Shadowfax eyes ₹2,500 crore IPO, confidential filing with SEBI expected next week: Details here
Shadowfax, a TPG-backed logistics service provider, is reportedly getting ready to file draft papers with capital market regulator Sebi for its initial public offering (IPO) through the confidential route early next week. The company aims to raise up to ₹2,500 crore, according to a Reuters report.
The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages.
IPO details and valuation
According to Reuters, the IPO of Shadowfax is expected to be in the range of ₹2,000-2,500 crore, comprising a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders
The company is also projected to be valued around ₹8,500 crore post-IPO.
Shadowfax to boost network
The company plans to use the funds from the fresh issue towards increasing capacity, driving further growth, and making additional investments in the company's network business, as per the sources.
In February this year, the company had raised funds at an approximate valuation of ₹6,000 crore.
Investor backing and business focus
Bengaluru-based Shadowfax was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. The company is a leading logistics service provider for e-commerce express parcels and other value-added services.
Shadowfax is backed by a strong roster of investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds.
Also Read | 24 IPOs mobilise ₹9500 crore in June as primary market activity picks up
The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business, and the remaining comes from quick commerce and hyperlocal deliveries, the news agency said.
Market presence
The logistics company's robust distribution network covers over 2,200 cities and more than 14,300 PIN codes, solidifying its position as a market leader in the industry.
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