Logistics tech firm Shadowfax Technologies has filed for an initial public offering (IPO) via the confidential pre-filing route, aiming to raise ₹2,000–2,500 crore, people in the know told CNBC-TV18. The proposed IPO will be a combination of fresh issue and offer for sale (OFS) by existing investors, and is expected to value the company at approximately ₹8,500 crore, sources added.The move comes just three months after the company transitioned into a public entity. Shadowfax is likely to contribute an estimated ₹1,000–1,500 crore in fresh capital to the ₹4,000 crore pipeline of new-age companies tapping the primary markets.
In February, Shadowfax had also announced the induction of three distinguished professionals—Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari—as Independent Directors on its board. The company said the strategic appointments are aimed at strengthening governance, bringing in domain expertise, and driving operational excellence.
In terms of financials, Shadowfax reported operating revenue of ₹1,885 crore in FY24, a robust 33% growth year-on-year. The company also turned operationally profitable, clocking an EBITDA of ₹23 crore, while narrowing its net loss sharply to ₹11.8 crore, from ₹142 crore in FY23.Shadowfax joins the growing list of tech-first and consumer-facing companies such as Groww, PhysicsWallah, and Shiprocket, which have opted for the confidential filing route to gauge investor appetite and time their market debut strategically.
In February, Shadowfax had also announced the induction of three distinguished professionals—Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari—as Independent Directors on its board. The company said the strategic appointments are aimed at strengthening governance, bringing in domain expertise, and driving operational excellence.
In terms of financials, Shadowfax reported operating revenue of ₹1,885 crore in FY24, a robust 33% growth year-on-year. The company also turned operationally profitable, clocking an EBITDA of ₹23 crore, while narrowing its net loss sharply to ₹11.8 crore, from ₹142 crore in FY23.Shadowfax joins the growing list of tech-first and consumer-facing companies such as Groww, PhysicsWallah, and Shiprocket, which have opted for the confidential filing route to gauge investor appetite and time their market debut strategically.
In just the last fortnight, Pine Labs, Wakefit, and Curefoods have filed their draft red herring prospectuses (DRHPs), as they line up to tap the capital markets and fund their next phase of growth.
Shadowfax said it has accelerated its outlay in the middle-mile network over the past few years, with investments of over ₹200 crore to automate its 40 sort centres.
