Shadowfax Technologies Files Updated Draft Prospectus with SEBI for ₹2,000 Crore IPO
Logistics service provider Shadowfax Technologies Ltd 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 offer comprises a fresh issue of equity shares worth up to ₹1,000 crore and an offer for sale of equity shares worth up to ₹1,000 crore, each with a face value of ₹10 per share.
Growth Prospects and Service Network
As of March 31, 2025, Shadowfax is the fastest-growing new-age 3PL company of scale in India. Its service network spans 14,758 Indian pin codes as of September 30, 2025. The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. To learn more about the Indian logistics sector and its growth potential, visit our website.
Financial Performance and Future Plans
In FY25, Shadowfax processed 436.36 million orders, achieving a CAGR of 29.77% from FY23. For the six months ended September 30, 2025, it processed 294.45 million orders, representing a CAGR of 50.11% from the same period in 2024. The company generated ₹24,851.31 million in revenue from operations in FY25 with an Adjusted EBITDA margin of 1.96%. Revenue for the six months ended September 30, 2025, reached ₹18,056.44 million with an Adjusted EBITDA margin of 2.86%.
The company intends 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, communication initiatives, unidentified inorganic acquisitions, and general corporate purposes. For more information on IPO news and updates, follow our blog.
Book Running Lead Managers and Issue Details
ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited are the Book Running Lead Managers to the issue. The IPO is expected to provide a significant boost to the company’s growth plans and expansion strategies. To stay updated on the latest Indian stock market news, visit our website regularly.
What Indian Investors Should Know
Indian investors looking to invest in the Shadowfax Technologies IPO should carefully evaluate the company’s financial performance, growth prospects, and industry trends. The logistics sector is expected to grow significantly in the coming years, driven by the increasing demand for e-commerce and quick commerce services. However, investors should also consider the risks associated with investing in an IPO, including market volatility and regulatory changes.
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