The company is looking at a December or January listing, said people familiar with the matter. The Bengaluru-based company’s IPO will be equally split between primary and secondary issues. Sebi had on October 20 approved its draft prospectus.
ET was the first to report on June 27 about the company’s plan to file papers for the IPO.
Shadowfax, backed by e-commerce company Flipkart, had filed the DRHP through the confidential route to gauge investor interest and finetune the IPO plans. The company will be undertaking pre-IPO rounds closer to the listing date, the people said.
Of the net proceeds from the public issue, more than Rs 423 crore will be invested to bolster network infrastructure. “The company has been seeing massive traction from quick commerce deliveries… and its economics have also been improving,” a person in the know had told ET earlier.
From the remaining primary capital, Rs 139 crore will be allocated to lease payments for new first and last-mile centres, and sort centres, while Rs 88.6 crore will be spent on branding and marketing, the company said in the UDRHP.Shadowfax posted operational revenue of Rs 1,805 crore in the first half of this fiscal year, a 68% surge from a year earlier. Net profit surged 114% to Rs 21 crore during the period. In FY25, revenue from operations rose 32% to Rs 2,485 crore from Rs 1,884 crore in FY24. The company also swung to a net profit of Rs 6 crore from a net loss of Rs 11.8 crore in FY24. E-commerce constitutes about 70% of its business, which has grown about 55% in FY25. Quick commerce, which surged 90%, comprises the remainder. “Quick commerce continues to remain a massive growth lever for the company, especially with new players entering the segment,” said a person in the know.“There is a huge opportunity to continue gaining market share by acquiring more brands, and diversifying into smaller SMEs and other segments,” the person said.
In the logistics sector, Shadowfax’s main competition is Mumbai-listed Delhivery, but unlike the latter, it is not looking to enter the business-to-business segment.
Shadowfax is one among several new-age firms looking to go public, along with PhysicsWallah, Boat, Shiprocket, Groww, Pine Labs, Wakefit, Curefoods, and Meesho. Urban Company recently listed on the domestic exchanges, and Lenskart is expected to list on November 10.