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Shadowfax has announced its IPO price band at INR 118-124 per share, valuing the company at over INR 7,100 crore. The INR 1,907 crore offering includes a fresh issue of INR 1,000 crore and an offer for sale of INR 907.27 crore by existing investors, including Flipkart and Snapdeal founders. The company plans to use the proceeds for network expansion, marketing, and corporate purposes. Backed by marquee investors, Shadowfax has seen strong growth, with revenues of INR 1,800 crore in H1 FY26 and a significant rise in its express parcel market share.
Shadowfax, a leading logistics services provider in India, has fixed a price band of INR 118 to INR 124 per share for its upcoming initial public offering (IPO), valuing the company at more than INR 7,100 crore at the higher end. The maiden public offering, totaling INR 1,907 crore, is scheduled to open for subscription on January 20 and close on January 22, with anchor investor bidding set a day prior. Advertisement
The IPO includes a fresh issue of shares worth INR 1,000 crore and an offer for sale (OFS) of INR 907.27 crore by existing investors. Shareholders participating in the OFS include Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.
Analysts noted that Shadowfax has adopted a conservative valuation strategy, lowering its post-market estimate from previous projections of INR 8,500 crore to over INR 7,100 crore, in an effort to attract long-term institutional investors. Proceeds from the fresh issue are expected to fund network infrastructure expansion, lease payments for new first-mile, last-mile, and sort centres, marketing and branding initiatives, potential inorganic acquisitions, and general corporate purposes.
Backed by major investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds, Shadowfax operates as one of India's leading e-commerce express parcel and value-added logistics providers. Its network, as of September 2025, covers 14,758 Indian pin codes. The company caters to enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility sectors, offering express forward deliveries, reverse pickups, and on-demand hyperlocal and critical logistics services.
Shares are expected to be listed on the stock exchanges on January 28. The company has reserved 75 per cent of the issue for qualified institutional buyers, 15 per cent for non-institutional investors, and 10 per cent for retail investors.
Financially, Shadowfax reported revenues of around INR 1,800 crore in the first half of FY26, reflecting a 68 per cent year-on-year increase. For FY25, the total revenue was INR 2,485 crore. The e-commerce express parcel segment remains the primary revenue driver, contributing roughly 70 per cent, while hyperlocal and quick commerce logistics account for about 20 per cent. Its express parcel market share jumped to approximately 21 per cent in Q1 FY26, up from around 8 per cent in FY22, according to Redseer data.
The company had filed draft papers with the markets regulator SEBI in late June for the IPO using the confidential pre-filing route and received approval in October. This approach allows firms to delay public disclosure of IPO details, offering flexibility in planning the listing.
Source PTI
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