Flipkart-backed Shadowfax files updated DRHP for Rs 2,000 crore IPO

Logistics startup Shadowfax Technologies has submitted its updated draft red herring prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI), moving a step closer to launching its initial public offering (IPO).

According to the filing, the IPO will include a fresh issue of shares worth ₹1000 crore and an offer for sale (OFS) of ₹1,000 crore, bringing the total issue size to ₹2,000 crore.

From the IPO proceeds, over ₹423 crore will be used to expand and strengthen Shadowfax’s network infrastructure, according to the company’s filing.

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According to the UDRHP, ₹139 crore from the remaining primary capital will go toward lease payments for new first-mile, last-mile and sort centres while ₹88.6 crore will be used for branding and marketing efforts.

Under the offer for sale (OFS), existing investors — including flipkart, Qualcomm, Mirae Asset, Eight Roads, Titan Capital, and angel investors Kunal Bahl and Rohit Kumar Bansal — will offload part of their stakes.

The company is reportedly targeting a valuation between $1 billion and $1.2 billion through the IPO, according to people familiar with the matter.

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In FY24, Shadowfax reported ₹1,885 crore in operating revenue, marking a 33% year on year growth and achieving operational profitability. The company’s net loss narrowed sharply to ₹12 crore, down 92% from the previous year while it posted a positive EBITDA of ₹23 crore.

Shadowfax joins a growing list of new-age Indian companies preparing for IPOs, including PhysicsWallah, boat, Shiprocket, groww, Pine Labs, Wakefit, Curefoods and meesho. Meanwhile, Urban Company and Capillary Technologies have already listed and the lenskart IPO is currently in progress.

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