Shadowfax Technologies Limited, a leading logistics services provider, has announced the price band for its ₹1,907-crore initial public offering that opens next week. The Bengaluru-based company is targeting a valuation of approximately ₹7,170 crore through this public issue.

IPO Structure and Timeline

The company has set the price band between ₹118-124 per share for the public offering. The IPO structure includes specific allocation percentages and investment requirements:

The share allocation follows standard IPO norms with 75% reserved for Qualified Institutional Bidders, 15% for Non-Institutional Investors, and 10% earmarked for retail investors.

Issue Composition and Selling Shareholders

The ₹1,907-crore IPO comprises a fresh issue of shares worth ₹1,000 crore and an offer for sale of ₹907 crore by existing shareholders. Major shareholders participating in the offer for sale include:

• Flipkart Internet
• Eight Roads Investments Mauritius II Ltd
• NewQuest Asia Fund IV (Singapore) Pte. Ltd
• Nokia Growth Partners IV, L.P
• International Finance Corporation
• Mirae Asset
• Qualcomm Asia Pacific Pte. Ltd
• Snapdeal founders Kunal Bahl and Rohit Kumar Bansal

Fund Utilization and Business Operations

Proceeds from the fresh issue will support multiple growth initiatives including enhancing network infrastructure capacity, funding lease payments for new first mile, last mile, and sort centres. Additional funds will be allocated towards branding, marketing, communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.

Shadowfax Technologies Limited operates as India's leading logistics service provider for e-commerce express parcel and value-added services. The company maintains an extensive service network covering 14,758 Indian pincodes as of September 2025, serving enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility sectors.

Financial Performance and Revenue Segments

The company demonstrated strong financial growth in recent periods:

Revenue distribution shows the e-commerce express parcel segment as the primary contributor, accounting for approximately 70% of total business. Hyperlocal and quick commerce logistics contribute around 20% of revenue, highlighting the company's diversified service portfolio.

Market Position and Advisory Team

Shadowfax Technologies Limited is backed by marquee investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The company offers comprehensive logistics solutions including express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics services.

ICICI Securities, Morgan Stanley India Company, and JM Financial are serving as book running lead managers for the IPO, while KFin Technologies acts as the registrar for the public issue.

Shadowfax Technologies Limited is preparing to launch its ₹1,900 crore initial public offering on January 20, 2025, with the price band set at ₹118-124 per share. The logistics services provider has structured the offering as a combination of fresh capital raising and existing shareholder exits, targeting a more conservative valuation approach to attract institutional investors.

IPO Structure and Shareholding Details

The public offering comprises two main components designed to balance growth capital requirements with investor liquidity needs.

Several prominent investors will participate in the offer for sale, including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV, L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Fund Utilization and Strategic Initiatives

The company has outlined specific areas for deploying the fresh capital raised through the IPO. The proceeds will support multiple growth initiatives focused on expanding operational capacity and market presence.

Key fund utilization areas include:

• Network Infrastructure Enhancement: Expanding capacity across the logistics network
• Facility Expansion: Funding lease payments for new first mile, last mile, and sort centres
• Marketing and Branding: Supporting communication initiatives and brand building
• Inorganic Growth: Funding unidentified acquisitions
• General Corporate Purposes: Supporting overall business operations

Financial Performance and Market Position

Shadowfax Technologies Limited has demonstrated strong revenue growth momentum in recent periods. The company's financial performance reflects the robust demand in India's e-commerce logistics sector.

The company operates India's leading logistics service provider network for e-commerce express parcel and value-added services, with coverage extending to 14,758 Indian pincodes as of September 2025. This extensive reach positions Shadowfax as a key player in the country's rapidly expanding e-commerce logistics infrastructure.

Business Segments and Revenue Mix

Shadowfax generates revenue through two primary business segments, with e-commerce logistics forming the dominant revenue stream.

Valuation and Market Strategy

The company is targeting a post-market valuation of approximately ₹7,400 crore, which represents a more conservative approach compared to previous estimates of ₹8,500 crore. This strategic pricing decision aims to attract long-term institutional investors and ensure sustainable market performance post-listing. The backing from marquee investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds provides additional credibility to the offering.