Logistics and hyperlocal delivery unicorn Shadowfax has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), taking a major step toward its proposed ₹2,000 crore initial public offering (IPO).
The public issue will include a fresh equity issue worth up to ₹1,000 crore and an offer-for-sale (OFS) component of ₹1,000 crore by existing shareholders. Key investors participating in the OFS include Flipkart (₹237 crore), Eight Roads Ventures (₹197 crore), TPG via NewQuest Asia Fund IV (₹150 crore), and Nokia Growth Partners (₹100.8 crore), among others.
According to the UDRHP, Shadowfax plans to deploy ₹423.4 crore from the fresh proceeds towards capital expenditure for expanding its network infrastructure. Additionally, ₹138.6 crore will be allocated for lease payments of new first-mile, last-mile and sorting centers, while ₹88.6 crore will go towards branding, marketing and communication. The remaining amount will support inorganic growth opportunities and general corporate purposes.
Flipkart Internet remains the largest shareholder with a 14.84% stake. Co-founders Abhishek Bansal and Vaibhav Khandelwal hold 10.76% and 8.37% respectively. Shadowfax may also consider a pre-IPO placement of up to 20% of the fresh issue before filing the final RHP.
The filing comes shortly after SEBI approved the company’s public issue. Shadowfax had initially submitted a pre-filed DRHP in July.
With this IPO, the company aims to strengthen its position in India’s competitive logistics market and fuel its expansion in last-mile delivery, e-commerce logistics and technology-backed supply chain solutions.
Keep building. Keep learning. Keep growing with StartupByDoc.