Shadowfax Technologies Ltd, one of India’s fastest-growing logistics service providers, has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) valued at up to ₹2,000 crore.
The proposed issue comprises a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of shares aggregating another ₹1,000 crore, with each share carrying a face value of ₹10.
Leading financial institutions including ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited have been appointed as the Book Running Lead Managers (BRLMs) for the IPO.
Planned Utilisation of Proceeds
Shadowfax intends to use the funds raised through the fresh issue for multiple growth and expansion initiatives, including:
- Investing in network infrastructure expansion and capacity enhancement.
- Making lease payments for new first-mile, last-mile, and sortation centres.
- Strengthening branding, marketing, and communication
- Funding potential acquisitions to accelerate growth.
- Meeting general corporate requirements.
About Shadowfax Technologies
Established as a new-age third-party logistics (3PL) provider, Shadowfax Technologies has built a wide operational footprint across 14,758 pin codes as of September 30, 2025. The company serves a broad customer base that includes e-commerce platforms, quick-commerce players, food delivery aggregators, and on-demand mobility providers.
In FY2025, Shadowfax handled 436.36 million orders, achieving a compound annual growth rate (CAGR) of 29.77% since FY2023. During the first half of FY2026 (ending September 30, 2025), it processed 294.45 million orders, reflecting a CAGR of 50.11% over the same period last year — a testament to its accelerating growth momentum.
Financially, the company reported revenue from operations of ₹24,851.31 million in FY25, supported by an adjusted EBITDA margin of 1.96%. For the six months ended September 30, 2025, revenue stood at ₹18,056.44 million, with the adjusted EBITDA margin improving to 2.86%, indicating growing efficiency and better cost management.
Shadowfax’s upcoming IPO marks a major milestone in its expansion journey as it looks to capitalise on India’s booming logistics and e-commerce ecosystem.
Summary:
Shadowfax Technologies has filed updated draft papers with SEBI for a ₹2,000 crore IPO, comprising a ₹1,000 crore fresh issue and a ₹1,000 crore OFS. Proceeds will fund network expansion, leasing, branding, and potential acquisitions. The logistics firm, serving over 14,700 pin codes, reported ₹24,851 million revenue in FY25 with improved margins and strong growth in processed orders.
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