics platform focused on last-mile and hyperlocal deliveries, serving ecommerce, food delivery, and quick commerce companies across India.
In the first half of FY26, Shadowfax reported a 68% jump in operating revenue to INR 1,805 Cr from INR 1,072 Cr in the same period last year. Net profit rose 114% to INR 21 Cr from INR 9.8 Cr in H1 FY25.
Following its listing, Shadowfax will become the second new-age tech company to go public in 2026, after Amagi, amid the ongoing startup IPO boom.
Curated by Dr. Elena Rodriguez
