Shadowfax Technologies files updated papers with SEBI for ₹2,000 crore IPO

Logistics service provider Shadowfax Technologies Ltd has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with SEBI for an initial public offering (IPO) aggregating up to ₹2,000 crore. The offer comprises a fresh issue of equity shares worth up to ₹1,000 crore and an offer for sale of equity shares worth up to ₹1,000 crore, each with a face value of ₹10 per share.

The company intends to utilise the net proceeds to fund capital expenditure for network infrastructure, lease payments for new first-mile, last-mile, and sort centres, as well as branding, marketing, communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.

As of March 31, 2025, Shadowfax is the fastest-growing new-age 3PL company of scale in India. Its service network spans 14,758 Indian pin codes as of September 30, 2025. The company serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies.



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In FY25, Shadowfax processed 436.36 million orders, achieving a CAGR of 29.77% from FY23. For the six months ended September 30, 2025, it processed 294.45 million orders, representing a CAGR of 50.11% from the same period in 2024.

The company generated ₹24,851.31 million in revenue from operations in FY25 with an Adjusted EBITDA margin of 1.96%. Revenue for the six months ended September 30, 2025, reached ₹18,056.44 million with an Adjusted EBITDA margin of 2.86%.

ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited are the Book Running Lead Managers to the issue.



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