Shadowfax Files Confidential IPO Papers With SEBI

Logistics major ShadowFax has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an upcoming initial public offering (IPO). 

The filing was made through the confidential pre-filing route, a method that allows companies to explore listing plans discreetly before going public.

Read also- MobiKwik appoints Saurabh Dwivedi as CTO, Dhruv Wadhera as SVP

“This public announcement is being made pursuant to Regulation 59C(5) of the SEBI ICDR Regulations to inform the public that the company has filed the Pre-filed Draft Red Herring Prospectus with SEBI and the Stock Exchanges, under Chapter IIA of the SEBI ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges," the company said.

While Shadowfax hasn't officially disclosed the IPO size, reports indicate the company is aiming for a ₹2,000–2,500 crore listing, with about 50% expected to be raised through a fresh issue. This development comes just three months after Shadowfax converted into a public company.

By opting for the confidential pre-filing route, Shadowfax joins other high-profile startups like Aequs, groww, Shiprocket, boat, and PhysicsWallah (PW), who have used this method to keep IPO details private until closer to launch.

ICICI Securities, JM Financial and Morgan Stanley have been appointed as the lead bankers for the offering.

About Shadowfax 

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax provides last-mile delivery services to major ecommerce platforms and D2C brands. In addition to standard deliveries, the company offers value-added services such as reverse logistics, parcel exchange, and quick delivery options. Its client base includes top names like mamaearth, nykaa, flipkart, and meesho.

In March 2025, Shadowfax’s cofounders infused Rs 65.4 crore into the company as part of a larger $50 million funding round, signaling strong internal confidence ahead of its IPO plans.